The price of Ethereum could jump significantly despite expectations of a weak start for the ETF

Ethereum (ETH) is struggling to reach its previous cycle highs amid bearish sentiment among some segments of the crypto space.

His performance in the second quarter continued to fuel those sentiments. However, rumors of an impending ETH ETF approval have analysts optimistic about the start of “Ethereum season".

On Wednesday Reuters report и , that sources close to some investment firms expect that Ethereum The ETF could be approved next week. These rumors are consistent with recent comments by Securities and Exchange Commission (SEC) Chairman Gary Gensler regarding the approval process for these investment products.

Speaking earlier this week at the Bloomberg Invest meeting, Gensler mentioned , that the approval process is "going smoothly". These highly anticipated products are expected to be released this summer, possibly as early as July.

A month ago, the price of ETH rose over 30% pending SEC approval, rising from $3,000 to the $3,900 range. Subsequently, the second largest cryptocurrency retreated to the $3,200 support zone.

However, recent ETF rumors have had a positive impact on Ethereum. Following the news, ETH gained 2.5%, regaining the $3,400 support zone it had lost earlier in the week.

Crypto analyst Jelle believes ETH may be poised for a significant upside move despite expectations of “unconvincing ETF start". According to him, ETH “looks poised for a massive push up' as it tests key levels ahead of the rumored approval.

В анализа on the chart, Jelle noted that the cryptocurrency is testing downtrend support within an accumulation range. If ETH moves back to $4,000, the analyst predicts that it could continue to rise significantly. He suggests that this “nearly three-year breakout” in the expansion zone will usher in “Ethereum season".