Ethereum
Ethereum records major bullish sign against Bitcoin
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Ethereum (ETH) may finally be ready (BTC) to gain ground against Bitcoin.
As noted by prominent trader Josh Olszewicz, the ETH/BTC pair has managed to close above the two-day Ichimoku cloud for the first time in 525 days.
His analysis suggests the pair has likely bottomed out after nearly two years of underperformance.
The flagship altcoin is currently trading at 0.055 BTC on the Binance exchange.
After peaking at 0.061 BTC in January, the ETH/BTC pair experienced a substantial downtrend, falling as low as 0.044 BTC in May. However, Ethereum managed to gain as much as 28% against the largest cryptocurrency in the same month following the unexpected approval of several Form 19b-4 filings for Ethereum exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission.
The approval process is now going “smoothly,” according to the SEC chairman. Gary Genslerand it looks like these products may start hitting the market in the near future.
Earlier today, Reuters reported that Ethereum ETFs are likely to launch by July 4. According to the unnamed sources cited by the outlet, discussions between potential ETF issuers and the regulator have moved to the “final stage,” with only “minor” issues to be resolved now.
While the anticipated launch of Ethereum ETFs could be a major bullish catalyst for the leading altcoin, it remains to be seen whether the inflows will be impressive enough for the market. Morningstar’s Bryan Armor noted that Ethereum ETFs would be unable to generate the same level of excitement as Bitcoin ETFs.
About the Author
Alex Dovbnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience covering everything related to this booming industry, from price analysis to blockchain disruption. Alex has authored over 1,000 articles for U.Today, CryptoComes and other fintech media. He is particularly interested in regulatory trends across the world that are shaping the future of digital assets. You can contact him at alex.dovbnya@u.today.