IMG-LOGO

Why is Ether (ETH) price up today?

News Feed - 2024-07-09 11:07:18

Yashu Gola9 hours agoWhy is Ether (ETH) price up today?Ether"s rally today is primarily fueled by institutional investors buying during its early-July downtrend and renewed optimism from new Ethereum ETF filings.582 Total viewsListen to article 0:00Markets NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksEthereum"s native token, Ether (ETH), has rebounded sharply in the past 24 hours, driven by evidence that institutional investors capitalized on its early July downtrend to accumulate the second-biggest cryptocurrency.


Meanwhile, amended filings by VanEck and 21Shares for Ethereum exchange-traded funds (ETFs) with the U.S. Securities and Exchange Commission (SEC) have ignited renewed optimism.Ethereum funds witnesses net positive inflows


Ether"s price has rebounded by as much as 10.11% to reach $3,113 on July 9, when measured from its local low of around $2,830 a day prior. ETH/USD daily price chart. Source: TradingView


The ETH/USD rally coincided with the release of CoinShares’ weekly report, which revealed that Ether-linked investment funds saw inflows of $10.2 million in the week ending July 5. During that same period, ETH"s price declined by approximately 14.70%, prompted by Mt. Gox and the German government"s selling pressure.


CoinShares researcher James Butterfill noted that institutional investors looked at the crypto market decline "as a buying opportunity," meaning they anticipate the market will resume its uptrend in the coming days or weeks.VanEck, 21Shares send amended Ether ETF filings to SEC


Additionally, VanEck and 21Shares are sending the amended versions of their Ether ETF filings to the SEC as part of their efforts to gain approval in July.Source: X


21Shares also submitted an amended form for its Core Ethereum ETF. Although neither filing specified an exact launch date on U.S. exchanges, both indicated that the ETFs would launch "as soon as practicable after the effective date" of the registration.Source: SEC


On May 23, the SEC approved spot Ether ETF 19b-4 filings from eight asset managers, including VanEck, 21Shares, and Bitwise. Experts anticipate that final approvals could be granted as early as this month.


During a June Senate Banking Committee hearing, SEC Chair Gary Gensler hinted that the commission might approve the S-1s "sometime over the course of this summer," though he did not specify an exact date.ETH price technical rebound


Ethereum"s ongoing rally is part of a rebound that started after testing the 50-week exponential moving average (50-week EMA; the red wave) at around $2,788 as support. The same wave-support has capped ETH"s past downside attempts, as shown below.ETH/USD weekly price chart. Source: TradingView


The rebound helped Ether break above the neckline of its prevailing double-bottom pattern, as seen on the four-hour (4H) chart.ETH/USD 4H price chart. Source: TradingView


A double-bottom pattern is considered a bullish reversal pattern. It resolves when the price breaks above its neckline resistance and rises by the maximum distance between the pattern’s deepest point and the neckline.


Related: Ethereum to launch first $2M protocol-wide ‘Attackathon’


Applying the same technical rule to ETH price brings its double-bottom target to around $3,300, up 6.40% from the current price levels. However, a decline below the neckline will likely invalidate the bullish setup, raising ETH"s likelihood of retesting $2,830—the local low—in July.


This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.# Cryptocurrencies# Altcoin# Ethereum# SEC# Markets# Market Analysis# Ether Price# Ethereum PriceAdd reaction