Ethereum ETFs Impact On The Crypto Market:
The prime reason for the recent market pump is considered to be the sudden rise in the speculations about the approval of the Ethereum ETF approval.
Further, regarding the approval changes of the spot, ETFâs approval has increased from 25% to 75% following the increase in the filing of the 19b-4 application as per the report by Bloomberg.
With this, the crypto industry is expected to record a significant price action during the upcoming weeks, with a high possibility of an AltSeason.
ETH Market Sentiments:
The Simple Moving Average (SMA) shows a bullish rise in the price chart, suggesting a positive outlook for the altcoin in the coming time.
On the other hand, the MACD displays a significant rise, highlighting an increase in the buying-over-selling pressure in the crypto space. Moreover, its RSI hovered at the over-bought range in the 1D time frame, highlighting a bullpower in the crypto market.
Is This The Best Time To Buy Ethereum?
Suppose the market continues to trade under a bullish influence. In that case, the Ethereum price is predicted to retest its upper high of $4,100 mark this month, considering the present market sentiments.
However, if the Ethereum Spot ETF gets approved by the SEC, the altcoin leader will experience a fresh price rally during the coming time. With this, the ETH price could potentially retest its previous ATH of $4,891.
Conversely, in case of a rejection, the ETH price will lose momentum and plunge toward its low of $3,000 range.
