Trade Analysis #28: Ethereum ETF is coming, when will I Buy $ETH ?
The news of Ethereum Spot ETF launching next Tuesday is flying all over the internet in recent days. Will the Ethereum Spot ETF trigger a bullish run for ETH?
I believe it will take time.
ETH is now facing rejection from the $3535 resistance level and is consolidating at $3517 - $3230. This is a normal retracement from the resistance level, and going into consolidation definitely helps ETH prepare for a later bullish run.
I personally will wait for a confirmed high-volume breakthrough of the $3535 resistance before buying and holding ETH until the end of this bull run.
During my holding period, I will also use ETH as margin to set up Grid Bots on ETH/BTC.
In conclusion, I believe the Ethereum ETF will have a bigger impact on the ETH price than the Bitcoin ETF did on the BTC price. This is because ETH does not have selling pressure from miners, and ETH's on-chain data and Total Value Locked (TVL) continue to outgrow those of BNB Chain and Solana Chain recently.
Trade Smarter! Peace Out ;)
P.S. Follow me to Trade Smarter. Your Wallet will Thanks you later đđ°đ
#ETH_ETF_Approval_23July #ETHETFsApproved #ETHđ„đ„đ„đ„ #ETHUSDT #EthereumPower
