Crypto News – With the US Securities and Exchange Commission (SEC), asset management company Fidelity has submitted an application for an Ethereum exchange-traded fund (ETF). The filing, according to experts, might cause ETH to soar in value.
How Could the Fidelity Ethereum ETF Bid Trigger an ETH Bull Rally?
It is not regulated in the US for investors to be exposed to Ethereum, according to Fidelity. On the Cboe BZX Exchange, it, therefore, suggested listing and trading the shares of its intended Ethereum ETF.
With the current state of the market, it is expected that Fidelity’s entry into the Ethereum ETF arena will help to fuel a bullish market trend for the price of ETH. Remarkably, the SEC recently examined several proposals from significant conventional financial firms, including BlackRock, for a spot Bitcoin exchange-traded fund (ETF).
In the wake of this development, the market became optimistic, pushing the price of Bitcoin to new yearly highs. However, the SEC declared that it would postpone making a decision on applications for multiple-spot Bitcoin ETFs until 2024.
Analysts Predict Rapid ETH Price Growth
Taking this into consideration, market analysts point out that ETH might have a favorable trajectory, particularly since a number of significant financial institutions have applied to offer Ethereum ETFs on the spot.
You’ve got a fortunate chance to snag some ETH under $2,000 while it’s available. This opportunity won’t be around for much longer,an experienced crypto analyst
The bullish potential that Ethereum may have after breaking above the $2,150 resistance mark was also noted by Ali Martinez, Global Head of News at BeInCrypto. Martinez noted that a dip towards $1,700 would present a special opportunity to purchase before the uptrend picks back up.
ETH tests a major resistance zone between $2,000 and $2,150, aligning with the x-axis of an ascending triangle pattern. A pullback from this resistance level could lead to a dip toward the triangle’s hypotenuse at $1,700, setting the stage for a potential uptrend continuation,Martinez