Ethereum Price Prediction as Analyst Says ETH ETF Will Launch 23 July – Can ETH Reach $100,000?

Journalist

Hassan Shittu

Journalist

Hassan Shittu

About Author

Hassan, a Cryptonews.com journalist with 6+ years of experience in Web3 journalism, brings deep knowledge across Crypto, Web3 Gaming, NFTs, and Play-to-Earn sectors. His work has appeared in...

Author Profile

Share

Copied

Last updated:

July 16, 2024 00:48 EDT

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships.

The cryptocurrency market has always been characterized by its volatility and potential for substantial gains. One recent development that has captured the attention of investors is the advent of spot exchange-traded funds (ETFs), particularly for Ethereum (ETH).

Historically, similar financial products for Bitcoin have led to substantial capital inflows, contributing to significant price increases.

For Ethereum, the introduction of a spot ETF is expected to have a similar, if not greater, impact due to its robust blockchain ecosystem and the variety of applications built on its platform. The market sentiment has been increasingly bullish as regulatory bodies like the SEC move towards approval.

Recent price movements and market activities underpin this optimistic outlook. Institutional investors have been accumulating Ether, taking advantage of recent price dips to establish or expand their positions.

This is evident from the inflows into Ethereum investment products, which have reached their highest levels since March. Such trends suggest the market is gearing up for a potential surge, fueled by the expected influx of new investors through the spot ETF.

The Launch of the Spot Ethereum ETF Expected on July 23

Analyst Eric Balchunas shared recently on X (formerly Twitter) that the Spot Ethereum ETF will launch on July 23. This development is poised to be a game-changer for Ethereum, providing a new avenue for investment and potentially driving significant price appreciation.

Update: Nate's instincts were right, hearing SEC finally gotten back to issuers today, asking them to return FINAL S-1s on Wed (incl fees) and then request effectiveness on Monday after close for a TUESDAY 7/23 LAUNCH. This is provided no unforeseeable last min issues of course! https://t.co/D21FD9Qf94

— Eric Balchunas (@EricBalchunas) July 15, 2024

The ETF is expected to offer a straightforward and regulated way for institutional and retail investors to gain exposure to Ethereum, which could lead to increased demand and liquidity.

The SEC’s recent communications with ETF issuers, requesting the final submission of S-1 forms, suggest that the regulatory approval is on track.

This follows the May 23 approval of spot Ether ETF 19b-4 filings from eight asset managers, including prominent names like VanEck and Bitwise.

The positive regulatory stance, coupled with the market’s anticipation, has already begun to reflect in Ethereum’s price, which has seen a notable uptick in recent weeks.

Experts believe that the successful launch of the spot Ethereum ETF will mirror the impact seen with spot Bitcoin ETFs, which attracted substantial capital inflows and drove up prices.

Ethereum Price Prediction and Technical Analysis

Ethereum’s recent price performance and technical indicators suggest a bullish trend with the potential for significant gains. The price has been nurturing a V-shaped recovery pattern, a bullish signal that indicates a strong rebound after a period of decline. Currently, Ethereum is trading above the 50-day exponential moving average (EMA) at $3,439, with a rising relative strength index (RSI) positioned at 55, both of which are positive indicators of ongoing bullish momentum.The approval and subsequent launch of the spot Ethereum ETF are likely to complete this V-shaped pattern, pushing the price toward $4,000. This prediction is supported by the increasing inflows into Ethereum investment products and the rising open interest (OI) in ETH contracts, which stands at $7.72 billion.

The growth in OI signifies increased market participant exposure to Ethereum, which historically correlates with price increases.

However, reaching higher price targets, such as $100,000, requires considering both market conditions and broader economic factors.

While the current bullish trend and the ETF launch provide a solid foundation for price appreciation, significant milestones like $100,000 would necessitate sustained institutional investment, broader adoption of Ethereum’s technology, and favorable macroeconomic conditions.

The In/Out of Money Around Price (IOMAP) metric highlights potential resistance levels, with a notable concentration of addresses around the $3,385 price point, which could pose short-term challenges.

PEPE Unchained Presale Finale! Revolutionary Layer 2 Meme Coin

Since launching its presale less than a month ago, Pepe Unchained ($PEPU) has already smashed through the $3 million milestone, and the excitement continues as it pulls in significant investments week after week.

Averaging about $1 million in new funds weekly, this new meme coin, promising to “make Pepe great again,” is poised to potentially double its investment inflows in the weeks ahead. Early contributors are banking on $PEPU to surpass its predecessor, Pepe ($PEPE).

Earlier this year, $PEPE emerged as a star among meme coins, leading a rally in the first quarter with an astonishing return of 1,235% for early investors. Pepe Unchained aims to match and outshine $PEPE’s success, boasting faster and cheaper transactions thanks to its own Layer 2 chain on Ethereum.

The current presale price for its native token, $PEPU, is $0.0084598, but it is set to increase in less than a day, making now a critical time for potential investors to get involved.

Why PEPE Unchained’s Layer 2 is a Game-Changer:

• Lightning-Fast Transactions: Experience speeds that make traditional blockchains look like slow-motion replays.
• Little Fees: Transaction costs are so low that they’re barely noticeable.
• Unmatched Scalability: Handle thousands of transactions per second, solving the blockchain trilemma.
• Staking Opportunities: Early buyers can now stake their $PEPU tokens, earn rewards, and support the network.

Join the Layer 2 Revolution Now

Connect with $PEPU’s rapidly growing community on Twitter and Telegram.

To join the presale and be among those seeing the potential of Pepe Unchained, head over to the Pepe Unchained website, connect your wallet, and exchange $PEPU for ETH, USDT, or BNB. Credit cards are also accepted.

Visit Pepe Unchained Now