The recent news of the SEC returning S-1 forms to Ethereum ETF issuers is having a significant impact on the crypto industry. This analysis explores the potential implications for the price of $ETH .

Understanding the ETF Process

For clarity, let's revisit the ETF approval process. The recently returned S-1 forms are the second step, following the approval of 19b-4 forms in May. The 19b-4 approval itself boosted the price of ETH by 30% to $3980.

The S-1 forms require minor revisions, which will likely involve further discussions between the SEC and ETF issuers. This will inevitably delay the launch of the ETH ETF to September or even later.

In Short: The launch of the ETH ETF is delayed, NOT rejected.

This is a standard part of the ETF approval process, and the ETF will eventually be launched.

Is ETH Still a Buy?

I get asked a lot about whether ETH remains a good investment these days.

My stance? I am bullish on ETH.

This is primarily because ETH is one of the few Profitable blockchain networks currently operating. In fact, it boasts the Highest Earnings in Q1 2024, surpassing even BTC and SOL. Here's a breakdown:

• ETH Q1 2024 Earnings: 369 Million

• BTC Q1 2024 Earnings: -$4450 Millions

• SOL Q1 2024 Earnings: -$843 Millions

(Data Source: Token Terminals)

My Trade Plan for ETH

Since I sold all my ETH during the May rise, I am currently holding none. Here's my plan for re-entry:

Spot Market:

1. Buy at Support: I will buy in portions at key support levels.

2. Breakout with High Volume: If the price breaks above 2nd Resistance with significant trading volume, I will invest the remaining portion.


Example (refer the Chart for Key Support & Resistance level):

• Buy 30% at the 1st Support level, another 30% at the 2nd Support, and a final 30% if the price dips back to the 2nd Support and forms a Double Bottom.

• Invest the remaining portion when the price breaks above 2nd Resistance with high volume.

Futures Market:

Due to the higher liquidation risk associated with falling prices and funding rates, I will only Enter my position, after a confirmed breakout above the 2nd Resistance with high volume.

Low leverage (2-3x) is employed here to Hold the position throughout the Bull Run.

Roll up Strategy using floating profits will also be used to increase Return on Investment (ROI).

Lastly, remember to use Stop Loss. It is mandatory for every single Futures Trade.

Conclusion:

This analysis discussed the recent ETH ETF news, my bullish outlook on ETH, and my personal trade plan. Let me know your thoughts in the comments below!

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Disclaimer: This is NOT a Financial Advice. DYOR.

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