Ethereum ETF Launch is Just a Few Moments Away: Will This Be the Turning Point for the ETH Price Rally?

The post Ethereum ETF Launch is Just a Few Moments Away: Will This Be the Turning Point for the ETH Price Rally? appeared first on Coinpedia Fintech News

The Ethereum price is testing one of the crucial supports after the bears intensified their activity since the start of the day. Besides the market, participants remain vigilant ahead of the spot Ethereum ETF launch as they continue to hold crucial support. With this, the possibility of a major swing continues to prevail over the Ethereum price rally, but at the same time, the probability of a fakeout also haunts the rally. 

The weekly chart displays that the price continues to trade within a pattern and hence it suggests that one final dip may begin a parabolic run towards a new ATH, maybe to a 5-digit figure. The ETH ETF is set to go live in the next 48 hours, and the sentiments have absorbed the Bitcoin selloff from the German government. Therefore, the launch is expected could bring new money and energy into the crypto space. Amid the bullish sentiments, is the ETH price prone to a pullback before the launch?

After the bullish weekend close, the ETH price reached one of the crucial price zones which may trigger a 30% rise as it happened earlier in February. Previously, the price marked a pivotal resistance and consolidated for a range which triggered a massive run to mark a yearly high above $4000. Therefore, the upcoming price action suggests, that even if the price breaks the support at $3486, it may drag the price with a small range as the bulls could hold a strong base at $3350. 

The MACD is displaying a drop in the selling pressure but the DMI is neutral, remaining within the bearish range. Although the +Di & -Di underwent a bullish close, the levels failed to maintain an ascending trend while the ADX continued to trade towards the south. On the other hand, the Ichimoku cloud is close to turning bullish which is flashing huge bullish signals for the upcoming ETH price rally. 

The launch of the spot ETH ETF is expected to have a nominal impact on its price and also on the entire market. However, after a small pullback, the journey towards a new ATH above $5000 may be imminent.