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Ethereum’s Bullish Pattern: Analyst Highlights Key Phases for Potential Growth

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Ethereum (ETH) has witnessed a notable downturn, plunging to a recent low of $3,133. This price dip marks a continuation of the bearish trend that has been prevalent in the market. Over the past week, ETH has experienced a drop of nearly 10%, underscoring significant volatility.

As of the latest update, Ethereum’s price stands at $3,143.06. The cryptocurrency is experiencing robust trading activity, with a 24-hour trading volume reaching $25.93 billion. Ethereum’s market capitalization is positioned at approximately $377.60 billion. Despite this solid market presence, ETH has faced a notable decline of 9.15% in the last 24 hours alone.

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Ethereum's Bullish Pattern: Analyst Highlights Key Phases for Potential Growth 3

The recent price action and trading data highlight Ethereum’s ongoing challenges as it navigates a turbulent market environment. The sharp decrease and overall downtrend reflect broader market uncertainties and investor sentiment shifts, painting a picture of a complex and evolving landscape for ETH.

Ethereum’s Bullish Trend: 3 Key Phases for Price Surge

Crypto analyst Alex Clay recently shed light on Ethereum’s (ETH) promising price trajectory, drawing intriguing parallels to the cryptocurrency’s performance from 2018 to 2021. According to Clay, Ethereum’s current market structure follows a familiar bullish pattern, unfolding in three pivotal phases: accumulation, range, and rally.

During the accumulation phase, investors begin to build positions as the price stabilizes. This period is marked by a relatively flat price trend, allowing market participants to increase their holdings gradually. The next stage, the range phase, involves price fluctuations within a defined range. This phase often reflects a balance between buying and selling pressures, leading to a period of consolidation.

The final phase, the rally phase, typically follows these earlier stages and is characterized by a significant upward price movement. This surge is driven by heightened buying activity and a shift in market sentiment toward optimism and growth.

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Adding to the positive outlook, Alex Clay highlights that key technical indicators are showing bullish signals. The Exponential Moving Averages (EMAs) for 50, 100, and 200 days are all trending upwards, reinforcing the strengthening bullish trend. This technical evidence suggests that Ethereum is poised for continued growth.

Besides these indicators, the recent approval of Ethereum ETFs has opened doors to huge institutional investment. This Correlates with the increased accumulation of ETH at current price levels that further brightens the outlook on the prospects of bulls for the cryptocurrency.

Related Reading |  XRP’s Surge to Impressive $100: Common Sense Crypto Predictions

Ethereum Spot ETF Launches with $107M Inflows: QCP

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Last evening marked the debut of the highly anticipated Ethereum (ETH) spot ETF, yet the expected market excitement was noticeably absent. Despite a notable net inflow of $107 million on its first trading day, this figure pales in comparison to Bitcoin’s (BTC) $655 million during its ETF launch. This disparity is partly attributed to a substantial $484 million outflow from ETHE, which affected ETH’s initial momentum.

The market dynamics further illustrate this subdued enthusiasm. ETH volatility experienced a decline across term structures, with BTC options now trading at a slight premium over ETH for short-term contracts. Specifically, BTC’s one-week and two-week options are currently priced 1-3 points higher than those of ETH. This shift marks a reversal of the previous trend where ETH often led in volatility premiums.

Long-Term Outlook for Ethereum

Despite the lukewarm start, QCP maintains a positive outlook for Ethereum. Historical patterns provide a reason for optimism, particularly when considering BTC’s remarkable achievement of reaching an all-time high just two months after its ETF launch. This precedent suggests a potential for ETH’s price to gradually align with its own previous highs, especially as institutional interest continues to grow.

In terms of trading strategy, QCP suggests an Accumulator approach to take advantage of the current market conditions. As ETH volatility is expected to decrease over the weekend, implementing this strategy could capitalize on a gradual upward movement. The plan involves buying ETH at a 10.1% discount weekly, as long as the price remains below $3,900, with a maturity date set for December 6, 2024.

