Ethereum, the platform often dubbed as the ‘King of Altcoins,’ has been wrestling with a bearish sentiment brewing within the crypto community. Its performance in the second quarter has nudged into this bleak outlook, struggling to regain its previous cycle’s exhilarating highs. Amid this struggle and speculation, word has begun to circulate about an imminent approval of Ethereum’s Exchange-Traded Fund (ETF), a move that could signal the dawning of an ‘ETH season’.
According to a midweek release from Reuters, those in the know among investment firms whisper that the much-anticipated Ethereum Spot ETF might indeed usher in the new week. The whispers have grown louder following public comments made by the Securities and Exchange Commission’s Chair, Gary Gensler, about the fluid progress of the approval process. He delivered these comments at the Bloomberg Invest Summit, unveiling that the eagerly awaited financial products are projected to make their debut this summer, potentially as early as July.
In the wake of Gensler’s address, Reuters divulged that industry executives and those within the legal factions of prospective applicants have projected the Ethereum ETF’s approval is a mere fortnight away. Predictions suggest that the nod of approval could arrive just in time for Independence Day fireworks, the 4th of July being tipped as the day.
Just last month, hopeful speculators pushed Ethereum’s price to dizzying heights with a 30% surge. It rocketed from the $3,000 benchmark up to the $3,900 band. Following this crescendo, the world’s runner-up crypto has traced its way back to the safety of the $3,200 support zone.
However, recent speculations regarding the ETF saw Ethereum recoup 2.5% on their losses, allowing it to reclaim the $3,400 support zone, which had slipped from its grasp earlier in the week.
Fans of Ethereum have their fingers crossed. Renowned crypto analyst, Jelle, has voiced his confidence that Ethereum could be flexing its wings, prepping for take-off and pooh-poohed anticipated lackluster ETF launch. He suggested Ethereum could be gearing up for a significant upward thrust, testing critical levels within the week leading up to the mooted approval.
Crypto Trades analyst, Daan, has also noted that Ethereum, amid considerable consolidation, faces down a daunting two-year-long resistance line. Daan has mooted that in order to turn the tide in Ethereum’s favor, the highs of May need to be shattered, and a “higher high above the 0.0575” mark would catalyze Ethereum’s bullish momentum.
Also, Crypto Yoddha drew attention to the falling wedge pattern in the ETHBTC chart, predicting a breakout is imminent. This sentiment echoed Miky Bull, who asserted Ethereum is all set for a rally from the retest of the fib .618 level.
Even down more than 10% from its May highs and despite the bearish sentiment dogging Ethereum, it’s managed to chalk up a 3.6% increase in the past 24-hours. As of the data available while writing this piece, Ethereum, the ‘King of Altcoins,’ is changing hands at a rate of $3,450.
