Analyst predicts ‘epic rise’ for Ethereum
The Ethereum price has taken a beating over the past month, but according to analysts at NewsBTC, there’s nothing to worry about. They predict an “epic comeback” for Ethereum after the coin lost around 15% of its price value in the past month.
Recovery signal for Ethereum?
First, they provide an analysis from Yodhha, who identifies two important chart patterns for Ethereum: an inverse head-and-shoulders pattern and a Falling Wedge.
Based on that, according to Yodhha, it is a matter of time before Ethereum can start a new revival.
If Ethereum manages to break through the resistance in the chart above, Yodhha predicts a rebound of Ethereum towards all-time highs versus Bitcoin.
That may sound implausible to Bitcoin maximalists, but we’ve seen crazier things in this market. Also don’t forget that the Ethereum ETFs are about to launch in the United States.
The launch of those coveted investment products for Ethereum could potentially shake up the market quite a bit.
Ethereum ETFs planned for July 4th?
Several ETF experts see potential for the Ethereum ETFs to launch on July 4.
This would mean that we will see the impact of the launch of the Ethereum ETFs on the market and the price as early as next week. It will be especially interesting to see whether Ethereum can gain ground on Bitcoin with this.
For that, the ETFs need to raise significant amounts of capital. Expectations are high, due to the initial success of the Bitcoin ETFs. If Ethereum does not meet those expectations, it could have a huge negative impact on the price and actually help Bitcoin.
In that respect, a very exciting period is coming up on the market for both Ethereum and Bitcoin. What do you think? Will the Ethereum ETFs surprise or will we see a disappointing launch in the United States?
In any case, market conditions do not seem ideal for the launch of the ETFs, but perhaps they have come at the right time and can bring about a turnaround.
