ETH ETF Adding Buy Pressure to Break All Time High
We witnessed two historical moments for bitcoin BTCUSD, -1.23% last week. ProShares Bitcoin Strategy ETF BITO, +3.97%, the first bitcoin-linked exchange-traded fund in the U.S., made its debut on Tuesday. After that, bitcoin hit an all-time high on Wednesday, trading near $67,000, surpassing its previous record high of $64,889 in April, according to CoinDesk data, before slipping over the weekend. As of 5 p.m. Sunday, bitcoin stood $61,257, down 7% over the past five days, but up 43% for the past month.
Ether ETHUSD, 1.38% also neared its all-time high, topping $4,300 Thursday, slightly below its record high of $4,379.11 in May. Ether was trading at $4,090 on Sunday.
Link to Full article - https://www.marketwatch.com/story/an-ether-futures-etf-is-next-likely-step-after-proshares-watershed-bitcoin-moment-a-former-sec-official-explains-11635085957
Here's how Bitcoin Price have responded to news on ETF approval and actual release of BITO - ticket for ETF on NYSE.
Technically: We Observe BTC rally +50% on New of ETF approval. leading to break of ATH and consolidating which most likely will slowly take BTC to higher Prices as a result of higher interest and accessibility for instructional traders to Buy BTC.
After this chart you will observe an interesting similarities that BTC AND ETH have - technically and fundamentally.
Now Lets have a look on Ethereum Chart in 2017-2020
Aspect to point out here is that - 2018 high took several attempts to pass but once it did, price rallied +40% retested the 2018 high and rallied to current $43** price.
Here's current situation : We have several attempts to break April High at 4380 similarly like 2018 high in previous chart. But on top of it we have Anticipation of ETH ETF which strong fundamental + for strength of ETH and potential rally upwards.
So put there two together - and it should be quite apparent what awaits ETH prices in the near future. As ATH break is a matter of time - so as ETF approval, its an amazing opportunity to enter ETH on a similar place like buying BTC once it broke 20k.
Trade Example : with take profit 1
Trade Example : with Take profit 2
