ETH/BTC Pair Poised for Breakout as Ethereum ETF Launch Approaches: What’s Next?
Highlights
- The ETH/BTC is moving above the 365 simple moving average eyeing bullish move before spot Ethereum ETF.
- Analyst suggest the altcoin bull market would accelerate if ETH breaks through the 0.06 BTC level.
- The upcoming spot Ethereum ETF launch in the US is seen as a major catalyst for ETH price rally.
Alongside Bitcoin, Ethereum has faced selling pressure, falling below $3,400. Despite a 3.5% weekly drop compared to Bitcoin’s 5.8% decline, ETH has been holding up relatively well against BTC. Technical charts indicate that the ETH/BTC pair is on the brink of a major breakout, coinciding with the upcoming launch of the spot Ethereum ETF next week.
ETH Price to Rally with Spot Ethereum ETF Approval?
Crypto market analyst Ali Martinez showed that ETH/BTC is finally moving above the 365 simple moving average. This development shows an early sign of the impending altcoins season going ahead.
$ETH / $BTC is finally moving above the 365 simple moving average, showing early — very early — signs of an impeding #altseason! pic.twitter.com/HSP1Dm5bjm
— Ali (@ali_charts) June 28, 2024
Crypto analyst Michael van de Poppe also shared a similar view stating that the bull market has already begun and would gain significant momentum if the Ethereum price breaks through the 0.06 BTC level.
On breaking these key levels, Poppe expects a significant influx of capital into the Ethereum ecosystem. The launch of the spot Ethereum ETF next week in the US could prove to be a major catalyst in this direction.
Also Read: PEPE Whale Shifts Focus To Ethereum As ETF Optimism Builds
Poppe added that the Ethereum ETF remains the most undervalued and underhyped event of the year. He added that, unlike the Bitcoin ETF, there is not the same excitement with the Ethereum ETF approval. “The Ethereum ETF is basically everything in reversal. Zero expectations, zero hype, and if there is any expectation” wrote Poppe.
Poppe stated that although the Ether ETF is likely to attract fewer inflows in comparison to the Bitcoin ETF, it can have a significantly greater impact “as the stock-to-flow of Ethereum is less than that of Bitcoin due to the huge amount of staked Ether and the deflationary concept of Ethereum”.
Entire Ether Ecosystem to Benefit
Poppe believes that as the ETH/BTC price pushes higher, the entire Ethereum ecosystem would benefit out of it, driving more usage, liquidity, and developers towards it.
Popper further explained that altcoin cycles typically show a weaker performance during the first half of the year. However, from June onwards, the cycle would reverse and momentum would build in favor of the altcoins presenting opportunities for greater returns.
Also Read: Are Spot Ethereum ETFs Set To Launch In 14 Days Post-S-1 Amendments?
- Bitcoin Edges Higher as Fed Chair Jerome Powell Fails to Comment on Monetary Policy
- Flare Network Surpasses $43M in Bridged XRP, Expert Predicts Breakout to New ATH
- Bitcoin, Ethereum Drag Broader Crypto Market Lower Ahead of FED Powell Speech
- Breaking: Ripple Partners With Bahrain’s Fintech Bay in Push for RLUSD Adoption
- XRP News: Why Whales Sold 440M Coins in a Month Despite ETF Launch Buzz
- Solana Price Prediction as SOL DAT Company Plans 5% Supply Acquisition—Analyst Targets $1,300 Breakout
- Bitcoin Price Prediction as US Govt. Shutdown Extends- What’s Next for BTC?
- Solana Price Megaphone Points to a Parabolic Move as SOL Treasuries Near $3B
- XRP Price Prediction Amid ETF Approval Roadblock as Analyst Warns of $2.72 Dip
- Binance Coin Price Prediction If It Surpasses Bitcoin Marketcap— Is $3000 Possible in 2025?
- ASTER vs HYPE Price Analysis – Which Perp DEX Token Looks Poised to Dominate Q4 Performance?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
