As the crypto market continues its dynamic chart, with the launch of Ethereum Exchange-Traded Funds (ETFs) just around the corner, investors are keen on huge gains this week. This much-anticipated event—slated for tomorrow, July 23—could be a new dawn for Ethereum (ETH), the world’s second-largest cryptocurrency by market cap.
The U.S. Securities and Exchange Commission (SEC) has preliminarily approved at least three of the eight asset managers hoping to launch their ETFs. Major players like BlackRock, VanEck, and Franklin Templeton are among the hopefuls. This approval is contingent on the submission of final offering documents this week. If all goes well, we could see all eight ETFs launch simultaneously.
The launch of these ETFs is expected to bring a substantial influx of institutional investment. Market predictions suggest that the initial net inflow could range between $1 billion to $4 billion. This could potentially push Ethereum’s value in U.S.-based spot ETFs to $13-$15 billion by the end of the year.
ETH Price Chart and Ecosystem, Source: CoinMarketCap
As of July 22, 2024, data from CoinMarketCap shows Ethereum (ETH) is trading at $3,501.45. With the ETFs launch imminent, the big question on everyone’s mind is: Will ETH price hit $4K, or will there be a correction to $3.3K post-launch?
ETH Price Movement
Over the past 24 hours, the cryptocurrency market has seen a 1% uptick, propelling its total valuation to over $2.47 trillion. Key players like Bitcoin and Ethereum have broken through crucial resistance levels, setting the stage for further excitement. But what about Ethereum’s specific trajectory?
ETH/USDT Price Chart, Source: TradingView
Despite a recent 1% dip, ETH has surged by an impressive 3.46% in the last seven days. Year-to-date, it has skyrocketed from $2,272.92 to $3,467.55—a staggering $1,194.64 leap. The price chart reveals an ascending channel pattern in the 1-day timeframe, suggesting a bullish trend since July. Currently, ETH price is approaching its support trendline, poised for a potential test in the near future.
Market Sentiments and Technical Indicators Eyeing Tomorrow’s Launch
The Moving Average Convergence Divergence (MACD) indicator paints a consistently green histogram, signaling strong bullish sentiment for ETH. However, the Relative Strength Index (RSI) shows a bearish curve below the overbought range, hinting at mixed sentiment in the crypto space.
With the imminent listing of the Ethereum ETF on July 23rd at 06:00 AM (ET), ETH’s price volatility has intensified. The ETF’s approval has injected fresh energy into the market, and investors are closely watching the altcoin leader.
If the market maintains its bullish momentum, ETH could test its resistance level of $3,000 this week. Should the bulls persist, the path to $4,000 becomes increasingly likely in the coming weeks. Conversely, heightened selling pressure might break ETH’s ascending channel pattern. In that case, the crucial support level of $3,300 awaits.
Analysts, on the other hand, predict a potential breakout for Ethereum. Some even believe Ethereum could hit a new all-time high of $5,100 after the ETF launch. However, others argue that ETH likely has the momentum to reach $4,000 in the short term.But, the performance of Ethereum will also be tested by the overall crypto market trends. As noted by a source, market conditions have been volatile, with significant sell-offs in Bitcoin by whales like the German government — and other major cryptocurrencies. If the broader market continues to experience turbulence, it could impact Ethereum’s ability to reach the $4,000 mark.
The post Ethereum (ETH) Price Prediction July 22: With Ethereum ETFs Launch Few Moments Away, Will ETH Price Hit $4K or Correction to $3.3K Post Launch? appeared first on Coinfomania.
