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Although the excitement around ETFs is primarily focused on Bitcoin, as we’ve previously mentioned, spot ETH ETFs are next in line. Some investors seem to be buying into this expectation, as the price of ETH is rising against both BTC and USD despite losses in other altcoins. So, what’s the dollar target?
What Will Be the Price of Ethereum?
As of the time this article was prepared, the ETH price is at $2,440 and continues to struggle to surpass the $2,450 region. The price sharply recovered from the 50-day SMA ($2,232) on January 9th. While BTC fell due to a false ETF approval rumor, we saw ETH’s price rise.
The current outlook is turning positive for BTC as a spot BTC ETF decision is expected to be announced in a few hours. This means less selling pressure for ETH bulls. If they can continue to hold the price above $2,400, we may witness the rally continue up to $2,700 and $3,000.
However, in the opposite scenario, if there is an ETF rejection or a “sell the news” event (though experts consider this less likely), we could see a drop to $2,100 if closes below $2,294 occur. This would mean the price could be trapped in the $2,100-$2,400 range for a while.
ETHBTC Chart Analysis
The real breakthrough needs to happen in the ETHBTC pair. ETH’s price, which has been lingering at the bottom against BTC for a long time, hadn’t gained as much as BTC in USD terms. However, it has now risen to the December 31st level. If you recall, we saw a strong comeback in altcoins, including ETH, in the last week of the year, but this was reversed by the Matrixport report.
The price, which has retested the bottom support of the parallel channel we’ve been highlighting for a long time, dropped to the 0.04809 BTC region but has since recovered. It is now struggling to surpass the middle area of the channel at 0.05363.
While the upper wick indicates ongoing selling, the large buyer candles in the last two days are promising. If it can sustain above the middle area, the key region of 0.05849 BTC could be reclaimed, and a return to the September 30th peak of 0.06255 is expected. After that, the peaks of 0.07 and 0.079 will be targeted. From the current price, the 0.079 peak corresponds to $3,250, which is consistent with the USD parity reading.
