Ethereum Spot ETF to Launch On July 23,  ETH Price To Mark New Highs At $5600 Shortly

After experiencing a brutal attack, the Ethereum price rebounded and moved faster than expected from the lows. With this, the higher target at $4000 has been triggered, however, the rally is not expected to calm until it forms a new ATH above $5100. Will the upcoming ETF launch be the major catalyst to elevate the levels above $5000?

The crypto markets began the weekly trade on a bullish note after reviving a strong rebound during the weekend. The market participants became more sure of the upcoming bullish trend following the confirmation of the spot ETF launch date. As per the update from Eric Balchunas, senior ETF analyst for Bloomberg, the Ethereum ETF is expected to be launched on Tuesday, July 23rd. 

Will Ethereum (ETH) Price Reach $5000 After the ETF Launch?

The ETH price has attempted a breakout pump and may face a minor pullback to eradicate the weak sellers, which may clear the path towards $4000 this month. However, the ETH price appears to be primed to mark a new ATH at $5100, as predicted by one of the popular analysts, Peter Brandt, after the launch. 

The ETH price found strong support which is referred to as the lower boundary of the ‘4+ month rectangle’ by the analyst. This was also a retest of the Feb completion of a horn bottom. Hence the analyst believes the rally is yet to complete the upside breakout resulting in the formation of a new ATH, probably around $5,600 or higher. 

After a gigantic rise from the levels around $3244, the Ethereum price is facing minor bearish actions that have dragged the levels from around $3475 to the current levels at $3400. The bears have begun to exert their pressure, due to which the ETH price may drop close to $3,315, following which a strong ascending trend may begin.