According to Analysts, This Will Be the Main Breakout in Ethereum!

According to QCP analysts, the main break in Ethereum will occur after the decision of the US Securities and Exchange Commission (SEC).

The SEC has approved 19b-4 filings to establish a spot Ethereum ETF. S-1 files must also be approved before the funds can be established.

“While we are structurally positive on ETH, we do not think there will be a major breakout until the status of the S-1s and how much money will flow [into the funds] becomes clear, which should be a matter of time,” QCP analysts said.

According to analysts, the Ethereum price rose thanks to presidential candidate Donald Trump's positive statements about cryptocurrencies.

“The $3,000 level stands as strong support for ETH as crypto becomes Trump's trump card ahead of the upcoming US presidential election and institutional demand that could be seen once spot ETFs open,” analysts said.