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Ethereum Price To Outperform Bitcoin As SEC Approves ETH ETF Trading

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Ethereum price is gearing up for a historic rally as a large bullish market structure nears completion. This coincides with the arrival of the much-awaited start date of Ethereum ETF trading. The price of ETH remains stable, only dropping 2.9% to $3,438 in the last 24 hours as the SEC approves 9 spot ETH ETF applications to begin trading. Meanwhile, Bitcoin’s price remains securely above $66,700, just 10% away from the previous all-time high. 

Ethereum Price Set to Explode 160% as Spot ETH ETF Receives Launch Approval

Ethereum PriceEthereum Price
Ethereum Price Chart

The ETH price displays a neutral to upward trend. The chart shows the price moving within a symmetrical triangle pattern from points A, B, C, and D. The price is currently heading to test the upper boundary of the triangle, indicating a potential breakout.

The symmetrical triangle is also part of a bullish pennant, a continuation pattern. A breakout from this market structure could catapult Ethereum 161% to $9,600. 

The ETH price action trends above the 50-day and 200-day exponential moving averages (EMA), which act as support levels around $3,370 and $3120, respectively. The eight spot Ethereum ETFs have been approved by the SEC to start trading later today, and the Ethereum price looks poised to rally above its previous all-time high. There is more robust support lower, around $2,800.

On the flip side, on its way up, the ETH price forecast shows the asset may encounter resistance around $3,750, which coincides with the upper boundary of the symmetrical triangle. A major resistance exists around $4,095 (previous high), which, if broken, may confirm the rally to the last all-time high. 

Ethereum Price RSIEthereum Price RSI

The ETH RSI (14, close) is currently at 55.96, indicating bullish momentum as it rises above the neutral 50 level. The RSI is also above its moving average, which is used to support the trend. The CMF (20) is at 0.15, indicating strong buying pressure with positive money flow.

Ethereum’s 24-hour trading volume is moderate. Despite the approval of the spot ETH ETF, there has been no sudden spike in its trading volume, although it is increasing steadily. This may support the Ethereum price movement if a breakout occurs.

Grayscale Goes in Big As ETH ICO Whale Wakes Up

Big financial institutions and whales are moving funds around in anticipation of the spot Ethereum ETF trading slated to start at 9:30 a.m. NJT (less than 7 hours from press time). 

Grayscale transferred over 292,000 ETH (over $1 billion) to Coinbase, as Bloomberg ETF specialist Eric Balchunas confirmed.

Meanwhile, a dormant ETH ICO whale just woke up and activated its wallet after 9 years. Whale Alert says the ICO address holds 977 ETH worth about $3.3 million. Speculation is that these whales are planning to exit their positions as the spot for Ethereum ETF trading begins. 

Dormant Bitcoin addresses are also being activated, signaling that this bull run may differ from the past ones.

Bottom Line

The SEC’s approval of Ethereum ETF trading marks a significant milestone for the crypto market. This development could position Ethereum price to gain ground relative to Bitcoin in terms of price performance. ETH price eyes 160% if it breaks out of this critical bullish continuation pattern, which may set it just shy of $10,000.

Frequently Asked Questions (FAQs)

Spot Ethereum (ETH) ETFs are scheduled to start trading on July 23, 2024, according to the Chicago Board Options Exchange (Cboe).

Grayscale Ethereum Mini Trust (ETH), Franklin Ethereum ETF (EZET), VanEck Ethereum ETF (ETHV), Bitwise Ethereum ETF (ETHW), 21Shares Core Ethereum ETF (CETH), Fidelity Ethereum Fund (FETH), iShares Ethereum Trust (ETHA), and the Invesco Galaxy Ethereum ETF (QETH) have been approved.

According to Ethereum price analysis, ETH price is well set to rally to a new all time high (ATH) once ETH ETFs start trading.

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Evans Karanja is a content writer and scriptwriter with a focus on crypto, blockchain, and video gaming. He has worked with various startups in the past, helping them create engaging and high-quality content that captures the essence of their brand. Evans is also an avid crypto trader and investor, and he believes that blockchain will revolutionize many industries in the years to come. When he is not writing, you can find him playing video games or chasing waterfalls.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Bitcoin (BTC) Price Hits $76K as Crypto Liquidations Soar, Coinbase (COIN) Rockets 30% Higher on Trump Sweep

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“It’s hard to think how the election outcome could have landed better for the industry, and expectations of key regulatory improvements are likely to build in the coming months and quarters,” David Lawant, head of research at crypto prime brokerage FalconX, said in a Wednesday report. “Such clarity could open room for additional crypto ETF products, covering the main crypto assets and potentially also a broader crypto index, and give entrepreneurs and investors more comfort in U.S. token launches.” However, Lawant warned of short-term risks in the meanwhile, which may include “last-minute enforcement actions by departing officials.”



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Trump victory creates over 11k new Bitcoin millionaires

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Donald Trump’s 2024 election victory has created over 11,000 new Bitcoin millionaires.

According to data from Finbold, the number of Bitcoin wallets valued at $1 million or more rose to 132,842 on November 6, as Bitcoin prices increased by 7.8% in just 24 hours.

Last month, there were 121,061 Bitcoin addresses worth over $1 million. This figure has now grown by 11,487 wallets, indicating significant wealth gains among Bitcoin holders, per Finbold.

At the time of writing, Bitcoin (BTC) has passed its all-time high and is currently trading at $75, 428. 

Can Bitcoin go higher?

This spike follows a strong month for Bitcoin, which has risen 20% over the past 30 days. With Trump’s win and an overwhelming lead in the electoral college, Bitcoin saw renewed interest and broke past previous high prices. 

Analysts suggest that Trump’s pro-crypto stance might lead to a supportive regulatory shift, potentially boosting market conditions. Technical analyst Gert van Lagen predicts Bitcoin could reach $250,000 by early next year. 





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Solana Overtakes BNB To Claim Coveted 4th Spot In Crypto Ranks

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They say journalists never truly clock out. But for Christian, that’s not just a metaphor, it’s a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian’s journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling – right up his alley!

So, he landed a killer gig at NewsBTC, where he’s one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian’s all work and no play? Not a chance! When he’s not at his computer, you’ll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian’s got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here’s the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day – and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors – and bosses – he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.



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