📊Coingape ETH Price Prediction:

ETH price bulls are starting to get a hold of the bearish situation with clear intentions of fighting for a trend reversal. The second largest crypto is up 1.2% on Wednesday to $1,635 although the trading volume remains significantly depressed at $5.6 billion.

It is worth mentioning that, the ETF futures approval could be the catalyst ETH price needs to escape the bearish shackles in the range. According to the Stochastic oscillator, bulls may struggle to close the gap to the range limit at $1,730 – a situation that could result in increased selling pressure.

Vetle Lunde, a senior analyst at the firm believes the futures-based ETF product would significantly boost ETH price, citing a 60% spike in Bitcoin following a similar approval a couple of years ago.

🤔“The odds are stacked in favor of ETH,” Lunde said, referring to it as a “strong relative buy” versus bitcoin. “ETH/BTC trades near 2.5-year range lows, with considerable wiggle room for relative upside.”