Ethereum

when

<ul class="list-ic vertical"> 
 <li> 1 <a>According to analysts, the news of the ETF approval has sparked optimism for a potential launch by mid-July.</a> </li> 
 <li> 2 <a>The analyst optimistically hopes for a $4000 price mark from the crucial support zone.</a> </li> 
</ul> 
On Sunday, June 30th, the Ethereum (ETH) price exhibited a bullish spike and gained a 5% jump to the $3,500 resistance level. However, gains failed to sustain as it declined below the $3,435 mark.&nbsp; 
This dynamic trendline resistance has been a recurring challenge since June 7th, when it failed to reach the $4,000 level. 
<div class="wp-block-image"> 
 <figure class="aligncenter size-large is-resized">
 <img loading="lazy" decoding="async" width="1024" height="548" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-25-1024x548.png" alt="ETH " class="wp-image-210318" style="width: 100%" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-25-1024x548.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-25-300x160.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-25-768x411.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-25-1536x822.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-25-750x401.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-25-1140x610.png 1140w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-25.png 1563w" sizes="(max-width: 1024px) 100vw, 1024px">
 </figure>
</div> 
ETH 1.D. price chart | Source: TradingView 
On July 1st, 2024, Ethereum confirmed this bullish phase was short-lived as the price fell after it shook off from the 50-day EMA hurdle. On July 2nd and 3rd, the ETH price followed the decline up to $3333.&nbsp; 
At the time of writing, ETH’s price continues to struggle at the support zone at $3250, where it last traded at $3363.10 with an intraday decline of 1.57%. 
Analysts are optimistic about the $4000 mark from the current price, which would be nearly 20% on the daily chart.&nbsp; 
In this article, you will find out when the exchange-traded funds (ETFs) will be live and the possibility of ETH reaching the $4000 mark. 
<h2 class="wp-block-heading" id="strong-here-s-when-ethereum-etfs-are-going-to-be-launched-strong">Here’s When Ethereum ETFs Are Going to Be Launched!</h2> 
Multiple industry analysts are optimistic that the SEC would give a green flag for the first US ETFs,&nbsp; and they believe that <a href="https://www.thecoinrepublic.com/2024/06/27/ethereum-etfs-are-buzzing-could-it-fuel-eth-price-to-4000-mark/" target="_blank" rel="noreferrer noopener">Ethereum </a>ETFs could be launched by mid-July. 
<center>
 <blockquote class="twitter-tweet">
 Wen spot eth ETF? BBG sticking w/ mid-July. Amended S-1s due July 8th. Potential final S-1s by July 12th. Would theoretically mean launch week of July 15th. via <a href="https://twitter.com/emily_graffeo?ref_src=twsrc%5Etfw">@emily_graffeo</a> <a href="https://twitter.com/olgakharif?ref_src=twsrc%5Etfw">@olgakharif</a> <a href="https://t.co/NG8xhtCP21">pic.twitter.com/NG8xhtCP21</a>— Nate Geraci (@NateGeraci) <a href="https://twitter.com/NateGeraci/status/1808296291140600095?ref_src=twsrc%5Etfw">July 3, 2024</a>
 </blockquote> 
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</center> 
A recent Tweet by Nate Geraci, president of The ETF Store, clarified how ETH ETF proceedings could go.&nbsp; 
He stated that the potential final approval of S-1s forms is expected to happen by July 12th, 2024. Earlier, the SEC had instructed Ether ETF applicants to submit the amended S-1s by July 8th.&nbsp; 
As per Nate Geraci, this would “theoretically” mean a launch for this particular ETF by around July 15th.&nbsp; 
<h3 class="wp-block-heading" id="strong-analysts-thoughts-on-the-ethereum-eth-price-strong">Analysts’ Thoughts On the Ethereum (ETH) price</h3> 
IncomeSharks on X highlighted an ETH graph of 1-D TF where two falling wedges have been formed on that chart, which signifies the asset has been at a crucial support zone around $3250.&nbsp; 
Meanwhile, in Q1 and Q2 of 2024, the drawn support has shown its worth, and the analyst has been looking at the price-taking support very optimistically from the displayed crucial support zone. 
<center>
 <blockquote class="twitter-tweet">
