Top Analyst Predicts Ethereum Likely to Break Out Despite Holding Crucial Support

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Major Ethereum ETFs Expected to be Approved by July 4, Projected to Attract Up to $15 Billion in Investments

The attention of the cryptocurrency market has now shifted to the imminent approval of spot Ethereum ETFs, which is anticipated to occur by July 4. Experts predict that these ETFs will attract a staggering $15 billion in initial investments. Following a recent sell-off after Bitcoin’s drop, Ethereum has swiftly rebounded with a 3% surge, currently trading at $3456.

Renowned crypto analyst Michael van de Pop has identified a crucial technical aspect of ETH, noting its ability to maintain a key support level amidst the market’s volatility. This resilience is regarded as a positive signal by numerous traders and analysts, suggesting the potential continuation of an upward trend in Ethereum’s price.

From a technical standpoint, ETH has consistently held a critical support level, leading van de Pop to speculate that a gradual upward movement is likely. Should Ethereum manage to reach 0.06 BTC, a significant breakout is expected. Van de Pop further believes that this breakout could strengthen altcoins and influence market dynamics throughout the remainder of the year.

Van de Pop’s analysis arrives at a time of fluctuating market conditions for cryptocurrencies, with Ethereum currently trading around significant technical levels.

Ethereum’s Price Projected to Experience a Major Rally

Presently, Ethereum’s price sits below the 50-day simple moving average but above the 200-day moving average, reflecting a tug-of-war between bearish and bullish forces. Additionally, the relative strength index (RSI) indicates ongoing bearish momentum, suggesting that the sell-off may not be over.

However, despite Ethereum’s recent decline from its peak of nearly $4,000, there are still positive prospects for ETH. If Ethereum falls below $3,300, it could potentially drop further to $3,200 and even $3,000.

Conversely, the launch of spot Ethereum ETFs has the potential to positively shift market sentiment. Increased inflows into these ETFs could lead to a rally in Ethereum’s price, with projections reaching the $4,500 range and possibly surpassing $5,000.

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Tags: Ethereum ETF