Ethereum Spot ETF Launches July 4, Here are the Predictions

Bittime - This article will take an in-depth look at the Ethereum Spot ETF Launching July 4th. For that, let's watch it thoroughly.

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Ethereum Spot ETF Launches July 4

As July 2024 approaches, crypto investors await the official launch of the spot Ethereum ETF, a financial instrument that received initial approval from the United States Bureau of Securities and Exchange (SEC) on May 23.

Ethereum (ETH) ETF Price Impact

The presence of this ETF sparked speculation regarding its impact on the price of Ethereum (ETH), with many parties questioning whether ETH would follow in the footsteps of Bitcoin (BTC), which experienced a significant price increase after the launch of the Bitcoin ETF in January 2021.

Also Read How To Buy Crypto: How to Buy BTC

Is it possible? Ethereum Shifting Bitcoin's Dominance?

Currently, the ETH/BTC ratio stands at 0.055, indicating that one ETH is equivalent to 0.055 BTC. This figure shows an increase of 2.33% in the last seven days, indicating Ethereum's better performance compared to Bitcoin.

If this trend continues, Bitcoin's dominance in the market is predicted to decline, opening up opportunities for Ethereum to rise higher. Bitcoin's performance in the last two months is a relevant example. After approval, Bitcoin price jumped 56.95%.

If Ethereum follows a similar pattern, its value is predicted to reach $5,308 before the end of the third quarter (Q3). This is certainly positive news for Ethereum investors.

Check Crypto Prices Today: DOGE/IDR price

Ethereum Price Prediction (ETH

Ethereum (ETH) price is currently showing interesting movements, with the EMA 20 and EMA 50 indicators giving mixed signals.

EMA 20 (blue) and EMA 50 (yellow) are above the price of ETH

In general, this position shows a downward trend.

Potential Drop to $3,278

If the EMA 20 and EMA 50 continue to stay above the price, ETH risks falling further to the $3,278 level.

ETH Still Not Appreciated

Despite showing a downward trend, ETH's current movements indicate that its potential value is not yet fully reflected in market prices.

Possible Consolidation

If the 20 EMA and 50 EMA meet at one point, ETH will likely experience price consolidation, moving between $3,355 and $3,610.

Current Performance of Ethereum (ETH)

Ethereum (ETH) price underwent a significant correction, dropping 12.75% in the last 30 days. Currently, ETH is trading at $3,365, triggering investor concerns and weakening the overall market sentiment.

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Monitor graphic movement Bitcoin (BTC) price, Ethereum (ETH), Solana (SUN) and other cryptos to find out today's crypto market trends in real-time on Bittime.