Why Ethereum is Down But Analysts Are Bullish
Despite the current downturn in the cryptocurrency market, there are still analysts who are optimistic about the future of Ethereum. These analysts are confident that Ethereum’s price will rebound in the near future, based on several factors, including bullish signals from the options market and the impending approval of spot Ethereum exchange-traded funds (ETFs). Here’s why some analysts remain bullish on Ethereum:
– QCP analysts note reliable bullish signals from the options market
– Options expiring in September and December are attracting significant interest
– Traders are placing more calls and betting on increasing prices
– Liquidation clusters for Bitcoin and Ethereum are heavily skewed to the topside
– Price surge could trigger a short squeeze, providing relief to ETH holders
Focus on the US SEC and Spot ETH ETFs
As the crypto market anticipates the launch of the first spot Ethereum exchange-traded fund (ETF), optimism is high. Analysts predict that the product could go live in mid-July, following the approval of 194-b forms in late May. The United States Securities and Exchange Commission (SEC) has set July 8 as the deadline for issuers to finalize their S-1 forms. Once spot Ethereum ETFs start trading, billions of dollars are expected to flow into the asset. This influx of capital is anticipated to reach $15 billion within the first 18 months, according to industry experts.
– Spot Ethereum ETFs could launch in mid-July
– Approval of 194-b forms in late May
– SEC deadline for issuers to finalize S-1 forms is July 8
– Billions of dollars expected to flow into ETH
– Predicted $15 billion influx within the first 18 months
Hot Take: Ethereum Down 20% But Bulls Remain Optimistic
Following Bitcoin and other top coins, Ethereum is in red, bleeding at spot rates. In summary, Ethereum is down 20% from the May 2024 highs, easily breaking $3,300, as the Bears target is $3,000 in the short term.
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