Ethereum’s price has shown a unique pattern in the first year after a Bitcoin halving event, with over 90% of ETH’s supply being in profit since January. Investors in Ethereum are starting to regain confidence, especially with the possibility of ETH ETFs on the horizon.
Currently, Ethereum is up 0.3% on Friday, and key insights from Glassnode suggest potential moves for ETH as the current bull cycle progresses. Despite expectations for the approval of spot ETH ETF S-1 registration statements, the Securities & Exchange Commission (SEC) has not made any announcements.
Analyzing historical price movements in Ethereum, it is clear that ETH investors are slowly gaining confidence again. ETH is trading around $3,135, with a recent decline sparking over $40 million in liquidations. However, ETH’s total liquidations have surpassed those of Bitcoin, indicating a possible upward trend for ETH.
Despite a decrease in ETH options Open Interest (OI) to $5.16 billion, recent price recovery and rising OI levels suggest that traders are regaining confidence in ETH. The potential launch of Ethereum ETFs and selling pressure on Bitcoin may lead investors to reallocate capital into ETH. However, the delay in SEC approval for ETH ETFs could hinder significant price increases.
Looking at technical analysis, ETH may experience a horizontal trend within the $2,852 to $3,300 range, slightly leaning towards the upside. Coinglass data suggests a potential drop to around $3,041 before rebounding.
In summary, Ethereum’s performance in the current cycle, investor confidence, and potential market movements indicate a positive outlook for ETH in the near future.