ETH/BTC Pair Eyes Major Breakout With Ethereum ETF on Horizon, What’s Next?
Along with Bitcoin, the Ethereum price has come under selling pressure dropping all the way under $3,400. With a 3.5% drop on the weekly chart against Bitcoin’s 5.8%, ETH has been holding relatively well against BTC recently. As per the technical chart, the ETH/BTC pair is reportedly on the verge of a major breakout just before the spot Ethereum ETF goes live next week.
ETH Price to Rally with Spot Ethereum ETF Approval?
Crypto market analyst Ali Martinez showed that ETH/BTC is finally moving above the 365 simple moving average. This development shows an early sign of the impending altcoins season going ahead.
$ETH / $BTC is finally moving above the 365 simple moving average, showing early — very early — signs of an impeding #altseason! pic.twitter.com/HSP1Dm5bjm
— Ali (@ali_charts) June 28, 2024
Crypto analyst Michael van de Poppe also shared a similar view stating that the bull market has already begun and would gain significant momentum if the Ethereum price breaks through the 0.06 BTC level.
On breaking these key levels, Poppe expects a significant influx of capital into the Ethereum ecosystem. The launch of the spot Ethereum ETF next week in the US could prove to be a major catalyst in this direction.
Also Read: PEPE Whale Shifts Focus To Ethereum As ETF Optimism Builds
Poppe added that the Ethereum ETF remains the most undervalued and underhyped event of the year. He added that, unlike the Bitcoin ETF, there is not the same excitement with the Ethereum ETF approval. “The Ethereum ETF is basically everything in reversal. Zero expectations, zero hype, and if there is any expectation” wrote Poppe.
Poppe stated that although the Ether ETF is likely to attract fewer inflows in comparison to the Bitcoin ETF, it can have a significantly greater impact “as the stock-to-flow of Ethereum is less than that of Bitcoin due to the huge amount of staked Ether and the deflationary concept of Ethereum”.
Entire Ether Ecosystem to Benefit
Poppe believes that as the ETH/BTC price pushes higher, the entire Ethereum ecosystem would benefit out of it, driving more usage, liquidity, and developers towards it.
Popper further explained that altcoin cycles typically show a weaker performance during the first half of the year. However, from June onwards, the cycle would reverse and momentum would build in favor of the altcoins presenting opportunities for greater returns.
Also Read: Are Spot Ethereum ETFs Set To Launch In 14 Days Post-S-1 Amendments?
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