Ethereum Captures Major Bullish Trend Against Bitcoin

Ethereum (ETH) may finally be ready (BTC) to strengthen slightly against Bitcoin

Ethereum Captures Major Bullish Trend Against Bitcoin

As noted by leading analysts, the ETH/BTC pair managed to close above the two-day Ichimoku cloud for the first time in 525 days.


Their analysis suggests the pair may have hit bottom after nearly two years of decline. The flagship altcoin is currently trading at 0.055 BTC on the Binance exchange.


After reaching a high of 0.061 BTC back in January, the ETH/BTC pair experienced a significant downtrend, returning to 0.044 BTC in May. However, Ethereum managed to surge as much as 28% against the largest cryptocurrency during the same month following the surprise approval of several Form 19b-4s for Ethereum exchange-traded funds (ETFs) by the US Securities and Exchange Commission. The approval process is now going "smoothly," according to SEC Chairman Gary Gensler, and it appears these products could begin trading in the near future.


Earlier today, Reuters reported that Ethereum ETFs are likely to go live by July 4th. According to anonymous sources cited by the publication, negotiations between potential ETF issuers and the regulator have entered the “final stage.” Now only “minor” issues remain to be resolved. While the expected launch of the Ethereum ETF could be a major bullish catalyst for the leading altcoin, it remains to be seen whether the inflows will be impressive enough for the market. Brian Armor of Morningstar noted that Ethereum ETFs will not be able to generate the same excitement as Bitcoin ETFs.

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