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Ethereum Records Major Bullish Sign Against Bitcoin

Thu, 27/06/2024 – 6:21

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Ethereum (ETH) might finally be ready (BTC) to gain some ground against Bitcoin. 

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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 that the pair has likely bottomed after nearly two years of underperformance.  

The flagship altcoin is currently changing hands at 0.055 BTC on the Binance exchange. 

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After peaking at 0.061 BTC back in January, the ETH/BTC pair experienced a substantial downtrend, plunging all the way back to 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 now going “smoothly,” according to SEC Chair Gary Gensler, and it seems like these products will be able to start trading in the near future. 

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Earlier today, Reuters reported that Ethereum ETFs would likely go live by July 4. According to the anonymous sources cited by the outlet, the talks between prospective ETF issuers and the regulator have advanced to the “final stages.” Now, only “minor” issues have to be resolved. 

Even though the expected launch of Ethereum ETFs could be a major bullish catalyst for the leading altcoin, it remains to be seen whether inflows will be impressive enough for the market. Morningstar’s Bryan Armour has noted that Ethereum ETFs would be unable to generate the same level of excitement as Bitcoin ETFs. 

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