Analysts Eye $3,650 Breakout Beyond 1.63M Addresses Barrier

Ethereum (ETH), the second-largest cryptocurrency, is currently in a fierce battle to break through a key resistance zone.According to famous people Analyst Ali, This is the tipping point where the price range should be between $3,170 and $3,270. Ali identified over 1.63 million addresses within this resistance zone currently holding 4.45 million ETH. This makes plenty of sense to consider these areas of concentration in terms of ownership patterns. This is because it is very important in the journey towards possible places. Proceed based on such owner’s decision.

For enthusiasts and investors who are passionate about ETH breaking this cap, there is great potential here. Ali predicts that if cryptocurrencies overcome this hurdle, they could see significant gains. Therefore, the price of ETH could rise and reach $3,650.

Potential Catalyst: Approval of Ethereum Spot ETF

A potential catalyst for this surge lies in the area of ​​financial regulation, specifically the approval of the Ethereum Spot Exchange Traded Fund (ETF).Recent Insights from Bloomberg Analysts james seifert We highlight important developments in the Ether ETF space.

Notably, Grayscale, a prominent player in the cryptocurrency investment space, has filed a prospectus with the U.S. Securities and Exchange Commission (SEC) for the creation of a new Ethereum ETF known as the Grayscale Ethereum Mini Trust. This ETF will be created through a spin-off and distribution from the existing Grayscale Ethereum Trust.

Craig Salm, Grayscale’s chief legal officer, provided further details on the legal documents: Exclusive interview. To enable the launch of the former, Grayscale has filed a registration statement for the Grayscale Ethereum Mini Trust and an information statement for the Grayscale Ethereum Trust (ETHE), Salm said. As part of this process, a portion of the underlying ETHE shares will be seeded into the Grayscale Ethereum Mini Trust, and a “spin-off” will take place, with the pro rata distribution of ETH shares to ETHE shareholders, pending regulatory approval. It is scheduled to be held.

Investors are awaiting the SEC’s decision. The entire approval process consists of several steps, including the validity of the registration statement and compliance with regulatory requirements. The crypto community wants to know what happens to the Ether ETF before May 2024 ends.

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