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The Ethereum price climbed 1.2% in the last 24 hours to trade at $3522 as of 06:29 p.m. EST on a 48% plunge in trading volume to $9.12 billion.
This ETH price rise comes as the Chicago Board Options Exchange (Cboe) announces that five new spot Ethereum exchange-traded funds (ETFs) will start trading on its platform on July 23.
📜 NEWS: Five Spot Ethereum ETFs to launch on July 23, Cboe confirms.
• VanEck
• Invesco
• Fidelity
• 21Shares
• Franklin Templeton📰 Full Story#ETH #ETF pic.twitter.com/g98U4FUdtR
— CRYPTOSWATAA🪽 (@SSWATAA) July 20, 2024
The five ETFs include 21Shares’ CETH, Fidelity’s FETH, Franklin Templeton’s EZET, Invesco’s QETH, and VanEck’s ETHV awaiting final regulatory approval.
The introduction of these ETH ETFs is expected to boost Ethereum’s liquidity and market depth. Analysts believe that the ETH ETF products will attract a wide range of institutional investors who have been hesitant to invest directly in cryptocurrencies due to regulatory uncertainties.
🚨FIVE SPOT ETHEREUM ETFS TO
LAUNCH ON JULY 23CBOE CONFIRMS ✅
➡️VANECK
➡️INVESCO
➡️FIDELITY
➡️21SHARES
➡️FRANKLIN TEMPLETONSTILL WAITING FOR BLACKROCK ETH ETF CONFIRMATION 🚀
Start building a portfolio 📲 https://t.co/9RlOfy80NH #ETH#ETF #Crypto #BullishAF… pic.twitter.com/slP3Rps0w9
— Crypto Consultants UK (@CryptoC_UK) July 20, 2024
These ETFs are expected to pave the way for greater institutional adoption, with some analysts predicting that the token could soar to $5,000.
The Ethereum Price Bulls Poised For A Bull Rally Above the Bearish Channel Pattern
According to the GeckoTerminal, the Ethereum price is rebounding from the lower boundary of a bearish channel pattern at $2,959, indicating a gradual uptrend.
This surge has pushed the price slightly above the upper boundary of the wedge, which aligns with the 50-day Simple Moving Average (SMA). But can the bulls sustain the upward momentum?
ETHUSDT Chart Analysis.(Source:Tradingview.)
The bulls are still getting strong support from the 200- day SMA, even though it’s trading within a bearish channel and acting as a major support area. This support helps boost the overall positive outlook for Ethereum’s price. Additionally, the double bottom pattern formed at this support area is also driving the current bull rally for ETH.
The Relative Strength Index (RSI) shows a rebound from the 30 oversold region, surging to the 50 midline level at 60, indicating intense buying pressure. A bullish trend continuation could see the RSI enter the overbought threshold of 70.
The Ethereum Price Prediction: Can The Bulls Continue The Uptrend?
Bullish traders are determined to keep the upward trend going, aiming to break out of the bearish channel pattern and hit a target price of $4221. With support from the double bottom parten and the technical indicators, the bulls could push the price to reclaim the all-time high at $4878.
However, bearish traders might take over at the channel’s upper trendline and push the Ethereum price down to around $3,235, near the 200-day SMA. This support zone is important because it has previously prevented further declines and could act as a strong barrier against a bigger price drop.
Best Meme Coin To Buy Now?
The bullish strength seen in Ethereum is also evident in The Meme Games (MGME) presale that’s just launched. Investors looking for cryptos with a promising outlook are flocking to its presale, which has already raised over $202k in just a few days.
The Meme Games is an innovative project that combines popular crypto meme characters into a gamified meme token. This unique concept rewards presale buyers with token bonuses for winning events, adding an exciting competitive element.
Drawing inspiration from the 2024 Paris Olympics, The Meme Games blends the enthusiasm of crypto meme coins with the spirit of athletic competition.
💥El token The Meme Games o MGME con temática olímpica se acerca a los US$150.000 dólares en la primera semana de preventa. pic.twitter.com/qH0ZGRLWwV
— Petro Divisa 🪬₿ (@PetroDivisa) July 19, 2024
Participants can choose from top meme coins Dogecoin, Pepe, DogWifHat, Brett, and Turbo, and watch them compete for gold medals. Each token purchase allows buyers to select a meme athlete, who might win additional tokens.
If your athlete wins its event, you earn a 25% bonus on your token purchase, and you can play as many times as you want to increase your chances of winning.
The selection of meme athletes is random and verified by blockchain technology, ensuring fairness.
Token holders can also earn passively through the project’s staking mechanism, offering an impressive annual percentage yield (APY) of 1,339%.
That’s a key reason why Jacob Bury, a popular crypto analyst on YouTube, believes that $MGME has the potential to surge 10x after its launch on September 10.
You can purchase $MGME tokens for $0.00905 each on the official project website. To lock in the best deal, buy now before a price hike in about 5 days.
Buy MGME tokens here using ETH, BNB, USDT, or a bank card.
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