The ETH ETF is about to launch, with just days left until spot trading, which may come as a surprise to investors. According to the final submission date of the S-1 form for the ETH ETF application is July 8, some believe that the SEC may approve the listing in the following week. Once approved, it could trigger a significant increase in the price of ETH.
Any increase in ETH price could be driven by SEC approval news or strong inflows in the first few days. The current focus is on the $3,413 and $3,475 price ranges.
From a technical analysis perspective, Ethereum’s recent decline is part of a broader pullback that began after price encountered resistance at the 200-4 hourly exponential moving average (EMA) and the upper border of its descending channel.
As of July 4, ETH is testing the channel’s downward trendline for support and could be on the verge of a rebound. Despite a 6.8% price drop, trading volume surged 43% in the past 24 hours and the market capitalization remains at $372 billion.
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