Ethereum ETF Launches on July 23: Will ETH Reach $5,600?

Ethereum Price Rebounds Beyond $4000 with Potential Surge from Upcoming Spot ETF Launch

Ethereum’s price has rebounded significantly after a recent decline, surpassing the $4000 target. The rally may continue until a new all-time high (ATH) above $5100 is reached. The anticipated catalyst for this surge is the launch of the Ethereum Spot ETF on July 23, as confirmed by Eric Balchunas, a senior ETF analyst at Bloomberg.

The crypto market started the week positively, driven by the upcoming ETF launch. Market participants are optimistic about a bullish trend. This anticipation is reflected in the recent price movements and market sentiment.

Peter Brandt, a prominent analyst, predicts that Ethereum (ETH) may reach $5100 following the ETF launch. The price found robust support at the lower boundary of a ‘4+ month rectangle’, marking a retest of the February completion of a horn bottom. Brandt suggests the rally may not be over, with potential for ETH to hit $5600 or higher.

Current Price Movements

Ethereum’s price has recently risen from around $3244 to $3400, though minor bearish actions have brought it down from $3475. Bears may push the price closer to $3315 before a strong upward trend resumes.

The optimism around the ETF launch could lead to volatility and potential price corrections.