Currently, the reference price for Ethereum stands at $3,450. This strategic accumulation aims to leverage any price dips, offering a structured method to benefit from potential long-term gains as the market stabilizes.

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Source: QCP

While the initial performance of the ETH spot ETF may have fallen short of expectations, the broader outlook remains optimistic. The market’s evolving dynamics and the historical context of BTC’s ETF success suggest that ETH could follow a similar upward trajectory. As the landscape continues to shift, traders and investors are keenly watching for signs of sustained institutional engagement and price recovery.

Related Reading | XRP’s Surge to Impressive $100: Common Sense Crypto Predictions

Bitwise Launches ETHW: Direct Ethereum ETF With 0.20% Fee And Developer Support

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Bitwise Asset Management has finally brought into the market its Ethereum-based ETF as ETHW. As highlighted in a recent X post, this revolutionary fund aims at providing investors with exposure to Ethereum while at the same time contributing to the growth of the blockchain industry.

ETHW is distinguished by the direct investment approach to the Ethereum (ETH) cryptocurrency, so investors can easily and clearly invest in the Ethereum cryptocurrency. Bitwise has pitched a rather low management fee of 0.20%, with an effective launch promotion of 0% fees in the first six months or for the first $500 mln in investments.

Bitwise ETHW Fund

Another important feature of the ETHW fund is its focus on the development of the entire Ethereum network. Bitwise has made a commitment to give away 10% of its revenues to the open-source Ethereum developers. This also shows that platform is keen on the growth and advancement of blockchain technologies and the community as a whole.

Another principle that defines the ETHW fund is the transparency. He added that Bitwise has disclosed the addresses of the fund on Ethereum, which means that anyone can check the holdings and the operations that have been made. This level of transparency is aimed at fostering confidence among the investors because they are assured of their investment being managed in the right manner.

The ETHW fund has been designed by the professional team of cryptographers who have a deep understanding of the digital coins and thus, offer the investors a high-quality product that corresponds to all the norms of the crypto sphere. Bitwise’s team has appropriate experience in the crypto industry, and the fund structure has been adjusted based on their recommendations to meet the current standards.

Bitwise has thus expanded the options of the crypto ETFs with the introduction of the ETHW fund. Based on the direct investment in Ethereum, low fees, dedication to the developer community, and complete openness, Bitwise has established a new benchmark for crypto investment products. ETHW fund is a new and reliable way for investors interested in adding Ethereum to their portfolio to do so.

Due to the further development of the cryptocurrency market and its expansion towards the adoption by the traditional financial institutions, products like ETHW help to facilitate this transition and open new opportunities for investments into the cryptocurrencies.

Ethereum Name Service (ENS) Set for Major Rally, Targeting $76.12, Analyst Predicts

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Ethereum Name Service (ENS) shows substantial growth potential, even as the cryptocurrency market experiences some turbulence. Over the past week, ENS has shown resilience with an almost 5% increase, and its performance over the last 30 days has been even more impressive, with a notable 25% rise.

The recent launch of Ethereum ETFs is expected to play a pivotal role in enhancing the visibility and appeal of Ethereum Name Service. These ETFs represent a significant development in cryptocurrency, potentially driving greater investor interest. As Ethereum ETFs gain traction, they could catalyze increased demand for Ethereum-based assets, including ENS, further amplifying its market presence.

Currently, the price of ENS stands at $28.27, with a 24-hour trading volume of $1.20 billion. Ethereum Name Service holds a market capitalization of $889.73 million. Despite a recent 4.75% decline in the past 24 hours, the overall trend remains positive. This temporary drop can be attributed to Bitcoin’s recent dip to $65,500, which has exerted downward pressure on altcoins, including ENS.

