Is Ethereum About To Take Off? Analysts Weigh In Amid ETF Approval Date Rumors

Ethereum (ETH)’s struggles to regain the last cycle’s heights have brewed a bearish sentiment among some sectors of the crypto community. Its performance during Q2 has seemingly continued to fuel the sentiment. However, with rumors of an ETH ETF (Exchange-Traded Fund) approval being around the corner, analysts believe the ‘King of Altcoins’ is about to hit the “ETH season.” Related Reading: Bitwise CIO Expects $15 Billion To Flow Into Spot Ethereum ETFs, How Will ETH React? Will Ethereum Spot ETF Come Next Week? On Wednesday, Reuters revealed sources close to some investment firms believe that Ethereum ETFs will be approved next week. The rumors follow the Securities and Exchange Commission (SEC) Chair, Gary Gensler, comments regarding the investment products’ approval. Earlier this week, Gensler spoke at the Bloomberg Invest Summit, revealing that the approval process is “working smoothly.” The launch of the highly anticipated products is expected to come this summer and could be as early as July. According to Reuters, industry executives and lawyers involved with the applicants believe the Ethereum ETF could be approved within the next two weeks. Per the report, the ETH approval could come as soon as July 4. A month ago, ETH’s price soared by over 30% in anticipation of an SEC’s approval, going from the $3,000 mark to the $3,900 price range. Since then, the second-largest cryptocurrency has retraced to the $3,200 support zone. Nonetheless, the ‘King of Altcoins’ saw a positive impact from the recent ETF rumors. Ethereum rose by 2.5% following the news, recovering the $3,400 support zone it lost at the beginning of the week. Is ‘ETH Season’ Around The Corner? Crypto analyst Jelle believes that ETH might be ready for take-off despite the expectations of “an underwhelming ETF launch.” To the analyst, ETH “looks ready for a massive push higher” as it tests key levels the week before the alleged approval. Per his chart, the cryptocurrency is testing the support of a downtrend within the accumulation range. Jelle considers that if ETH pushes into $4,000 again, it might not “stop anytime soon.” To him, the “nearly three years in the making breakout” into the expansion zone will kickstart the “ETH season.” Similarly, Daan Crypto Trades pointed out that Ethereum is still consolidating against a “massive 2-year-long downtrend line.” Per the trader, the May pump highs are the place to break. A “higher high above 0.0575” would “flip the market structure to bullish.” Moreover, Crypto Yoddha highlighted the falling wedge pattern in the ETHBTC chart. The trader suggested that a breakout will come “anytime now.” This analysis was also shared by trader Miky Bull, who considers Ethereum “fully ripe for a rally from the retest of fib .618 level.” Related Reading: Ethereum Price Roadblocks: What’s Hindering A Fresh Increase? Despite being down by over 10% from the May pump, ETH has seen a 3.6% increase in the last 24 hours. As of this writing, the ‘King of Altcoins’ is exchanging hands at $3,450. Featured Image from Unsplash.com, Chart from TradingView.com