Ethereum takes spotlight, 5 ETH Spot ETFs set to begin trading

Traders’ expectations are focused on how long the current bullish reversal in Ethereum’s price will endure, given the introduction of ETHer spot ETFs.

Five-spot Ethereum exchange-traded funds (ETFs) will begin trading on the Chicago Board Options Exchange on July 23 “pending regulatory effectiveness,” according to a July 19 announcement from the CBOE.

The US Securities and Exchange Commission (SEC) approved rule changes that permit numerous spot ETFs for the super altcoin. Before the new products could be sold, the regulator was still required to approve each fund issuer’s S-1 registration statements.

The five spot Ether ETFs that are set to open for trade include Invesco Galaxy Ethereum ETF, VanEck Ethereum ETF, Franklin Ethereum ETF, Fidelity Ethereum Fund, and 21Shares Core Ethereum ETF.

Nearly every issuer of an ETH ETF has stated plans to temporarily eliminate or decrease fees to fight for market share once the products begin trading. This is an attempt to get an early market edge.

The rise in the Taker Buy/Sell Ratio above 1 indicates a noteworthy positive mood among traders, per CryptoQuant. An increase in this indicator coincides with the most recent price rebound, affirming market players are growing more positive about Ethereum’s future. The Taker Buy/Sell Ratio may indicate a steady mid-term bullish trend and push prices higher if this upward trend in the ratio holds.

The recent price reversal of Ethereum and a spike in the Taker Buy/Sell Ratio point to an optimistic outlook for the futures market. A mid-term bullish trend may be confirmed if this ratio climbs, indicating strong buying demand. Traders will be keen to see if this trend continues, with the potential to drive up the price of Ethereum.

A thorough examination of Ethereum’s daily chart shows that the cryptocurrency started a bullish surge, breaking above the 200-day ($3152) and 100-day ($3340) moving averages, following a noticeable increase in purchasing pressure close to the significant $3K support area.

In addition, ETH has recovered the $3.5K resistance zone, a major challenge for buyers in recent months. This price movement suggests buyers are actively participating in the market and trying to set a new yearly high.

Ethereum has developed a sideways wedge pattern in the past few months. After a brief period of market consolidation, it is anticipated to resume its upward trend to surpass the wedge’s upper boundary at $3.7K. If that resistance line is broken, a new annual high above $4K might result.