With Ethereum ETF approval odds hitting 75%, investors are eyeing Bitcoin’s post-ETF surge price history—up 35% in 50 days—as a sign Ether could see similar demand. So what’s the Ethereum ETF approval date and time, and is this SEC approval priced in?
From May 20 to May 21, Ether jumped 25%, reaching $3,840—a nine-week high—before facing resistance.
Ethereum is now forming a cup and handle, poised for potential bullish movement, especially if it breaks above the $3,900 resistance.
So, is the ETH ETF approval news priced in? Or are we about to hit the banana zone in price?
Gorgeous breakout in ETH on ETF odds of approval jumping to 75% yesterday.
A few charts and comments from our May Global Macro Investor (GMI) report:
“The down-move that we saw in ETH over the last month has featured very often in the past. It's a five wave lower correction… pic.twitter.com/8Cu7PrhdXx
— Julien Bittel, CFA (@BittelJulien) May 21, 2024
Ethereum ETF Approval Date and Time
BlackRock, Grayscale, and Bitwise just tweaked their NYSE Arca applications, fueling investor optimism for approval.
Ethereum’s co-creator Joseph Lubin hinted at the green light, saying the SEC would approve it by the end of Wednesday.
“These 19b-4’s from the exchanges, I think that’s as good as done,” Lubin stated. “But the S1’s, essentially these new ETFs going public, that could drag on for a while. It’s not clear that it will. My guess is this is now a giant political issue.”
ETH Price Surge and ETF Anticipation: Is It Priced In?
In a word: No.
And the data backs it up.
In more words: It’s complicated.
It’s important to note that Bitcoin’s ETF approval came at a time when risk-on assets were flying high, the S&P 500 hit record highs, and crude oil surged.
Ether might not follow Bitcoin’s exact path, but the ETH ETFs are still looking likely to ignite a major rally after SEC approval.
$ETH looks like this, on the day the SEC decides whether they'll approve a bunch of Ethereum ETF applications.
I'm beginning to think my target for this cycle is too low. pic.twitter.com/YG8D5C1u1J
— Jelle (@CryptoJelleNL) May 23, 2024
What’s key is that data suggests ETH traders aren’t getting carried away or fully banking on the U.S. spot Ether ETF approval, leaving room for a parabolic trend from FOMO.
The lack of excessive leverage indicates room for further gains if approval is granted.
(ETHUSD)
Standing out more is Ethereum’s bullish indicators. A golden cross has popped up, with the 20-day SMA overtaking the 200-day SMA, signaling potential long-term momentum. Meanwhile, a cup and handle pattern forms, holding support at $3,860.
This week could be historic for Ethereum FOMO and ignite the altcoin rally.
Bottom Line: A Bullish Outlook for Ethereum
Spot Ether ETF approval could ignite a crypto rally. With a significant price surge already observed and historical precedents suggesting a substantial upside, the signs are there that this is the big one.
The Winklevoss Twins famously predicted a $75,000 ETH before 2030; maybe this is the start of it?
EXPLORE: Ethereum Price Explodes After Major ETH ETF Mood Swing
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