 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> – Looking more optimistic for a Q3 breakout. Liking the chances of a run towards $4,000 this or next month. <a href="https://t.co/n6fXOkK5aY">pic.twitter.com/n6fXOkK5aY</a>— IncomeSharks (@IncomeSharks) <a href="https://twitter.com/IncomeSharks/status/1807954428873658858?ref_src=twsrc%5Etfw">July 2, 2024</a>
 </blockquote> 
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</center> 
He further stated in his drawing that if this support zone holds long, then by Q3, a breakout could pop out. He even predicts the possibility of a bull run towards $4000 within the next two-month span. 
<h3 class="wp-block-heading" id="strong-can-ethereum-hit-4-000-strong">Can Ethereum Hit $4,000?</h3> 
The ETH technical tools showed that the price is facing a hurdle from the 50-day dynamic EMA band and has been trading above the 200-day EMA band. Meanwhile, the MACD line has been below the signal line, and RSI flashed at 41.04, facing the oversold territory.&nbsp; 
<div class="wp-block-image"> 
 <figure class="aligncenter size-large">
 <img loading="lazy" decoding="async" width="1024" height="548" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-26-1024x548.png" alt="ETH " class="wp-image-210319" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-26-1024x548.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-26-300x161.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-26-768x411.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-26-1536x823.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-26-750x402.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-26-1140x610.png 1140w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-26.png 1563w" sizes="(max-width: 1024px) 100vw, 1024px">
 </figure>
</div> 
Ethereum 1.D. price chart | Source: TradingView 
At press time, indicators depicted that price activity was bearish. However, after a certain bullish formation, these could flip the indications. However, the long-term indication is bullish as it’s above 200-day EMA. 
On the upside, if Ethereum price breaks above the dynamic trendline resistance and moves past the $3,500 hurdle mark on the daily ETH/USD chart, the major resistance levels could be $3,700 and $3,750, with a potential close above the price level of $3,750.&nbsp;  
<a href="https://in.tradingview.com/chart/ETHUSD/rcxGXVx9-a-possibility-could-propel-the-price-higher/"></a><a href="https://in.tradingview.com/u/Sam_TCR/"></a><a href="https://in.tradingview.com/"></a>  
A possibility could propel the price towards the $3,900 and $4,000 resistance levels. Meanwhile, in the future, a decisive break above the level of $4,000 could further increase the Ethereum price towards the $4,250 level and beyond. 
Conversely, Ethereum may decline further if it fails to cross the $3,500 resistance mark. Initial support could be near $3250, with key support at $3070. Likewise, a clear move beneath this support could see the price drop towards $2960, with further losses potentially driving it below the $2850 level. 
According to analysts, ETF approval news sparked optimism for the $4,000 mark, a potential launch by mid-July. Falling wedges highlighted by tweet posts suggest crucial support at $3250. 
The current ETH price is facing resistance from the 50-day EMA, trading above the 200-day EMA. Indicators suggest bearish activity but may flip to bullish based on price action. Potential resistance levels include $3,700, $3,900, and $4,000. Failure to break $3,500 may result in a decline towards $2850. 
<h4 class="wp-block-heading">Disclaimer</h4> 
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

Ethereum ETFs Aiming For A Mid-July Launch, Can ETH Rally To $4000?

Table of Contents

Thecoinrepublic.com

Other articles published on Jul 3, 2024

Litecoin holders move to sell 928 million LTC: Will prices drop below $70?

Dormant PEPE Whale Activity Sparks Attention Amid Price Decline

Crypto: Solana ETF Requests Fall Short of Expectations

Crypto Analyst Predicts 404% Price Breakout For Dogecoin, Here’s The Target

Exchanges Not Bleeding Bitcoin: New Glassnode Data Busts Myth

Sydney Sweeney Falls Victim to Hack: X Account Used to Promote Solana Scam Coin

Join our free newsletter for daily crypto updates!