If the Ethereum spot ETF is indeed approved in July, it will be listed on Nasdaq, the New York Stock Exchange, and the Chicago Board Options Exchange. This progress will be another major milestone in the cryptocurrency market and may further boost Ethereum market demand and price increases. To learn more about cryptocurrency investment logic, please visit my homepage! 🌟
Matt Hougan, chief investment officer of Bitwise, the issuer of Bitcoin spot ETF, believes that Ethereum spot ETF is likely to attract up to $15 billion in capital inflows in the first 18 months of trading, and the capital inflows of Bitcoin spot ETF in the six months since its listing are considerable. The exchange Gemini also predicts that Ethereum spot ETF is likely to attract up to $5 billion in capital inflows in the first six months of listing.
Veteran market analyst Peter Brandt recently shared his latest bullish analysis on Ethereum ($ETH) on the social platform X. Peter Brandt emphasized that Ethereum’s trend over the past few months has been oscillating within a descending rectangular pattern, with an upper boundary of approximately $4,093.88 and a lower boundary of approximately $2,800.
In Peter Brandt’s analysis chart, Ethereum found support on the lower trendline of the rectangle. Given that the current trend is consistent with the bull horn bottom pattern completed when Ethereum retested support and rebounded in February of this year (2024), this trend lays the foundation for Ethereum’s future upward movement.
In addition, Ethereum has been following the 18-week and 8-week moving averages (MA) over the past few months, consolidating within the rectangle in each time period and then rebounding, while the current average directional index (ADX) is 24.43, indicating that the market has an upward trend, but not very strong, which means that the market may need a period of consolidation and accumulation before breaking out.
According to the daily chart, the relative strength index (RSI) is currently at 56.89, showing that Ethereum is in a neutral area, neither overbought nor oversold, and the market is currently at a critical moment in determining whether the trend is up or down. However, Peter Brandt pointed out that the moving average convergence divergence (MACD) indicator showed a bullish crossover recently, and the MACD line crossed the signal line, showing a bullish signal.
According to Peter Brandt’s prediction, once Ethereum breaks through the upper trend line of the rectangle ($4093), the price will usher in a strong rise, and the target price may exceed $5,600, breaking through Ethereum’s historical high of $4878 in November 2021.
