Ethereum Price Targets Rally Above $4000 As ETH ETFs Start Trading

Evans Karanja
Updated
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Ethereum ETF Flows Flip Negative Again As ETH Price Cracks 6%, What’s Next?

Highlights

  • Ethereum price hints massive 160% breakout to $9,600 7 hours to ETF trading.
  • Grayscale sent over 292,000 ETH (over $1 billion) to Coinbase ahead of ETF live trading.
  • A dormant ETH ICO whale just woke up and activated its wallet after 9 years.

The arrival of the much-anticipated start date for Ethereum ETF trading coincides with Ethereum price gearing up for a historic rally, as a significant bullish market structure nears completion. The price of ETH remains stable, only dropping 0.9% to $3,440 in the last 24 hours as the SEC approves 9 spot ETH ETF applications to begin trading. Meanwhile, Bitcoin’s price remains securely above $66,096, just 10% away from the previous all-time high. 

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Ethereum Price Set to Explode 160% as Spot ETH ETF Receives Launch Approval

Ethereum Price
Ethereum Price Chart

The ETH price displays a neutral to upward trend. The chart shows the price moving within a symmetrical triangle pattern from points A, B, C, and D. The price is currently heading to test the upper boundary of the triangle, indicating a potential breakout.

The symmetrical triangle is also part of a bullish pennant, a continuation pattern. A breakout from this market structure could catapult Ethereum 161% to $9,600. 

The ETH price action trends above the 50-day and 200-day exponential moving averages (EMA), which act as support levels around $3,370 and $3120, respectively. The eight spot Ethereum ETFs have been approved by the SEC to start trading later today, and the Ethereum price looks poised to rally above its previous all-time high. There is more robust support lower, around $2,800.

On the flip side, on its way up, the ETH price forecast shows the asset may encounter resistance around $3,750, which coincides with the upper boundary of the symmetrical triangle. A major resistance exists around $4,095 (previous high), which, if broken, may confirm the rally to the last all-time high. 

Ethereum Price RSI

The ETH RSI (14, close) is currently at 55.96, indicating bullish momentum as it rises above the neutral 50 level. The RSI is also above its moving average, which is used to support the trend. The CMF (20) is at 0.15, indicating strong buying pressure with positive money flow.

Ethereum’s 24-hour trading volume is moderate. Despite the approval of the spot ETH ETF, there has been no sudden spike in its trading volume, although it is increasing steadily. This may support the Ethereum price movement if a breakout occurs.

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Grayscale Goes in Big As ETH ICO Whale Wakes Up

Big financial institutions and whales are moving funds around in anticipation of the spot Ethereum ETF trading slated to start at 9:30 a.m. NJT (less than 7 hours from press time). 

Grayscale transferred over 292,000 ETH (over $1 billion) to Coinbase, as Bloomberg ETF specialist Eric Balchunas confirmed.

Meanwhile, a dormant ETH ICO whale just woke up and activated its wallet after 9 years. Whale Alert says the ICO address holds 977 ETH worth about $3.3 million. Speculation is that these whales are planning to exit their positions as the spot for Ethereum ETF trading begins. 

Dormant Bitcoin addresses are also being activated, signaling that this bull run may differ from the past ones.

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Bottom Line

The SEC’s approval of Ethereum ETF trading marks a significant milestone for the crypto market. This development could position Ethereum price to gain ground relative to Bitcoin in terms of price performance. ETH price eyes 160% if it breaks out of this critical bullish continuation pattern, which may set it just shy of $10,000.

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Frequently Asked Questions (FAQs)

1. When will spot ETH ETFs start trading?

Spot Ethereum (ETH) ETFs are scheduled to start trading on July 23, 2024, according to the Chicago Board Options Exchange (Cboe).

2. Which Assets managers have been approved for spot ETH ETF trading?

Grayscale Ethereum Mini Trust (ETH), Franklin Ethereum ETF (EZET), VanEck Ethereum ETF (ETHV), Bitwise Ethereum ETF (ETHW), 21Shares Core Ethereum ETF (CETH), Fidelity Ethereum Fund (FETH), iShares Ethereum Trust (ETHA), and the Invesco Galaxy Ethereum ETF (QETH) have been approved.

3. Will Ethereum price rally above its ATH?

According to Ethereum price analysis, ETH price is well set to rally to a new all time high (ATH) once ETH ETFs start trading.
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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

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.

About Author
About Author
Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.