The ETH has more upward potential at short notice

ether The price recovered on Tuesday, since investors remained optimistic about cryptocurrencies. The ETH coin jumped to a high of $ 1,738 on Tuesday, the highest level since August 17th. It has increased by more than 11 % above its lowest level this month.

next Ethereum etf?

The main trigger for the price increase at Ethereum was the decision of a US court to stand on the side of Grayscale. The lawsuit arose from a decision by the SEC, the attempt by Grayscale, to convert its shares, arbitrarily reject GBTC ETF into a spot ETF .

In the judgment, the court said that the SEC should check and approve the ETF. Therefore, the investors hope that the SEC will approve the funds together with the applications of companies such as Blackrock, Vanguard and Investco.

The initial strategy of Grayscale will probably be to convert the $ 5.2 billion grayscale Ethereum Trust (Ethhe) into a spot ETF. An ETF works best because it has no discount on the net inventory value (NAV). Today Ethe's market price is $ 11, while the value of the stocks is $ 16.72.

other companies such as Blackrock and Invalco could also apply for their Ethereum ETFs. The challenge for Ethereum is that it differs significantly from Bitcoin. Due to the merger with the Beacon Chain, Ethereum became a proof-of-stake coin.

Gary Gensler from the SEC previously argued that Ethereum had become financial value paper due to its staking functions. It is of the opinion that brokers and stock exchanges that keep ETH to stake up should provide investors more disclosures.

analysts believe that the agency has better chances of convincing a dish that Ether is a securities than in the XRP case.

Predict of the Ethereum Prize

The 4H diagram shows that the ETH price has left the consolidation phase behind and has carried out a strong bullish outbreak. He exceeded the crucial resistance brand of $ 1,702, the highest level of August 23. The coin has also moved over the sliding 25-day and 50-day average.

is most important that it appears as if a small bullish flag pattern is formed. Therefore, the prospects for the coin are optimistic, the next brand is $ 1,800. A movement under the important support of $ 1,702 would invalidate the optimistic assessment.

How to buy Ethereum