Ethereum is starting to show signs of recovery despite the poor performance of Hong Kong’s spot Ethereum ETFs. Bloomberg analyst James Seyffart believes that a spot Ethereum ETF may not be approved in the US until 2025. The recent dip in the crypto market has led to caution among investors, resulting in low trading volume for the ETFs. Seyffart also mentioned that the outcome of the US presidential election may play a role in the final decision on ETH ETFs. From a technical analysis perspective, Ethereum is expected to rise within its key range of $2,852 to $3,300 and may cover the liquidity void of April 30 if it breaks past $3,029. However, this thesis could be invalidated if there is a macroeconomic event that disrupts market dynamics.
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Ethereum to break out of bearish move, ETH ETFs unlikely in 2024
