Ethereum ETFs Could Start Tomorrow While Solana ETF Rumors Heat Up – What This Means for ETH and SOL Prices
Ethereum ETF to launch tomorrow, as confirmed by CBOE. With Solana potentially joining the ETFs what's is next for the prices of these cryptos?
Key Takeaways
- CBOE will trade five Ethereum ETFs on July 23.
- Potential ETF combining BTC, ETH, and SOL predicted.
- Ethereum’s key level is $3,500; Solana’s key level is $160.
CBOE has announced that it will launch five Ethereum ETFs on July 23. This follows the U.S. Securities and Exchange Commission (SEC) approving regulatory changes on May 23 to allow these listings.
However, each issuer’s S-1 registration statement still needs the SEC’s review and approval before trading begins. The five ETFs are the 21Shares Core Ethereum ETF, the Fidelity Ethereum Fund, the Invesco Galaxy Ethereum ETF, the VanEck Ethereum ETF, and the Franklin Ethereum ETF. To attract investors and gain a competitive edge, issuers plan to waive or reduce fees once the products are listed temporarily.
Will Solana Join The ETF Family?
In addition to this news, there are indications Solana could join the ETFs in an index. Nate Geraci, President of ETF Store, predicts a potential ETF combining spot Bitcoin (BTC), Ethereum (ETH), and Solana (SOL).
Geraci’s accurate trend predictions in the crypto ETF space lend credibility to his forecast. This prediction caused a debate on whether or not Solana’s legal affairs with the SEC could stand in the way.
Solana (SOL) has already faced enforcement actions for being classified as an unregistered security. According to some, it is highly unlikely that the SEC will approve any spot ETF for Solana before the legal proceedings are resolved, which could take several years.
ETH and SOL Price Analysis
ETH/USD
Ethereum’s price surged from a descending trendline on May 17, climbing parabolically to nearly $4,000 by May 27. However, it soon experienced a downturn, hitting a low of $2,830 on July 5.
The May 27 high suggests a potential double-top, indicating the subsequent decline might initiate a larger corrective pattern. Alternatively, this rise could have been the second sub-wave of a three-wave correction, with the subsequent decline to July 5 completing it.
The key area to watch is around $3,500. If Ethereum surpasses this level and makes a higher high, it would confirm a five-wave pattern from July 5 and suggest a possible larger uptrend. However, if it gets rejected and drops below $3,000, it could indicate Ethereum is still in its corrective stage, potentially heading to lower prices than $2,800.
If a bullish outlook is confirmed, with ETH reaching $3,600 and making a higher low above $3,000 during the retracement, there would be a strong chance it is headed to $5,000.
SOL/USD
On March 18, Solana peaked at $210 but sharply declined to $120 by May 1, marking a 43% drop. However, by May 21, the price rebounded impressively to nearly $190, breaking through a significant resistance level that had previously served as support.
Despite this recovery, SOL soon fell below this critical level again. The downturn since May 1 showed three distinct waves, indicating a possible prolonged bearish trend. The break below $160 confirmed that the surge to May 21 was a three-wave corrective pattern, suggesting the following decline might be part of a larger bearish phase or a complex three-wave correction starting from March 18.
As the price broke its $160 resistance, we received confirmation that it started a new uptrend on July 5, leaving its correction as an ABC one. With the price still progressing and being traded at $180, we could see more upside in the near term.
That might not come immediately, as suggested by the 4-hour chart RSI, which is in the overbought zone. SOL could make a retracement to its broken $160 zone for a retest of support before proceeding further, but the overall outlook is bullish.
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