The German government has left with nearly 5000 BTC after selling more than 90% of their balance in the past few days. This has pushed the market and the participants into disbelief as the selling pressure continues to mount without enough participation from the bulls. While Bitcoin is struggling to hold $57,000, Ethereum’s price is comfortably sitting above $3000 while the bears utilise all their resources to bring the levels down.
The Ethereum ETF is on the cards. After the approval, the traders are closely waiting for the launch of the ETF, which is expected to kickstart a fresh ETH price rally. The ETH price rebounded from the interim lows at around $2800 to above $3000. However, after the ETF goes live, institutional interest in ETH is expected to rise, similar to that of BTC.
Ethereum is one of the biggest staking platforms. Nearly 40% of the ETH supply has been locked up and 28% is staked. The spot Ethereum ETFs will unlock $9 billion worth of ETH, which is expected to be from Grayscale, which holds over 2.9 million ETH.
However, the ETH price is expected to reclaim one of the crucial resistance as the ETF launch is fast approaching. If the Bulls successfully hold the crucial defence at $3000 throughout the upcoming weekend, then a major upswing could occur. The fresh rise may cause the price to mark above $4000 too as the second-largest token is about finding a strong base.
The ETH price appears to be following a similar pattern that it followed during the spot BTC ETF launch. With the recent upswing, the price is trying hard to secure the crucial 200-day MA level at $3120. Besides, the MACD is about to validate a bullish crossover which may attract fresh liquidity, increasing the buying pressure over the token.
With the lauch, if the Ethereum (ETH) price displays a similar trend, then the price may mark new yearly highs above $4000, 30 to 45 days after the launch.