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In the market, Ethereum (ETH) gained 8% in value, outperforming Bitcoin amid increasing excitement over the potential approval of spot Bitcoin exchange-traded funds (ETFs). This increase in ETH price is supported by the anticipation within the Ethereum community eagerly awaiting a similar development for a dedicated spot ETF for Ethereum.
Ethereum’s Resilience and Countdown for ETF Approvals
Even after the turbulence in the Bitcoin market triggered by false spot BTC ETF approval news, Ethereum’s price remained resilient. As the countdown for possible spot Bitcoin ETF approvals reaches its peak, there is a prevailing thought that if the U.S. Securities and Exchange Commission (SEC) approves a BTC ETF, it could do the same for Ethereum.
Various figures in the crypto industry, including Valkyrie Fund CIO Steven McClurg, express that the launch of an ETH ETF would not be surprising. Notably, numerous institutions, including names like VanEck, Ark21Shares, Hashdex, Grayscale, and Invesco, have already applied for spot ETH ETFs, actively participating in this process.
Ethereum Faces Supply Shock Amid ETF Expectations
The Ethereum market is currently experiencing a supply shock due to funds flowing into the ETH market as investors anticipate the potential approval of a spot ETH ETF. This capital inflow contributes to the bullish momentum surrounding Ethereum.
Ethereum’s price action is within a rising parallel channel, indicating a bullish technical formation that points to further gains. The current trajectory shows that ETH has reclaimed the $2,457 level and suggests a possibility of rising to $2,800, a significant climb of 15% from current levels.
In more bullish scenarios, there is speculation that Ethereum’s price could extend gains to reach the $3,000 psychological level, indicating a notable increase of 25% from current levels. Fundamental technical indicators such as the Relative Strength Index (RSI), Awesome Oscillator (AO), and MACD all align with the bullish thesis and highlight the strength of the buying momentum.
Market Metrics Supporting the Bullish Outlook
Santiment’s daily active addresses metric adds weight to the positive outlook for Ethereum’s price. This measure reveals a gradual increase in mass engagement with ETH, showing a 6.7% increase in daily active addresses in less than a month.
Additionally, there is an increase in whale transactions involving transfers of $100,000 or more. All these indicate rising investor interest. However, Ethereum’s price could experience a downturn in the face of potential profit-taking, and bears could take control. A drop below the support level, namely below $2,388, could trigger a decline in Ethereum’s market value.
