ETH Price Prediction: ETH ETF Set to Launch in 48 Hours, Will the Event Trigger a 30% Rise?

The spot Ethereum ETF is expected to launch in the next 24 hours, while the ETH price consolidated below $3500

Ethereum price encountered one of the key price zones from where a 30% upmove began earlier, as spotted on the weekly chart. Now, a crucial support level is being tested by the ETH price after the bears showcased their strength from the beginning of the day.

The market participants are keeping an eye on the launch of the spot Ethereum ETF as the price continues to test a key support level. After the recent events, a major swing in the Ethereum price rally is still possible, but a fakeout is also a possibility.

The weekly chart shows that the price is still trading within a pattern, suggesting that one final dip could begin a parabolic run to a new all-time high, perhaps reaching five digits. The ETH ETF is set to launch in the next 48 hours, and the mood has absorbed the Bitcoin sell-off by the German government. Hence, the launch could bring new資金 and energy to the crypto space. In light of the bullish sentiment, will the ETH price pull back before the launch?

Following a bullish weekend close, the ETH price encountered one of the crucial price zones, from where a 30% upmove began earlier, as spotted on the weekly chart. Now, a crucial support level is being tested by the ETH price after the bears showcased their strength from the beginning of the day.

The price encountered a key resistance level previously and consolidated in a range, which triggered a massive run to a yearly high of over $4000. Hence, the upcoming price action suggests that even if the price breaches the support at $3486, it could drag the price in a small range as the bulls might maintain a strong base at $3350.

The MACD shows a decline in selling pressure, but the DMI is neutral, remaining in the bearish zone. Although the +Di & -Di had a bullish close, the levels failed to maintain an uptrend, and the ADX continued to trade to the downside. On the other hand, the Ichimoku cloud is about to turn bullish, flashing massive bullish signals for the upcoming ETH price rally.

The launch of the spot ETH ETF is expected to have a nominal impact on its price and also on the entire market. However, after a small pullback, the journey towards a new ATH above $5000 might be on the cards.