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Ethereum ETF's latest announcement confirms listing date, market prepares for 'D' day
Since institutions are actively accumulating Bitcoin, the launch of the ETH ETF is also expected to have a positive impact on the ETH price.
After the brutal attack, Ethereum price rebounded and bounced off the lows faster than expected. With this, the higher target of $4,000 has been triggered, however, the rally is not expected to calm down until it forms new highs above $5,100. Will the upcoming ETF be the main catalyst to push the price above $5,000?
The cryptocurrency market started the week on a bullish note after a strong rebound over the weekend. Market participants are more confident about the upcoming bullish trend after the spot ETF launch date was confirmed. According to the latest news from Eric Balchunas, senior ETF analyst at Bloomberg, the Ethereum ETF is expected to launch on Tuesday, July 23.
Will Ethereum (ETH) reach $5,000 after ETF launch?
ETH price has attempted a breakout and may face a minor pullback to eliminate weak sellers, which could pave the way for $4,000 this month. However, ETH price seems poised to hit a new high of $5,100, as predicted by renowned analyst Peter Brandt following the release.
ETH price has found strong support, which analysts refer to as the lower boundary of a “4+ month rectangle.” This is also a retest of the bullish bottom completed in February. Therefore, analysts believe that the rally has yet to complete an upside breakout to form a new ATH, possibly around $5,600 or higher.
After a sharp rise from around $3,244 levels, Ethereum price is facing a slight bearish move from around $3,475 levels to the current $3,400 level. The bears have started to apply pressure, so the ETH price could drop to around $3,315 and subsequently it could start a strong uptrend.
