Ethereum Bulls Gear Up For Recovery

Ethereum (ETH) is gearing up for a price uptick as we start a recent week. Ethereum is currently trading at $3,195 and is up by 1.83% prior to now 24 hours. Although Ethereum’s gains are a part of a wider market rally after a rebound, the altcoin is in the very best position to surge essentially the most in the approaching weeks.

Ethereum Basking In Bullish Sentiment

Ethereum is now seeking to break above $3,200 after trading for the vast majority of the week below $3,100. Although Ethereum broke above $3,000 again last week, the king of altcoins largely consolidated between $3,000 and $3,100 in what looked like a slowdown of bullish sentiment.

Nevertheless, on-chain analytics and fundamentals point to Ether still basking in bullish sentiment amongst investors. Majority of investors are waiting for a signal before jumping on the asset.

For starters, there’s a growing sense that Ethereum Spot ETFs might be on the horizon. VanEck and other potential issuers amended their filings earlier within the week in hopes of receiving the SEC’s final permission. It might be a game changer for the crypto market in 2024 if Spot Ethereum ETFs start trading.

Based on Thomas Perfumo, Head of Strategy at Kraken, the Spot ETFs could open up an extra $1 billion inflow into Ethereum monthly. This recent inflow of demand and money could see Ethereum push past its current all-time high of $4,900 into recent price territories above $5,000.

Ethereum is now trading at $3,215. Chart: TradingView

Based on multiple reports, things are taking a greater turn for the approval of those Spot ETFs, and the potential for approval by the SEC has jumped massively. As noted by Eric Balchunas, senior ETF analyst at Bloomberg, the whole lot is already in place for the approval of the ETFs, and it’s unclear why the SEC is taking so long. This has led to a rise in a bullish case for Ethereum for the remaining of the month.

Yeah, rn it’s all quiet on the Western Front re eth ETFs. Nada from SEC this week. Unclear why they taking such sweet ass time. Every issuer is prepared. Docs are ready. It’s like a rain delay in baseball. Gotta just wait. Possibly things will move fast next week. We’ll see… https://t.co/o1ZSdIf1nE

— Eric Balchunas (@EricBalchunas) July 12, 2024

Indicators Looking Bullish

On the technical side of things, technical indicators also support a bullish outlook. Based on the day by day candlestick chart, Ethereum is on its approach to closing its third consecutive bullish day by day candle for the primary time since June 16. The crypto can be attempting a break above the 100 SMA. A break above the 100 SMA in correlation with a bullish day by day close could solidify the bullish momentum as we head right into a recent week.

Featured image from Reddit, chart from TradingView