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

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. 

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.

Eth ETF race has already begun w/ a transfer from $ETHE to its mini-me = $ETH gonna begin its life w/ $1b and a category-low 15bp fee. That’s a new variable in this race that we didn’t have in btc race. https://t.co/7v6kh8Kw5Q

— Eric Balchunas (@EricBalchunas) July 22, 2024

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.

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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.