#Ethereum Price Prediction – Where is $ETH Headed Next?

Confirmation of the approval of spot Ethereum ETFs could result in some short-term sell pressure.

That would be reminiscent of what happened when spot Bitcoin ETFs garnered approval earlier this year.

Some traders wait for confirmation of a positive market catalyst before taking profit.

Assuming there is decent demand for Ethereum ETFs when they go live, ETH could soon go above $4,000.

Uncertainty regarding Ethereum’s regulatory situation in the US prompted a lot of traders to short ETH versus other cryptos.

The SEC was thought to have been campaigning to classify ETH as a security earlier this year.

But now that spot Ethereum ETFs have been approved, that pretty much clears things up. ETH is a digital commodity like Bitcoin.

Many shorts need to be unwound and that could be an ongoing tailwind for the market.

And cryptocurrencies technical suggest that since breaking its March to mid-May downtrend and above its 21 and 50DMAs, a retest of March highs near $4,100 is likely.