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Ethereum Name Service (ENS) Set for Major Rally, Targeting $76.12, Analyst Predicts 7

However, Bitcoin has recently rebounded from its support level, signaling a potential end to the bearish pressure. The market is showing renewed bullish sentiment, suggesting that the decline in ENS’s price could be short-lived. As the broader market recovers, Ethereum Name Service is well-positioned to capitalize on the positive momentum, making it a compelling asset for investors to watch in the coming weeks.

Analyst Projects ENS to Reach $76

In a recent market update, renowned cryptocurrency analyst Javon Marks voiced an optimistic projection for Ethereum Name Service, anticipating a significant upward trajectory in its price. Marks’ analysis suggests that Ethereum Name Service is stabilizing and displaying robust signs of potential growth, with a price target set at $76.12.

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Marks believes ENS has been showing extraordinary resilience and strength in the breakout pattern set by the cryptocurrency, heading toward its ambitious target. He describes how a substantial rally might be underway with present developments toward the price point. He estimates that the price of ENS could surge around 153% from current levels to this target.

This optimism is based on technical analysis and market trends that identify a perfect environment for Ehereum Name Service to grow. The recent performance and momentum of the cryptocurrency seem to back the analyst’s forecast; investors might witness a massive appreciation in value in the near future.

Related Reading |  Altcoins Set For Explosive Growth: Analyst Predicts Epic Rally

Ethereum On The Verge Of Breaking $3,500 Resistance: Analyst Predicts $4K Surge

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Popular cryptocurrency trader Crypto Jack posted a convincing Ethereum (ETH) price prediction. In a recent post on X, the analyst analyzed that Ethereum is on the verge of achieving a major achievement after struggling to overturn resistance at $3,500. This could potentially open up the possibility of a new target of $4,000.

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Crypto Jack emphasized the importance of the current level of Ethereum that is considered resistant. After the breakout of the triangle, ETH faced the resistance at $3,500. This struggle is almost over, or at least, the signs on the market could signal an inclination towards an upward direction.

Traders and investors have paid a lot of attention to ETH’s price pattern and movements. Consequently, ETH tends to evade major trends since it remains the second biggest cryptocurrency based on market capitalization. The $3,500 resistance has been both psychologically and technically a major hurdle to ETH from attaining its desired value. Going beyond this level might be an indication of a strong bullish market that would further boost the market sentiment.

Ethereum Poised For Breakout

Crypto Jack’s $4,000 target prediction supported by a technical analysis of ETH and the current state of the market. He mentioned that a triangular patterned breakout in the chart indicated the likelihood of an upward trend. He said that it is soon going to cross it and become a much higher number and asked the crypto fraternity to get ready for the next resistance level.

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The prediction towards Ethereum to hit $4,000 has well captured the interest of the cryptocurrency space. This bullish aspect is further supported by the fact that Ethereum seems to be expanding on the technological front with newer developments and integrations in the sectors of DeFi, NFT, and smart contracts.

The overall sentiment seems to be charging up with the crypto market’s center of attention being on the price of Ethereum. Bitcoin has also gone up and is giving a good sign to altcoins such as ETH hence giving a positive view for the altcoins. From Crypto Jack’s recommendations, one is inclined to support the premise that Ethereum is about to rally big time.

Crypto Jack predicts that there may be a revolutionizer that would catapult ETH to $4,000, and everyone in the crypto space would wallow in it. While market trends continue to develop, Ethereum is waiting on the sidelines and looking forward to the start of the bullish trend to buy it.

Ethereum Founder’s Warning On Crypto Politics

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Ethereum founder Vitalik Buterin penned down a long article reflecting on how “crypto” has gained tremendous traction over the last couple of years. Especially in the political spectrum where various jurisdictions around the globe are considering bills to regulate different blockchain activities. Some notable examples are the Markets in Crypto Assets regulation [MiCA] in the EU, stablecoins regulation efforts in the UK, and the mix of legislation and attempted regulation-by-enforcement from the SEC in the United States.

