Ethereum (ETH) could finally be ready (BTC) to gain some ground against Bitcoin.
Ethereum (ETH) could finally be ready (BTC) to gain some ground against Bitcoin.
As noted by prominent trader Josh Olszewicz, the ETH/BTC pair has administered close above the two-day Ichimoku cloud for the first time in 525 days.
Their analysis suggests the pair has likely bottomed after nearly two years of underperformance.
The flagship altcoin is currently trading at 0.055 BTC on the Binance exchange.
Alex DovbnyaAfter 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 during the same month following the unexpected approval of several 19b-4 forms for Ethereum exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission.
The approval process is progressing “without problems”, according to the president of the SEC Gary Genslerand it seems that these products could begin to be marketed in the near future.
Alex DovbnyaEarlier today, Reuters reported that Ethereum ETFs would likely go live on July 4. According to anonymous sources cited by the outlet, talks between potential ETF issuers and the regulator have advanced to the “final stages.” Now only “minor” issues remain to be resolved.
While the long-awaited 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 Armour has noted that Ethereum ETFs might not generate the same level of enthusiasm as Bitcoin ETFs.
