Ethereum Ready To Rocket: ETF Approval The Catalyst For $4,000

Dalmas Ngetich•Monday, July 22, 2024•2 min read

Ethereum is steady, but the bulls are not as robust as expected. Earlier today, ETH prices fell, though the upside remains for now. Overall, the coin remains within a bullish breakout formation after the gains of July 15. After the bull bar, there have been generally “weak” follow-through, as seen in the daily chart. Even so, there must be a sharp close above $3,700 and $4,100 for buyers to be in fresh 2024 territory, breaking out from the current chop.

Buyers are confident of what lies ahead. However, Ethereum is choppy, moving sideways despite expectations of spot ETFs hitting the market this week. As things stand, Ethereum is stable on the last day and up roughly 4% in the previous week. Additionally, participation is low, nearly half of what was registered when prices tore higher last week. Over $15 billion of ETH was traded on the last day.

Ethereum Daily Chart for July 20

The following trending Ethereum news events are worth watching:

According to Google Trends, a tool analysts use to gauge interest, interest in Ethereum is rising. Over the past few weeks, more people appear to be searching for the term “Ethereum” signaling interest. During this time, prices have been ticking higher.
Some analysts predict ETH to fly to as high as $4,000 this week once all spot ETFs are approved and permitted for trading. Before then, aggressive optimists might consider accumulating before the expected lift-off.