ETH ETFs Drop on July 23rd: Will Ethereum Price Hit $5000?

Ethereum enthusiasts have long awaited the day when Ether (ETH) would break its previous all-time high and soar to new heights. Various market and non-market factors have hindered this progress, but the current circumstances appear favorable. This time, it seems ETH might finally reach $5,000 or even higher.

Let’s dive into the reasons behind this optimism.

The Anticipated ETH ETF Launch

Following the introduction of Bitcoin ETFs, the crypto world is eagerly awaiting the launch of Ethereum ETFs. The process has been in motion for several months, and according to James Seyffart, a research analyst at Bloomberg, nine ETH ETFs are set to launch next week. Seyffart shared a chart in a tweet, listing the ETH ETF firms, their fees, and other vital information.

The chart clarified several aspects of the Ethereum ETFs. Firms like Grayscale, Franklin, VanEck, Bitwise, and 21Shares have fees ranging between 0.15% and 0.21%. Out of the nine ETFs, Coinbase will be the custodian for seven. Five ETFs will be listed on the Chicago Board Options Exchange (CBOE), three on the New York Stock Exchange, and one on Nasdaq. Notably, Grayscale has reduced its fee from 0.25% to 0.15%, making it the ETF with the lowest fee.

According to a CBOE notice, ETF trading will commence on July 23, 2024.

Market Momentum is Thriving

The daily chart for Ethereum shows strong positive momentum. At the time of writing, ETH is trading at $3,492.8. Multiple moving averages (MA) support the current price from below. The 50-day MA is closest to the current candle, with the 100-day MA situated between the 50-day and 20-day MAs. The trend suggests that the 20-day MA will cross above the 100-day MA, potentially driving the price higher.

ETH is currently contending with a resistance zone. However, the Moving Average Convergence Divergence (MACD) indicator suggests that the bulls are gaining strength. Once ETH breaks through this resistance, it will face significant monthly resistance at $3,750, followed by weekly resistance between $3,850 and $4,050.

Several external factors also contribute to the optimistic outlook for ETH. The upcoming Ethereum ETF launches and the Bitcoin conference in Nashville, where pro-crypto presidential candidate Donald Trump will be speaking, are significant. Trump’s favorable stance on cryptocurrencies is bolstering market sentiment.

A New All-Time High on the Horizon?

Combining the positive data from the Ethereum chart, the imminent launch of Ethereum ETFs, and the boost from Trump’s pro-crypto stance, all signs point to ETH breaking past its resistances and setting a new all-time high. Experts predict that this time, ETH could surpass $5,000.

Also Read : Grayscale Launches Exclusive Decentralized AI Fund for Investors

The stage is set for a potential Ethereum explosion. Are you all in?