Ethereum bulls, brace yourselves! The much-anticipated launch of spot Ethereum ETFs in the US is hitting a snag, and it’s casting a shadow on the altcoin’s mid-term outlook.
The midterm bullish outlook for Ethereum (ETH) is fading as the United States Securities and Exchange Commission (SEC) delays the final listing of approved spot Ethereum exchange-traded funds (ETFs). Over the past two weeks, Ethereum has entered a correction phase, struggling to break through a significant resistance level around $3,900.
Short-term bearish sentiments could lead to further Ethereum corrections. The crypto market is closely watching the Federal Reserve’s interest rate decision and the upcoming Consumer Price Index (CPI) data release on Wednesday. Additionally, expected US rate cuts, following the European Central Bank’s recent reduction from 4 percent to 3.75 percent, are seen as potentially bullish for cryptocurrencies.
What next?
Despite market fluctuations, institutional interest in Ethereum remains strong. The historic approval of spot Ether ETFs in the US and Hong Kong has led to increased investments from major investors. BlackRock, for instance, has already seeded its spot Ether ETF with $10 million, surpassing its investment in its spot BTC ETF.
On-chain data from Glassnode reveals a 3 percent increase in the number of Ethereum addresses holding at least 10,000 ETH over the past three weeks.
Renowned analyst Crypto Patel notes that Ethereum’s price against the US dollar continues to trade within a parallel bullish flag, lacking a decisive breakout. Patel predicts a potential drop to $3,152 if the support level at $3,650 fails to hold.
On the flip side, Patel sees a bullish scenario where Ethereum could target between $6,000 and $7,000, provided it maintains support around $3,150 and successfully breaks above $4,000.
From the bullish perspective, the crypto analyst has set a target of between $6k and $7k if the support level around $3,150 holds and the altcoin pushes beyond $4k soon.
Don’t miss out on the potential breakout! Do your own research and consider how Ethereum might fit into your investment strategy.
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