Things have been going well for Ethereum; Ethereum has been having a good week and now has three ETFs listed on Canadian stock exchanges. Coinbase has also launched staking for Ethereum.
From the chart above, we can see that Ethereum has come down during this entire market correction, but it is bumping back up strongly. One thing that is interesting about this price action is that we had a big break. Although we only had one retest on the top line of this ascending triangle, we had a big price move from it and almost got to the breakout of the triangle. We came back down and retested that zone that was the previous resistance. The retest is a strong move for Ethereum; seeing it break out, come down, and finding the area of support; is a very good thing to see.
You will also notice that Ethereum did not come back down to touch the 50-day moving average. This move means that it maintained an incredible bullish momentum despite the big price dump we observed happening earlier in the market this past week.
Ethereum is bouncing back strong, and we are looking forward to seeing Ethereum getting ready to push higher price targets and see it getting towards three thousand dollars in the coming weeks. A five-digit Ethereum price is possible; besides, the bull market is not over yet; several indicators show that. The big market corrections and dumps you see happening are the features of the cryptocurrency market; they are part of how this market works. The market will tap out at some point, but we are far from that occurring.
The SEC approved three North American Ethereum ETFs in one day; this is very exciting because these are the first Ethereum ETFs in the world. Canada is performing exceptionally well in terms of its regulatory approach to cryptocurrency.
These ETFs allow investors an easy way to get into Ethereum without having to go and get the actual Ethereum asset and hold the asset directly. These ETFs allow investors to get exposure to Ethereum by other brokerage accounts.
Getting Ethereum ETFs allows them to get exposure to the market and is better than Grayscale’s Ethereum trust because that is not direct exposure to Ethereum in the same way an ETF is because, with the trust, the trust usually trades at massive premiums or massive discounts. It is not easy to get that exact price. Whereas, in an Ethereum ETF, the ETF trades approximately at the same price of the asset; there may be a small variance, but for the most part, you will be able to get an Ethereum at market price by investing in ETF products.
The fact that three ETFs launched in the market in one day is a very big deal, and this joins the four Bitcoin ETFs that are already in Canada. We currently have zero Bitcoin ETFs in the United States and zero applications for an Ethereum ETF. There are nine Bitcoin applications with the SEC in the US.