Buterin sees most of these bills as reasonable, even though there were concerns of governments overstepping their authority like treating almost all coins as securities or banning self-custody wallets. Due to such fears, a section of the crypto community saw the opportunity to become more politically active, favoring political parties and candidates based almost entirely on their stance towards crypto.

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Ethereum Founder's Warning On Crypto Politics 11

This trend, however, Buterin warned, carries risks of going against the values that crypto or decentralization stands for. Instead of overtly focusing on the centrality of “money”, or tokens, the focus should be on the broader principles of freedom and decentralization that underpin the crypto movement.

The Ethereum founder invoked the cypherpunk movement of the early 2000s, which emphasized free and open technology as a way of protecting and enhancing individual freedoms. At the time, the main battle was against restrictive copyright legislation and to counter that were torrent networks, encryption, and internet anonymization.

“A lesson learned very early on the importance of decentralization“, The Ethereum founder stated. He cited the famous example of how centrally controlled networks like Napster, were easily shut down but pure P2P networks like Gnutella and Tor continued to hold their ground.

With the arrival of Bitcoin, internet payments underwent a huge transformation bypassing restrictive copyright laws.

The point of all this is to contextualize the mentality that created blockchains and cryptocurrency in the first place: freedom is important, decentralized networks are good at protecting freedom, and money is an important sphere where such networks can be applied – but it’s one important sphere among several.

Ethereum Founder’s Message To Crypto Community

The Ethereum founder emphasized that supporting crypto should not be limited to one aspect, it should align with broader technological freedoms, such as privacy of communication, digital identity, and thought, as well as access to information. Hence, the crypto community should evaluate politicians not just on their stance towards crypto, but on their broader commitment to these freedoms.

By doing so, they can ensure that their support is based on principles that will remain relevant and protect individual freedoms in the long run.

Ethereum Price Outlook: Analyst Bullish as ETH Holds $3,450 Support, Targets $4,000

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Ethereum (ETH) is showing promising signs of a major upward trend, aiming to break through key resistance levels. After hitting a recent low of $2,826 on July 8th, Ethereum held firm at this support level and has since rebounded, signaling a potential rally.

In the past week alone, ETH has risen by nearly 10%, indicating strong market momentum. Currently, Ethereum is priced at $3,466.51, with a 24-hour trading volume of $23.65 billion. Its market capitalization stands at $416.45 billion, giving it a market dominance of 17.44%. Although there has been a slight dip of 1.10% in the last 24 hours, the overall trend remains optimistic.

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Ethereum Price Outlook: Analyst Bullish as ETH Holds $3,450 Support, Targets $4,000 14

The market’s attention is focused on Ethereum as it continues this upward trajectory. Analysts suggest that if ETH can maintain its momentum and break past the next resistance level, it could pave the way for further gains.

Analyst Eyes $3,900-$4,000 Price Range for Ethereum (ETH)

Renowned analyst Crypto Scient shares an optimistic view on Ethereum (ETH) price trajectory. With a focus on recent market dynamics, he suggests that ETH could be on the verge of a significant upward trend, highlighting recent breakthroughs in critical price levels.

Crypto Scient points out that Ethereum has successfully transformed the crucial daily pivot area of $3,400-$3,450 into a robust support zone. Initially, there were concerns about ETH’s potential weakness around this level, which seemed likely to lead to a price correction.

However, recent movements have dispelled these fears, with Ethereum demonstrating newfound strength on local timeframes. This shift marks a key turning point, as flipping resistance into support often indicates bullish momentum.

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With this support firmly in place, Crypto Scient sets his sights on the $3,900-$4,000 range, particularly amid growing anticipation of an Ethereum ETF approval. Such an event could serve as a major catalyst, potentially propelling ETH’s price even higher.

Meanwhile, the possibility of institutional interest to invest through an ETF can dramatically consolidate the market dynamics, bring new investors, and acquire liquidity into the ring. As Ethereum maintains its bullish momentum, the crypto community is abuzz with speculation as to whether or not these latest developments will help to send the digital asset to new all-time highs.

