Ethereum (ETH) is showing signs of potential strength against Bitcoin (BTC). According to trader Josh Olszewicz, the ETH/BTC pair has closed above the two-day Ichimoku cloud for the first time in 525 days, indicating a possible turnaround after a period of underperformance. Currently, Ethereum is trading at 0.055 BTC on Binance, following a recent uptrend from a low of 0.044 BTC in May.
The increase in Ethereum’s value can be attributed to the approval of several 19b-4 forms for Ethereum exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission. SEC Chair Gary Gensler has stated that the approval process is progressing smoothly, with Ethereum ETFs expected to go live by July 4. While this development is seen as a bullish catalyst for Ethereum, some analysts are cautious about the potential impact on the market, noting that Ethereum ETFs may not generate the same level of excitement as Bitcoin ETFs.
Overall, Ethereum’s recent performance against Bitcoin and the upcoming launch of Ethereum ETFs are generating optimism in the market. Investors are advised to conduct their own research and seek advice from financial experts before making any investment decisions.