Ethereum (ETH) has gained 8% in value, outperforming Bitcoin as excitement grows over the potential approval of spot Bitcoin exchange-traded funds (ETFs). The Ethereum community eagerly anticipates a similar development for a dedicated Ethereum spot ETF, bolstering the price increase.
Despite turbulence in the Bitcoin market triggered by false spot BTC ETF approval news, Ethereum’s price remained resilient. The countdown to possible spot Bitcoin ETF approvals has peaked, and there’s speculation that the U.S. Securities and Exchange Commission (SEC) might do the same for Ethereum following a BTC ETF approval.
Crypto industry figures, including Valkyrie Fund CIO Steven McClurg, suggest that the launch of an ETH ETF wouldn’t be surprising. Institutions like VanEck, Ark21Shares, Hashdex, Grayscale, and Invesco have already applied for spot ETH ETFs, showing significant interest.
The Ethereum market is currently experiencing a supply shock due to funds flowing into the ETH market in anticipation of a spot ETH ETF approval. This capital inflow contributes to the bullish momentum surrounding Ethereum.
Ethereum’s price movement within a rising parallel channel indicates a bullish technical formation, suggesting a potential rise from the current level of $2,457 to $2,800, a significant 15% climb. Further bullish scenarios speculate a rise to the $3,000 psychological level, marking a notable 25% increase from current levels. Key technical indicators like the Relative Strength Index (RSI), Awesome Oscillator (AO), and MACD are all aligned with this bullish thesis.