Ethereum ETF Approaches: Comparing ETH and BTC States Before Launch

• Ethereum ETFs were gaining a lot of popularity in the United States.
• ETH was down 12% last week, but some market indicators are pointing to a trend reversal.

Ethereum (ETH) has faced multiple price corrections over the past month. This came at a time when the highly anticipated launch of its ETH ETFs was looming.

Therefore, let’s take a look at what’s happening with ETH to see if its launch would benefit the king of altcoins and allow it to surpass Bitcoin (BTC) in the coming days.

Isn’t the hype around Ethereum ETFs enough?

Investors and the cryptocurrency market as a whole are patiently waiting for the launch of ETH ETFs. According to the latest data, the possible launch of Ethereum ETFs is expected on July 15.

AMBCrypto’s analysis of Google Trends data showed that the popularity of Ethereum ETFs has been steady over the past 30 days in the United States, reflecting the hype surrounding them.

Source: Google Trends

Although the launch date is getting closer and the market seems excited, Ethereum continues to struggle to increase its price.

According to CoinMarketCapETH has lost over 125 points in the last seven days. At the time of writing, the token was trading at $3,045.32 with a market cap of over $366 million.

A possible reason behind this bearish price movement could be investors’ lack of confidence in ETH.

AMBCrypto’s analysis of Santiment data revealed that ETH’s weighted sentiment declined significantly last week. This clearly means that bearish sentiment around the token was dominant.

Source: Santiment

Bitcoin vs Ethereum ETF

Given that ETH has remained bearish despite getting closer to the launch, AMBCrypto plans to compare the states of Ethereum and Bitcoin ahead of their ETF launches.

Our analysis revealed that BTC price started gaining bullish momentum well before its ETF launch date.

To be precise, the price of BTC started moving in November 2023 and peaked when the BTC ETF was launched on January 10, 2024. However, shortly after the launch, the price of BTC started to decline.

Source: Santiment

On this front, Bitcoin was clearly dominating Ethereum. However, to see if ETH was planning anything bullish a week before the ETF launch, we then analyzed ETH’s daily chart.

We noticed that Ethereum’s Relative Strength Index (RSI) registered an increase after touching the oversold zone.

Read Ethereum (ETH) Price Prediction 2024-2025

Additionally, the Money Flow Index (MFI) has also followed a similar upward trend. This indicates that ETH could turn bullish in the coming days.

However, the Chaikin Money Flow (CMF) has moved lower. The MACD has also shown a bearish edge over the market.

Source: TradingView