Ethereum might not be rallying yet, but it is still extremely bullish

Despite the lack of a wild market reaction to the launch of Ethereum’s spot ETF, QCP Capital maintains a bullish outlook for the cryptocurrency. They point to Bitcoin’s previous performance after its ETF launch, suggesting that Ethereum could follow a similar pattern and reach new highs. With volatility still at decent levels, implementing an Accumulator strategy, which involves buying ETH spot at a 10.1% discount weekly as long as the price stays below $3,900, could be a smart move to take advantage of the slow upward trend. However, current indicators show a bearish short-term trend for Ethereum, with the price trading below key moving averages and increased volatility. The On-Balance Volume indicates a decline in buying volume and a consolidation pattern, while the MACD remains in bearish territory. Overall, the market is in a wait-and-see mode, with many eagerly watching for any signs of a change in momentum.