Ethereum ETFs have finally been launched! The volume soared to billions in just a few hours of the trade. While Blackrock, Fidelity, etc accumulated, Grayscale recorded huge outflows of over $500 million, which may have stabilised the craze. Besides, the ETH price remains largely unimpacted and faces a minor pullback after the launch. Does this suggest the traders need more confidence about the upcoming rally or will it replicate the BTC price rally after the BTC ETF launch?

Soon after the launch of the BTC ETF in January 2024, the price remained consolidated for a while. In fact, the prices plunged by nearly 8% to mark yearly lows below $40,000, while the ATH was close to $69,000 then. However, the ETH price appears to be well in position as it is consolidating within a narrow range before a new ATH. After the rejection from the descending trend line, the price is attempting a retest, which may be a turning point for the ETH price rally ahead. 

The weekly chart displays the possibility of a healthy upswing, regardless of the contractions in the daily time frame. The price has been failing to surpass the trend line which is acting as a strong resistance since the 2021 highs. Meanwhile, the MACD remained bullish then while now is about to flip from the bearish influence. The selling volume has drained while the levels remain within the positive range. Secondly, the levels of the DMI have contracted at a point suggesting a major move could be fast approaching. 

Therefore, the ETH price is expected to consolidate for a while until the buying volume exceeds bearish activity, followed by a huge ascending trend that may break above the trend line. With this, the path towards $4000 may be cleared. If the bulls continue to maintain strength, the Ethereum (ETH) price may form a new ATH above $5000, probably in the next couple of months. 

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