![Ethereum, ETH, Crypto](https://www.newsbtc.com/wp-content/uploads/2024/02/drawkit-illustrations-8iIUDnRq87o-unsplash.jpeg?fit=860%2C484)
Ethereum (ETH)’s struggles to regain the last cycle’s heights have brewed a bearish sentiment among some sectors of the crypto community. Its performance during Q2 has seemingly continued to fuel the sentiment. However, with rumors of an ETH ETF (Exchange-Traded Fund) approval being around the corner, analysts believe the ‘King of Altcoins’ is about to hit the “ETH season.”
Will Ethereum Spot ETF Come Next Week?
On Wednesday, Reuters revealed sources close to some investment firms believe that Ethereum ETFs will be approved next week. The rumors follow the Securities and Exchange Commission (SEC) Chair, Gary Gensler, comments regarding the investment products’ approval.
Earlier this week, Gensler spoke at the Bloomberg Invest Summit, revealing that the approval process is “working smoothly.” The launch of the highly anticipated products is expected to come this summer and could be as early as July.
According to Reuters, industry executives and lawyers involved with the applicants believe the Ethereum ETF could be approved within the next two weeks. Per the report, the ETH approval could come as soon as July 4.
A month ago, ETH’s price soared by over 30% in anticipation of an SEC’s approval, going from the $3,000 mark to the $3,900 price range. Since then, the second-largest cryptocurrency has retraced to the $3,200 support zone.
Nonetheless, the ‘King of Altcoins’ saw a positive impact from the recent ETF rumors. Ethereum rose by 2.5% following the news, recovering the $3,400 support zone it lost at the beginning of the week.
Is ‘ETH Season’ Around The Corner?
Crypto analyst Jelle believes that ETH might be ready for take-off despite the expectations of “an underwhelming ETF launch.” To the analyst, ETH “looks ready for a massive push higher” as it tests key levels the week before the alleged approval.
Per his chart, the cryptocurrency is testing the support of a downtrend within the accumulation range. Jelle considers that if ETH pushes into $4,000 again, it might not “stop anytime soon.” To him, the “nearly three years in the making breakout” into the expansion zone will kickstart the “ETH season.”
![Ethereum](https://www.newsbtc.com/wp-content/uploads/2024/06/GQ_K-tHXQAAwL6E.jpeg?w=860&resize=860%2C446)
Similarly, Daan Crypto Trades pointed out that Ethereum is still consolidating against a “massive 2-year-long downtrend line.” Per the trader, the May pump highs are the place to break. A “higher high above 0.0575” would “flip the market structure to bullish.”
Moreover, Crypto Yoddha highlighted the falling wedge pattern in the ETHBTC chart. The trader suggested that a breakout will come “anytime now.” This analysis was also shared by trader Miky Bull, who considers Ethereum “fully ripe for a rally from the retest of fib .618 level.”
Despite being down by over 10% from the May pump, ETH has seen a 3.6% increase in the last 24 hours. As of this writing, the ‘King of Altcoins’ is exchanging hands at $3,450.
![Ethereum, ETH, ETHUSDT](https://www.newsbtc.com/wp-content/uploads/2024/06/ETHUSDT_2024-06-27_08-46-36.png?w=860&resize=860%2C460)
Featured Image from Unsplash.com, Chart from TradingView.com
Rubmar Garcia
Rubmar is a writer and translator who has been a crypto enthusiast for the past four years. Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology.
From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations.
In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn’t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored.
At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money.
After the failure of her home country’s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education.
Moreover, the peculiar nature of the crypto community sparked Rubmar’s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies –or her favorite memes.
In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school’s marching band.
She also has a passion for learning new languages and cultures, having set the goal to learn another six languages – currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats –hers or stray.
In summary, Rubmar seeks to present entertaining and educational pieces to be enjoyed by everybody, aiming to report on the latest news and offer a unique perspective while adding a meme or a pun whenever possible.
Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.