Investors and enthusiasts alike look forward to see if this solid technical performance, combined with potential regulatory milestones, will be what ETH needs to fully solidify its position as one of the top forces in the markets.

Related Reading |  Vladimir Putin Warns of Energy Crisis from Uncontrolled Crypto Mining in Russia

Ethereum ETF Debut on July 23: SEC Approval

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Spot Ethereum ETF is set to commence trading on July 23, SEC insider sources stated. As revealed by Bloomberg analyst Eric Balchunas, the SEC has instructed the prospective issuers to submit the final S-1 form this week and apply for effectiveness after the market closes next Monday. This process will enable them to begin trading on Tuesday, July 23.

Nate’s instincts were right, hearing SEC finally gotten back to issuers today, asking them to return FINAL S-1s on Wed (incl fees) and then request effectiveness on Monday after close for a TUESDAY 7/23 LAUNCH. This is provided no unforeseeable last-minute issues of course.

This launch of the highly awaited ETH ETF was expected to occur as early as July 2 but got postponed by the U.S. Securities and Exchange Commission. As per Balchunas and James Seyffart, the US regulator took additional time to return the S-1 forms submitted by prospective spot Ether ETF issuers, pushing the launch to mid-July or later.

The ETF approval process is two-fold. The first part involved the approval of the issuers’ 19b-4 forms in May which the SEC greenlighted 19b-4 filings from eight ETF bidders on May 23. S-1 forms are the next step required for the ETFs to go live. However, unlike the 19b-4 forms, the S-1 forms are not time-bound. As a result, issuers are subject to the SEC’s timeline for review and approval.

Incoming Ethereum’s Supply Crisis

Once ETH ETF goes live, market observers anticipate a huge capital influx similar to Bitcoin ETF. However, a supply crisis looms large. Experts have noted two notable trends. One, the exchange balances have shrunk to just 10.2% of the total supply. Secondly, a whopping 40% of ETH is currently locked in smart contracts, significantly reducing the circulating supply available for trading.

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Source: Leon Waidmann

Despite these figures, there is a lack of awareness among many investors of how constrained Ethereum’s supply has become. This tight supply scenario is set to have a noticeable impact, especially with the anticipated approval of Ethereum ETFs.

The introduction of ETFs is expected to drive even greater demand for Ethereum, further exacerbating the supply crunch. As a result, the market could experience significant price movements as demand outstrips supply, leading to unprecedented shifts in Ethereum’s market dynamics.

Ethereum Eyes $5,000 Milestone Amid German Bitcoin Sell-off

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The Ge­rman government rece­ntly sold nearly 90% of its Bitcoin holdings, approximately 5000 BTC, causing significant market turbule­nce with subdued bullish reactions. Although Bitcoin struggle­d to maintain levels above $57,000, Ethe­reum (ETH) remained re­silient above $3000, showcasing strength against be­arish pressures. Meanwhile­, anticipation grows for the imminent approval of an Ethereum ETF, which could spark a new uptrend in prices.

Re­nowned crypto analyst CryptoPatel has expre­ssed a positive outlook for Ethe­reum, predicting a promising upward trajectory with the pote­ntial to reach $5,000 soon. He identifie­d key support and resistance le­vels crucial for ETH’s future moveme­nts.

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According to his analysis, the green box highlights a significant support zone­ ranging from $2,800 to $3,000. Maintaining this support level is critical for ETH’s bullish outlook. If Ethe­reum holds firm within this green box, it could set the­ stage for a rally toward $5,000.

Ethereum’s Crucial Resistance Points

He also points out two crucial re­sistance zones marked with re­d and purple lines around the $3,400 and $4,200 le­vels. These re­sistance points have historically posed challe­nges for Ethereum in pre­vious attempts to break above the­m. However, Patel’s analysis sugge­sts that once ETH surpasses these­ hurdles, it could pave the way for a substantial price­ increase.

