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Ethereum records an important bullish signal against Bitcoin
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Ethereum (ETH) may finally be ready (BTC) to gain ground against Bitcoin.
As noted by famous trader Josh Olszewicz, the ETH/BTC pair has managed to close above the two-day Ichimoku cloud for the first time in 525 days.
His analysis suggests that the pair has likely bottomed out after nearly two years of underperformance.
The flagship altcoin is currently changing hands at 0.055 BTC on the Binance exchange.
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After peaking at 0.061 BTC in January, the ETH/BTC pair has seen a substantial downtrend, plunging as low as 0.044 BTC in May. However, Ethereum managed to gain as much as 28% against the largest cryptocurrency during the same month following the unexpected approval of several Form 19b-4s for Ethereum Exchange Traded Funds (ETFs) by the U.S. Securities and Exchange Commission. United States.
The approval process is proceeding “smoothly,” according to the SEC chairman Gary Genslerand it seems that these products may start trading in the near future.
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Today, Reuters reported that Ethereum ETFs would likely go live by July 4th. According to anonymous sources cited by the newspaper, talks between potential ETF issuers and the regulator have advanced to the “final stages”. Now only the “minor” problems remain to be resolved.
While the planned launch of Ethereum ETFs could be a major bullish catalyst for the leading altcoin, it remains to be seen whether the inflows will be impressive enough for the market. Morningstar’s Bryan Armor noted that Ethereum ETFs would not be able to generate the same level of excitement as Bitcoin ETFs.