The past weekend brought a sense of calm to the crypto market as digital assets attempted to stabilize following recent sell-offs. Ethereum (ETH) prices showed renewed demand at US$1,815. Analysts are anticipating the launch of an Ethereum ETF in mid-July, which could lead to a significant price reversal for ETH.

Current Price Correction on ETH

Coingape reported that the current price correction on Ethereum began at the end of May when prices reversed from a high of US$3,974. The formation of a new lower-high on the daily chart indicates that buyers lacked momentum to reach new highs, resulting in sideways price movement.

The bearish rotation has brought down the value of Ether by nearly 30%, seeking support around the US$1,815 range and the 23.6% Fibonacci retracement level. The broader market correction was exacerbated by the delay from the US SEC in approving the S-1 draft for the ETH ETF, contributing to bearish sentiment.

Bitwise's Strategic Move

Bitwise previously submitted an amended S-1 for a spot Ether ETF ahead of the July 8 deadline. Bloomberg ETF analyst, Eric Balchunas, highlighted that the recent SEC comments necessitate minimal updates, indicating a swift process for Bitwise. The proactive filing by Bitwise shows their hastened approval process for their Ethereum ETF.

Market Sentiment and Expert Opinions

Nate Geraci, President of ETF Store, expressed confidence that the spot Ethereum ETF will start trading within the next two weeks, possibly by July 15. Geraci also noted that the ETH price has dropped over 20% since the unexpected 19b-4 approval in late May. If the ETF is approved, the ETH price could challenge the current sluggish market trend and mild selling pressure, potentially rising by 36% to challenge the downtrend line around US$3,800.

A bullish breakout from this resistance is crucial to indicate a fresh recovery in Ethereum. The recent formation of a new lower-high suggests a cautious market, with buyers hesitant to push prices higher. However, the support at US$1,815, combined with anticipation for the ETF launch, creates upward movement potential. If Ethereum successfully breaks above the US$3,800 resistance level, it could signify a significant recovery, potentially driving prices higher.