Ethereum’s bullish trend is becoming clear, with the price expected to break through $4,000 and approach previous all-time highs. This bullish outlook sets the stage for the launch of a spot Ethereum ETF this week. According to the current Ethereum price analysis, the $3,400 support level is crucial to continue the upward trend despite the unusual whale activity in the past two weeks.
Ethereum whales deposit funds into exchanges ahead of ETF launch
The Chicago Board Options Exchange (CBOE) announced last week that five cash exchange-traded funds (ETFs) will begin trading on the platform on July 23, with the only condition being “pending regulatory effectiveness.”
In May, the U.S. Securities and Exchange Commission (SEC) approved a rule change that would allow exchanges to list multiple spot Ethereum ETFs. Despite the success, the agency still needs time to sign off on the S-1 registration documents for all operators.
Based on last week’s developments, the list of spot ETH ETFs expected to begin trading on Tuesday includes the Franklin Ethereum ETF, 21Shares Core Ethereum ETF, VanEck Ethereum ETF, Fidelity Ethereum Fund, and Invesco Galaxy Ethereum ETF.
In preparation for live trading, Ethereum ETF issuers announced a series of measures, including temporary fee waivers and fee reductions, to gain first-mover advantage.
It is estimated that the Ethereum ETF will attract billions of dollars in inflows in the coming months. In such a trend, the Ethereum price may break through the $4,000 resistance level and hit a new high above $5,000.
Meanwhile, Ethereum whales appear to be preparing for a sell-off on news events, given the significant level of blockchain activity over the past nine days. Two large investors moved 25,865 ETH worth approximately $89 million to a centralized exchange (CEX).
The first investor whose address begins with 0xbec transferred 11,965 ETH to Binance, worth about $41.4 million, at an exchange rate of $3,457. The whale currently holds 51,462 ETH, worth $180 million, with a profit of $29.9 million.
Another whale, multisig 0x7d6, transferred 13,900 ETH to OKX, worth about $47.6 million at an exchange rate of $3,427. This whale holds 188,070 ETH, worth about $657 million, spread across 2 wallets.
Increased exchange deposits are often a sign of impending selling pressure. Investors move their holdings to exchanges where they intend to sell, and what better time to sell ETH than after an ETF launch?
Therefore, Ethereum price analysis will help assess the future of the second-largest cryptocurrency – whether traders should expect a sell-off event or a breakout above $4,000.
Ethereum Price Analysis: ETH bulls ready for big breakout
Ethereum price is on the verge of breaking through the $3,500 resistance level during Monday’s European trading session. The current support level is $3,492 – the intersection of the middle line of the Bollinger Band and the 20-day exponential moving average (EMA).
Ethereum Price Analysis Chart
The yellow band highlights the hurdle that bulls must overcome to push ETH price towards $4,000. Traders will be looking for support above this level, as well as a daily close, to confirm a continuation of the uptrend.
If whales oppose the launch of an Ethereum ETF, the $3,400 (grey band) and $3,200 support areas will serve as the source of liquidity needed for a stronger rally to new highs.
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