New Bloomberg assessment
Ethereum is pumping today, breaking the falling wedge chart pattern, trading currently at about $3500. Also Bitcoin is rising back to 70k area.
Background of the bullish price action is a tweet by Bloomberg analyst Eric Balchunas that he and his team are now giving it a 75% probability that the SEC will approve a Spot Ethereum ETF this week!
Bullish news since these guys are really into the topic and where already correct with predicting the Spot Bitcoin ETFs approval earlier this year.
This will get very exciting towards end of the week! The deadline expires supposedly on Thursday…
when the Ethereum ETF is approved, a new scenario will open up in crypto, because other ETFs could then be established on some altcoins. But I think the Ethereum ETF approval will come a little slowly
Agree, once we have an Ethereum ETF, a SOL ETF could be next. But both won’t get as much demand as the Bitcoin ETF. 🙌🏻
That's right, the good thing is that Bitcoin's dominance is waning, so we're seeing more money pouring into other coins, so there's a better chance that the ETF will be approved.
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STOPI can’t wait for Bitcoin ETF’s approval
It’s really going to be a good one