Ethereum Price Consolidates Ahead of ETF Launch: Here’s What Might Happen Next!
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The Ethereum spot ETF is expected to go live in the next 18 to 20 hours, as per the sources. This is considered a huge step towards regulatory clarity that ETH is not a security. Nearly 8 newly approved ETFs are set to launch in a short while, which is expected to have a major impact on not only the ETH price but on the overall crypto markets. The traders appear to be pretty confident about the upcoming price action of ETH and as a result, the price of the second largest crypto, Ethereum, is fighting odds to maintain its acute strength.
The ETH price had broken the descending trend and printed a single largest bullish candle of nearly 20% on the approval of the ETH ETF. Although the majority of the gains vanished in the next few days, the token is gearing up ahead of the launch. The SEC has officially approved spot ETF trading, and the expectations of a bull run are getting heated up considering all the other factors.
One of the major bullish signals is the balance of the exchanges, which have been drying up heavily nowadays. Ever since the approval, the traders have been pulling their ETHs out of the exchanges, probably to get into spot ETF trades.
The Bitcoin ETFs have ranked in the billions as they continue to count millions of inflows every day. Now that the Ethereum ETFs have received the ‘green light’ with trading starting shortly, one can expect a similar craze. However, the sceptics continue to remain sceptical about the next plan of action but institutions like Blackrock, Bitwise, etc. and market participants seem to be ready for the upcoming launch of the spot Ethereum ETF.
Besides, ETH/USDT & ETH/BTC are both displaying acute strength, which suggests the traders are optimistic about the next price action. After the launch, the bulls are expected to hold a tight grip over the rally and push the Ethereum (ETH) price above $4000 in a go. However, the token may still refrain from forming a new ATH immediately but after experiencing millions of inflows, the move could be imminent.