Patel indicate­s that ETH might oscillate around these re­sistance levels be­fore breaking out. This moveme­nt suggests a period of consolidation and minor corrections be­fore ETH can gain the momentum ne­eded to surge upwards. Base­d on current technical indicators and market conditions, a targe­t of $5,000 appears realistic.

Currently, ETH is trading at $3,137, and its 50-day EMA is above­ the 100-day EMA, suggesting a short-term upward mome­ntum. However, both EMAs are above­ ETH’s current price, indicating potential re­sistance and a challenging upward path.

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Ethereum Eyes $5,000 Milestone Amid German Bitcoin Sell-off 19

The Re­lative Strength Index (RSI) is at 42.22, re­flecting bearish momentum. An RSI be­low 50 indicates a bearish market phase­ but not yet oversold territory be­low 30. This suggests that while ETH faces downward pre­ssure, it is not at a critical low.

The MACD has rece­ntly crossed slightly above the signal line­, suggesting a bullish trend. Histogram bars have shifte­d from negative to positive value­s, indicating diminishing bearish momentum and the pote­ntial emergence­ of bullish sentiment.

The Chaikin Mone­y Flow (CMF) indicator currently stands at -0.06, indicating slight negativity but showing signs of recove­ry from previous lows. It sugge­sts that while selling pressure­ has been predominant re­cently, there are­ indications of a turnaround as the indicator trends upward. This upward trend may indicate­ increasing buying pressure, supporting a bullish outlook for Ethereum.

Related Readings | Ethereum Gas Fees Hit Rock Bottom: Price Rally Ahead?

Ethereum Gas Fees Hit Rock Bottom: Price Rally Ahead?

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The Ethereum gas fees have hit a new low in two months amidst a highly-awaited ETF approval. CryptoQuant’s latest analysis highlights the trend of ETH average gas fees [Gwei], indicating reduced network usage. In the chart below, the black line represents ETH prices, and the blue line represents the 7-day moving average gas fees.

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Ethereum Gas Fees Hit Rock Bottom: Price Rally Ahead? 22

This chart shows the trend of ETH average gas fees (Gwei), with the black line representing Ethereum prices and the blue line representing the 7-day moving average gas fees. Currently, the trend shows that gas fees are at their lowest since May 2024, indicating a quieter Ethereum network activity. It can be observed that when gas fees increase, ETH prices tend to rise as well. Could this be the calm before the storm ahead of the upcoming approval of the ETH spot ETF?

At present, the trend shows that gas fees are at their lowest since May 2024. Historically, an increase in gas fees correlates with the rise in the prices of the altcoin. Per the data platform, the current respite is unusual and might be the ‘silence before the storm’, considering the potential spot ETF approval.

On the price front, ETH is reclaiming the 200-day Exponential Moving Average [EMA], showing strong resilience. If the token holds this position successfully, there could be another test of the $4,000 level.

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Ethereum Gas Fees Hit Rock Bottom: Price Rally Ahead? 23

Ethereum: Whale Accumulation Signals Bullish Sentiment

Confirming the bullish sentiment is the accumulation of ETH ecosystem tokens by major whales and institutions. These substantial withdrawals indicate significant interest and confidence in the Ethereum ecosystem. According to Lookonchain data, the following are the notable movements.

Furthermore, market experts are drawing parallels between Ethereum in 2024 and Bitcoin in 2023, suggesting a similar reaccumulation phase before a potential ETF rally. This comparison underscores the growing anticipation and optimistic sentiment surrounding the token.

Overall, Ethereum’s reduced gas fees and whales accumulating tokens, have stirred the attention of market observers who are closely watching for the next significant move. The potential approval of the Ethereum spot ETF could be a major catalyst, potentially propelling the leading altcoin’s prices to new heights.