Ethereum (ETH) ETFs Likely Approved by July 4, Expected to Attract up to $15B Investments

Analyst van de Pop highlights ETH holding key support level, indicating potential upward movement. Ethereum's potential breakout could strengthen altcoins

The crypto market is now keeping a close eye on the upcoming spot Ethereum ETFs, which are likely to be approved by traders before July 4 and are anticipated to draw up to $15 billion in initial investments. After Bitcoin's sell-off, Ethereum also experienced one, but today it quickly bounced back with ETH surging by 3% and trading at $3456.

Among other things, the market attention is also turning towards the upcoming spot Ethereum ETFs, which are now expected to be approved by traders before July 4 and are anticipated to attract up to $15 billion in initial investments, which is certainly attention-grabbing.

Meanwhile, well-known crypto analyst Michael van de Pop highlighted an important technical detail about ETH, noting it has held a key support level well, which could indicate potential upward movement for Ethereum and other altcoins.

Ethereum Holds Crucial Support

Michael van de Pop points out that Ethereum (ETH) has shown resilience by maintaining a critical support level amidst recent market volatility. This stability is seen as a positive signal by many traders and analysts, indicating a possible continuation of the uptrend in ETH’s price.

From a technical standpoint, $ETH has been holding a crucial level for support.I think we'll continue to grind upwards from here. If it can get towards 0.06 BTC, then I'm assuming we'll see a big breakout & #Altcoin strength for the remainder of the year. pic.twitter.com/KnbN9Pngxe

He further speculated that if ETH manages to climb towards 0.06 BTC, a significant breakout could be imminent. This potential breakout, he believes, could bolster altcoin strength throughout the remainder of the year.

Van de Pop’s analysis comes amidst fluctuating market conditions for cryptocurrencies, with ETH currently trading around key technical levels and showing a struggle between bearish and bullish forces.

Ethereum Could Hit Major Rally

ETH's price is currently below the 50-day but above the 200-day simple moving average, indicating a struggle between bearish and bullish forces. Furthermore, the relative strength index (RSI) suggests continued bearish momentum, indicating the sell-off might not be over.

However, ETH dropped from its peak of nearly $4,000 recently, which could have paved the way for a major rally in the second half of 2023. If ETH manages to hold above $3,300, a bullish continuation is possible.

On the flipside, the launch of spot Ethereum ETFs could shift market sentiment positively. If ETF inflows increase, ETH might rally to the $4,500 range, potentially surpassing $5,000.

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