Ethereum Price Surges 1% As Ethereum Spot ETFs Are Expected To Commence Trading On July 2
The Ethereum price (ETH) has soared 1.4 % in the past 24 hours to trade at $3,554 as of 7:53 am EST.
Accompanying this price surge, ETH’s 24-hour trading volume and market capitalization have skyrocketed, boasting 24% and 1.2% to $16 billion and $426 billion, respectively.
This follows comments by Securities and Exchange Commission (SEC) Chair Gary Gensler that spot Ethereum ETFs (exchange-traded funds) will likely receive regulatory approval “over the course of the summer.”
🚨NEW: @SECGov Chairman @GaryGensler just told Senator @BillHagertyTN he envisions $ETH Spot ETF S-1’s will likely be approved by the *end of the summer.*
— Eleanor Terrett (@EleanorTerrett) June 13, 2024
However, according to Bloomberg ETF analyst Eric Balchunas, the launch of spot Ethereum ETFs is highly anticipated to take place on July 2nd. He took to his X account, saying,
‘’ We are moving up our over/under date for the launch of spot Ether ETF to July 2nd. I heard the Staff sent issuers comments on S-1s today, and they’re pretty light—nothing major. They’re asking for them back in a week.
UPDATE: we are moving up our over/under date for the launch of spot Ether ETF to July 2nd, hearing the Staff sent issuers comments on S-1s today, and they're pretty light, nothing major, asking for them back in a week. Decent chance they work to declare them effective the next… https://t.co/XJZ8JLwEFF
— Eric Balchunas (@EricBalchunas) June 14, 2024
The SEC approved the issuers’ 19b-4 filings on May 23. However, before the ETH spot ETFs can hit the market, the regulator must approve their S-1s.
Ethereum Statistical Data
- Ethereum price now – $3,554
- Ethereum market cap – $426.5 billion
- Ethereum total supply – 120.1 million
- Ethereum circulating supply – 120.1 million
- Ethereum ranking – #2
Ethereum’s price recently tried to rally but lacked the necessary bullish momentum. It couldn’t stay above the $3,600 resistance level, and the bears led the price in a downward trajectory.
The decline continued past the $3,600 level, eventually falling below the $3,550 support.
However, Ethereum optimists are bullish as the coin is showing signs of recovery. The Ethereum bulls are defending against further downside, supported by various technical indicators.
The formation of the descending channel indicates a potential bullish reversal, which might lead to an increase in price. This might cause bulls to fly the price to around $3,600 or above the technical barrier.
Currently, the price is trading above the 50-day SMA but within the 200-day simple moving averages (SMAs). However, if the bulls push it above the 50-day SMA, they might initiate a rally, moving the price upward.
The Relative Strength Index (RSI) is currently hovering around the 52 mark, above the 50 midline level. This signals that the bulls are regaining control of the market. If the bullish pressure continues, the RSI could rise, potentially moving into the overbought zone above 70. Such a move would indicate heightened buying pressure, giving the bulls the upper hand.
The MACD (Moving Average Convergence Divergence) also shows signs of recovery, heading to positive territory. The position of the blue average line above the signal line (orange band) reinforces the bullish look.
Will the Bulls Break Out Above The Resistance Level?
With the bulls seeming to take control of the market, if they exert more pressure and trade above the 50-day SMA, they might push the price to around $3,600. More steam for the bulls in the market may lead to Ethereum’s price breaking above the technical barrier of $3,600 to around $4,000.
Conversely, if the bears take control of Ethereum’s price in the market, they could continue the downtrend, bringing the price down to the $3,142 support level.
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Emmaculate Araka
Emmaculate Araka is a cryptocurrency writer with published works on Crypto2Community and other news sources. She is believer in the transformative power of crypto and the blockchain industry, conducting on-chain analysis, breaking down market-triggering events, and helping traders and investors benefit from expert technical price analysis. Emmaculate finds gratification in diving deep into the crypto space, earning herself significant knowledge and experience. She holds a Bsc. in Information Science, and outside work, Emmaculate loves reading novels and watching documentaries.
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