Ethereum ETF News – Weekend Market Analysis: Stability Amid Low Activity
Ethereum ETF News – Weekends typically see a drop in market activity, with lower trading volumes and reduced liquidity lasting until Monday. This pattern has led to the stabilization of crypto assets following a recent sell-off. Bitcoin has found temporary support around the $55,000 mark, which has eased selling pressure on altcoins. Similarly, Ethereum has seen renewed demand around $2,900. Analysts are now anticipating a potential major price reversal for Ethereum with the expected launch of the Ethereum ETF in mid-July.
Ethereum Price Analysis Suggests $3,800 Rally Amid Pullback and Potential ETF Approval
The recent correction in Ethereum’s price began in late May when it pulled back from $3,974. This lower-high formation on the daily chart indicates a lack of sufficient momentum among buyers to push for new highs, leading to a sideways price trajectory.
The bearish reversal caused Ethereum to drop nearly 30%, finding support at $1,815, which aligns with the 23.6% Fibonacci retracement level. The broader market correction, coupled with the U.S. SEC’s delay in approving ETH ETF issuers’ S-1 filings, has contributed to the bearish sentiment.
On Thursday, Bitwise filed an amended S-1 for its spot Ethereum ETF ahead of the July 8 deadline. Bloomberg’s ETF analyst Eric Balchunas noted that the SEC’s recent comments required minimal updates, suggesting a quick turnaround for Bitwise.
However, the amended filing does not yet include fee details, which are expected to be disclosed next week. Bitwise’s proactive filing indicates they are expediting the approval process for their Ethereum ETF.
Additionally, Nate Geraci, President of the ETF Store, expressed confidence that spot Ethereum ETFs will begin trading within the next two weeks, likely around the week of July 15. Geraci also pointed out that ETH’s price has dropped over 20% since the unexpected 19b-4 approvals in late May.
If approved, the ETH price could break free from the current sluggish market trend and mild selling pressure, potentially rebounding by 36% to challenge the downsloping trendline around $3,800. A bullish breakout from this resistance level is crucial for signaling a renewed recovery in Ethereum’s price.
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