Ethereum ETF Coming in the Next 2 Weeks; Price Reversal Soon

Ethereum ($ETH) is under selling pressure, nearly replicating the trend that Bitcoin ($BTC) has been following in the last couple of days. However, early July 2024 could see a reversal of the chart's flow.

Ethereum price might soon be reversing its downtrend as several key developments could unfold in the next two weeks.

After a period of consolidation, ETH price seems to have resumed its downtrend, dropping below the crucial $3,400 level. However, a closer look at the technicals reveals a bullish divergence forming on the 4-hour chart. This divergence could indicate an upcoming reversal in the trend.

Moreover, on-chain metrics suggest that miners are accumulating ETH at a rapid pace. This accumulation could provide support to the price in the coming weeks.

Finally, several Spot Ether ETF applications are pending approval with the SEC, and a decision is expected soon. If approved, this ETF could attract a massive influx of資金 into the cryptocurrency market, potentially boosting ETH price.

Collectively, these factors point towards a possible reversal in Ethereum's downtrend in the next two weeks.

After a period of consolidation, ETH price seems to have resumed its downtrend, dropping below the crucial $3,400 level. However, a closer look at the technicals reveals a bullish divergence forming on the 4-hour chart. This divergence could indicate an upcoming reversal in the trend.

4-hour ETH/USD chart showing bullish divergence

Bullish divergence occurs when the price of an asset makes lower lows, while a technical indicator, such as the RSI or MACD, forms higher lows. This divergence signals a weakening downtrend and suggests that a trend reversal may be imminent.

In the case of ETH, the price has been making lower lows since May 24, as indicated by the red downtrend line in the chart above. However, the RSI indicator (orange line) has been forming higher lows, as shown by the green uptrend line. This divergence suggests that the downtrend in ETH price is losing momentum and could be reversing soon.

If the bullish divergence continues to hold, we could see ETH price reversing its downtrend and starting to move higher in the coming days or weeks. The next key resistance level to watch is around $3,450, followed by the 200-day moving average at $3,600.

On-chain metrics also show that miners are accumulating ETH at a rapid pace. This accumulation could provide support to the price in the coming weeks.

According to data from Glassnode, the miner net position change has been positive for the past four weeks, indicating that miners are adding more ETH to their wallets than they are selling. This accumulation is evident in the rising 30-day miner net position, which currently stands at 20,000 ETH.

Typically, when miners accumulate ETH, it signals their belief in the cryptocurrency’s long-term potential and an expectation of rising prices. This optimism could translate into higher prices for ETH in the coming weeks, especially if demand from miners remains strong.

Multiple Spot Ether ETF applications are pending approval with the SEC, and a decision is expected soon. If approved, this ETF could attract a massive influx of資金 into the cryptocurrency market, potentially boosting ETH price.

Several asset management firms, including BlackRock, Invesco, and ProShares, have filed Spot Ether ETF applications with the SEC. These ETFs would allow traders and investors to gain exposure to ETH without having to directly purchase and store the cryptocurrency.

The SEC has been reviewing these applications for months, and a decision is expected soon. If approved, these ETFs would be listed and traded on major U.S. stock exchanges, such as the NYSE or Nasdaq.

This approval would be a major milestone for the cryptocurrency industry, as it would bring a new wave of institutional資金 into the market. Moreover, it could lead to a significant increase in demand for ETH, driving up its price.

News source：https://www.kdj.com/cryptocurrencies-news/articles/ethereum-etf-coming-weeks-price-reversal.html

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