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Ethereum enthusiasts have been waiting for a long time for Ether to break its previous all-time high and reach new heights. Various market and non-market conditions have been stopping ETH from doing it. Finally, the circumstances look positive, and it feels like this time ETH will go to $5,000 or even higher. Let’s explore why we say this.
Ethereum ETFs Are on Their Way
After Bitcoin ETFs, the crypto world has its eyes peeled for the ETH ETF launch. For the last few months, the process has been underway. According to James Seyffart, a research analyst at Bloomberg, 9 ETH ETFs are launching next week. In his tweet, he shared an image of a chart with the names of ETH ETF firms along with their fees and other important data.
From the image, a lot of things became clear regarding the Ethereum ETFs. Along with Grayscale, Franklin, VanEck, and Bitwise, 21Shares has the fees between 0.15%-0.21% .Out of the 9 ETFs, Coinbase will be the custodian of 7. Five ETFs will list on the Chicago Board Options Exchange (CBOE), 3 on the New York Stock Exchange, and one on Nasdaq. Grayscale has reduced its fee for this ETF. In its initial S-1 filing, Grayscale mentioned a fee of 0.25%, which is now reduced to 0.15%. This makes Grayscale the only ETF with the lowest fee.
ETF Trading will start on 23th of July, 2024 according to CBOE notice.
Technical Analysis Calls for an Uptrend
The daily chart for Ethereum shows very positive momentum in the market. ETH is trading at $3,492.8 at the time of writing. Multiple moving averages (MA) support the current price from the bottom. MA 50 is closest to the current candle, and MA 100 sits between MA 50 and MA 20. Looking at the current trend, it seems MA 20 will cross the 100 daily moving average and go up, boosting the price.
The current price is fighting with a resistance area. However, looking at the MACD, we can be sure that bulls are gaining power. Once the price crosses this zone, it will face significant monthly resistance at $3,750, followed by weekly resistance between $3,850 and $4,050. The ETFs are going to launch next week, and there is a Bitcoin conference happening in Nashville. Presidential candidate Donald Trump will be a speaker there. His pro-crypto stance is also helping the crypto market.
Looking Ahead
The data from the Ethereum chart, the upcoming launch of Ethereum ETFs, and Donald Trump’s presence at the Bitcoin conference all align to support ETH breaking past all resistances and creating a new all-time high. According to experts, ETH will create a new ATH above $5,000 this time.
Also Read : Grayscale Launches Exclusive Decentralized AI Fund for Investors
