Excitement Builds as Ethereum ETF Launch Nears: Will ETH Price Hit $4K?
The much-anticipated launch of Ethereum Exchange-Traded Funds (ETFs) is set to take place tomorrow, July 23, and investors are eagerly awaiting the potential gains that could come with it. The U.S. Securities and Exchange Commission (SEC) has given preliminary approval to at least three of the eight asset managers looking to launch their ETFs, including major players like BlackRock, VanEck, and Franklin Templeton.
The approval is contingent on the submission of final offering documents this week, and if all goes well, all eight ETFs could launch simultaneously. This event is expected to bring a significant influx of institutional investment, with market predictions suggesting an initial net inflow of $1 billion to $4 billion. This could potentially push Ethereum’s value in U.S.-based spot ETFs to $13-$15 billion by the end of the year.
As of July 22, Ethereum (ETH) is trading at $3,501.45, and the big question on everyone’s mind is whether the price will hit $4K or experience a correction to $3.3K post-launch. Despite a recent 1% dip, ETH has surged by 3.46% in the last seven days and has shown a bullish trend since July, approaching its support trendline.
Market sentiments and technical indicators are eyeing tomorrow’s launch, with the Moving Average Convergence Divergence (MACD) indicator signaling strong bullish sentiment for ETH. However, the Relative Strength Index (RSI) shows a bearish curve below the overbought range, hinting at mixed sentiment in the crypto space.
Analysts predict a potential breakout for Ethereum post-ETF launch, with some believing it could reach a new all-time high of $5,100, while others argue that $4,000 is more likely in the short term. However, Ethereum’s performance will also be influenced by overall market trends, as recent volatility and sell-offs in major cryptocurrencies could impact its ability to reach the $4,000 mark. Investors are closely watching ETH as it navigates through this exciting and potentially lucrative period in the crypto market.
