Points
- Ether （ETH） price rebounds by 10.11%, reaching $3,113.
- Amended filings by VanEck and 21Shares for Ethereum ETFs spark optimism.
- SEC approved spot Ether ETF filings from eight asset managers.
- Positive sentiment driven by expectations of ETF approvals.
- Technical analysis shows key support and resistance levels influencing ETH’s price.
Ether （ETH） has experienced a notable price rebound, increasing by 10.11% to reach $3,113 on July 9, up from its local low of around $2,830 the previous day. This price surge has been driven by renewed optimism following amended filings by VanEck and 21Shares for Ethereum exchange-traded funds （ETFs） with the U.S. Securities and Exchange Commission （SEC）.
On May 23, the SEC approved spot Ether ETF 19b-4 filings from eight asset managers, including VanEck, 21Shares, and Bitwise. Experts anticipate that final approvals could be granted as early as this month. During a June Senate Banking Committee hearing, SEC Chair Gary Gensler hinted that the commission might approve the S-1s “sometime over the course of this summer,” though he did not specify an exact date.
Source: SEC
Ethereum’s ongoing rally is part of a broader rebound that started after testing the 50-week exponential moving average （50-week EMA; the red wave） at around $2,788 as support. This wave-support has historically capped ETH’s downside attempts.
ETH/USD weekly price chart. Source: TradingView
The rebound also helped Ether break above the neckline of its prevailing double-bottom pattern, as seen on the four-hour （4H） chart.
ETH/USD 4H price chart. Source: TradingView
A double-bottom pattern is considered a bullish reversal pattern. It resolves when the price breaks above its neckline resistance and rises by the maximum distance between the pattern’s deepest point and the neckline. Applying this technical rule to ETH’s price brings its double-bottom target to around $3,300, up 6.40% from current levels. However, a decline below the neckline will likely invalidate the bullish setup, raising ETH’s likelihood of retesting $2,830—the local low in July.
解説
- ETF Filings and Market Sentiment: The amended filings for Ethereum ETFs by major asset managers and positive signals from the SEC have boosted market sentiment, driving ETH’s price rebound.
- Technical Indicators: The recent price surge has been supported by technical indicators, including the 50-week EMA and the double-bottom pattern, which suggest potential for further gains.
- Support and Resistance Levels: Key support levels around $2,788 and resistance levels at $3,300 play a critical role in determining ETH’s price movements. Monitoring these levels can help investors make informed trading decisions.
- Market Outlook: The anticipation of ETF approvals and the strong technical setup indicate a positive outlook for Ethereum in the near term, with potential for continued price increases if key resistance levels are breached.