- There has been a surge in ETF requests for Ethereum in September, following the wave of Bitcoin ETF requests in August.
- Companies like Ark Invest and 21Shares are planning to introduce this new kind of ETF
- Analysts predict that the SEC is likely to approve a Bitcoin spot ETF before the end of 2023, and an Ethereum spot ETF by the end of 2024.
- Some people believe that ETH is a better investment than Bitcoin and that the “flippening” is coming.
- ETH is currently testing support around $1,626, and there is a risk of a breakdown to $1,467 or even $1,371.
However, in September, a swathe of ETF requests have been pouring in for Ethereum as well.
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As it stands, Bitcoin is poised to witness a massive price surge if an ETF gets approved. Sources even quote a $185,000 Bitcoin happening very soon, an ETF becomes a reality.
The question now is, how many companies are interested in filing Ethereum ETFs, and is ETH poised for a massive price rally as well?
Race For An Ethereum ETF Begins In The US
As the SEC continues to mull over whether to accept the Bitcoin ETF filings in the US, other companies have decided to take it one step further.
Companies like Ark Invest and 21Shares are now targeting the market, and are planning to introduce a new kind of ETF.
These companies filing for the Ark 21Shares Ethereum ETF will present a one-of-a-kind product in the US and is another example of how determined these financial giants are planning to develop a broad portfolio of crypto offerings.
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And according to the filing, this new Ethereum ETF will trade on the Cboe BZX Exchange.
Cathie Wood’s Ark Invest Leads The Charge
This is as good a time as any, to start planning crypto ETF offerings.
As it is, Ark Invest, under its CEO and Founder Cathie Wood, are leading the charge.
Analysts from Bloomberg, for example, have increased their predictions of the likelihood of the US approving a Bitcoin spot ETF before the end of 2023 from 65% to 75%.
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And by the end of 2024, they predict that a Bitcoin ETF will be 95% likely.
This is very bullish on Ethereum, Ark Invest and of course, 21 Shares because the mere announcement of a Bitcoin ETF filing sent the price of Bitcoin sky-high.
A Bitcoin ETF being approved may reflect on Ethereum as well, sending the cryptocurrency on its way into the next bull run.
Bloomberg ETF analyst James Seyffart in a tweet, has even set a final deadline for these applications on May 23, 2024 (about a month from the next Bitcoin halving).
Makes you wonder whether Blackrock is about to send in their own Ethereum ETF filing.
Is ETH a Better Investment Than Bitcoin..? Asks Julian Hosp
Many have come forward with claims about Ethereum being better than Bitcoin.
These theories are so prominent, that many even believe that the “flippening” is coming.
If you didn’t know what the flippening is, it is supposed to be an event in which Ethereum finally overtakes Bitcoin as the king of cryptocurrencies.
In recent developments, Cake CEO Julian Hosp has stated that he thinks Ethereum (ETH) is a “better” investment option than Bitcoin. Earlier this week, Hosp said on Twitter,
“If you only want to hold 1 coin, $ETH is it.”
In another tweet, the CEO went further to say “Whatever BTC can do, ETH does the same or better. BTC paved the path, it will be commemorated for it, but utility matters”
And in another, he mentions that “Bitcoin isn’t even a store of value”
Bitcoin may fall from $25,000 – Same For Ether At $1,600?
Bitcoin’s decline from $29,000 after the initial ETF hype faded, was no joke.
The cryptocurrency plummeted straight down to $26,583 in less than a day and declined further down to $25,166.
There is even an impending risk of a decline to $20,000 at the time of writing.
However, the same questions extend to Ethereum.
Ethereum is currently testing support somewhere around $1,626, and we would all like to know:
How likely is an Ethereum breakdown and price dip?
First of all, you should be aware that the charts look like this:
We can deduce a few things from the illustration above.
The first is that there is now a glaring death-cross between Ethereum’s 200-day and 500-day SMAs.
This is bearish.
Secondly, Ethereum is testing $1,626 and may be on the verge of a breakdown. If Ethereum loses its footing around this zone and closes with a daily candle below $1,626, we may see a decline straight down to $1,467.
And if the dip is a strong one indeed, we may see a steeper price decline to $1,371
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.