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Ethereums Spot ETFs Could Launch By July 15 — ETH Price Spiks 8%

Last Updated July 8, 2024 2:34 PM
Nikola Lazic
Last Updated July 8, 2024 2:34 PM

Key Takeaways

  • Ethereum fell to $2,800, then recovered above $3,000.
  • SEC reviewing amended S-1 forms for Ether ETFs.
  • Possible ETH Spot ETF launch by July 15.

On Friday, July 5, the price of Ethereum fell to a low of $2,800, values last seen on May 1. From there, it recovered, spiking above $3,000, where it currently trades. This comes as the ETH Spot ETF S-1 forms are due today. 

The SEC returned the S-1 forms in late June, requesting changes, and issuers were asked to resubmit by July 8. There are indications that one more round of filings might be needed. 

Could ETH Spot ETFs Be Launched By July 15? 

Nate Geraci, President of ETFStore, expressed optimism about an imminent launch. This follows issuers filing amended S-1 forms with the SEC on Monday. 

The S-1 forms are a crucial step toward the final approval of the spot Ethereum ETF, following the 19b-4 forms approved by the SEC in May 2024. While the S-1 forms have no set deadline, issuers eagerly await the SEC’s decision. 

Geraci predicted a possible launch by July 15, expressing surprise if it did not happen within the next two weeks. Since the 19b-4 filing approval, Despite initial expectations for a July 4 approval, the crypto community remains hopeful that the SEC’s decision will soon turn speculation into reality, potentially catalyzing a price rebound.

ETH Price Analysis 

Ethereum’s price surged from a descending trendline on May 17, climbing nearly 38% to reach almost $4,000 by May 27 from its recent low of $2,870 on May 13. However, it soon experienced a downturn, forming a descending channel and hitting a low of $3,200 on June 24.

ETH
ETHUSD | Credit: NIkola Lazic/Tradingview

It remained in a descending triangle, rising toward its resistance level, but faced rejection at $3,519 on July 1, leading to a nearly 20% decline. This return to the previous level invalidated the possibility of a new uptrend starting on May 13.

The high on May 27 could be a double-top, suggesting a larger corrective pattern may follow. The wave pattern indicates a potential bounce around the $2,800 area, which could see ETH for a recovery. 

On the 4-hour chart, ETH shows signs of an upturn. The 4-hour RSI dropped to 10% on July 5, signaling extremely oversold conditions. A five-wave pattern from the May 27 high is visible, and a 4-hour 8% green candle today suggests a possible reversal.

Despite this, the invalidated bullish outlook from May 13 means the expected recovery might only be a sub-wave B of a larger ABC correction. If accurate, ETH could rise to the $3,500 zone (between the 0.5 and 0.618 Fibonacci levels) before continuing its decline to just above $2,000.

Alternatively, it could continue increasing past the $3,500 zone, signaling a larger increase ahead. In this scenario, Ethereum’s price could be eyeing a new all-time high soon, although further confirmation would be needed.

Disclaimer
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
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