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Ethereum price data points to impending rally above $3.4K

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Ethereum price data points to impending rally above .4K

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Three key Ethereum price metrics suggest ETH is primed for a rally above $3,400.

Ether (ETH) price experienced an 18% drop to $2,826 between July 1 and July 8 but has since partially recovered. Investors are understandably disappointed, particularly since $313 million in leveraged long positions were liquidated during this period. Although the current price of $3,100 is still below the previous $3,400 support level, Ether traders are gradually regaining their confidence, as indicated by onchain and derivatives metrics.

Even if the launch of the spot Ethereum exchange-traded fund (ETF) in the United States takes longer than expected, strong fundamentals suggest a likely price rebound soon. Gary Gensler, Chair of the US Securities and Exchange Commission, recently stated that approvals for S-1 filings are expected "sometime in the summer," which means before the end of September. However, the exact timeline remains uncertain, leaving traders with reasons to maintain a level of skepticism.

The excitement for the eventual launch grows as similar spot Bitcoin (BTC) ETFs have seen $654 million in inflows over the past three days. Matt Hougan, Bitwise's Chief Investment Officer, suggested that spot Ethereum ETFs could attract up to $15 billion in inflows in the first 18 months of trading. Even if this estimate is off by 50%, analysts believe that the Ether price will benefit from the portion of the supply that is locked in staking and decentralized applications (DApps).

Is $4,000 Ethereum a distant dream? Futures premium plunge to 3-week low

June 10, 2024 Coin Telegraph

Is ,000 Ethereum a distant dream? Futures premium plunge to 3-week low

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Lack of enthusiasm toward cryptocurrencies comes from regulatory uncertainty, but there’s also some concern on the macroeconomic side

Ether (ETH) has been trading below $3,750 for the past three days, despite the imminent launch of the coin’s spot exchange-traded funds (ETFs) in the United States. Some argue that the lack of bullish momentum for ETH is due to the lack of clarity on how long the individual S-1 fund filing approvals by the regulator could take. Regardless, Ether investors’ bullishness according to derivatives metrics has plunged to a 3-week low.

But, even if the U.S. Securities and Exchange Commission (SEC) approves each of the filings from BlackRock, Fidelity, VanEck, and other firms this week, investors fear that the current market conditions do not favor demand for the Ethereum ETFs. Part of the lack of enthusiasm toward cryptocurrencies comes from regulatory uncertainty, but there’s also some concern on the macroeconomic side as the real estate market displays further signs of stress.

Coinbase, Binance, and Kraken are facing court actions for supposedly failing to register as brokers while offering securities investments. The U.S. SEC and the U.S. Department of Justice also charged crypto companies that included privacy tools such as Samourai Wallet and Tornado Cash. Furthermore, regulators claim that Ether staking services intermediation can be deemed securities, given that there is a promise of returns in exchange for the work of others.

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