Crypto analysts are betting that Ether’s (ETH) price could see a significant upswing within months after the Bitcoin halving despite being down 11.39% over the past 30 days, based on historical data.

One researcher also thinks that a potential exchange-traded fund (ETF) denial won’t necessarily lower prices.

“If the ETF is denied, it will not be that bearish, as the market is not pricing in it yet, and we still have Bitcoin ETFs as the entrance for traditional funds,” Hashkey Capital head of Research Jupiter Zheng told Cointelegraph.

However, Zheng believes if a spot Ether ETF is approved with staking, it will be “really bullish.”

He explained that an approval could trigger a surge in short liquidations, potentially driving up the price further.

The steep decline in Ether’s price this week has led to $39.13 million in long positions being liquidated over the past 24 hours, as per CoinGlass data.

Additionally, short positions totaling $15.66 million were also liquidated within the same time period.

At its current price of $3,293, just a 1.5% drop to $3,250 will see $70.96 million in liquidations.

Although he forecasts that it will not have a large impact on ETH futures open interest, as the market is “not betting hard on it.”

There is currently $12.89 billion in Ether futures open interest (OI). Meanwhile, Bitcoin (BTC) is approximately 2.5x larger in OI at $31.744 billion.

Clear pattern identified on Ether’s price chart

Meanwhile, popular trader Jelle has observed a trend in Ether’s price chart leading up to the Bitcoin halving on April 20, which he said is reminiscent of the pattern before the previous Bitcoin halving.

“The last Bitcoin halving was ETH’s sign to start running hard,” crypto trader Jelle stated.

The last Bitcoin halving happened on May 11, 2020, which saw Ether’s price sitting around $210. By Aug. 14, just three months later, ETH had surged to $433, marking a 106% price increase, per CoinMarketCap data.

Jelle identified a clear ascending triangle forming on Ether’s price chart since June 2023, seen on a zoomed-out view from May 2020, signaling a potential surge ahead.

Meanwhile, Zheng forecasted that the “ETH season is yet to come.”

Related: SEC calls for comments on Fidelity, Grayscale and Bitwise spot Ether ETF applications

However, recent reports suggest that there is less optimism about the approval of spot Ether ETFs following the United States Securities and Exchange Commission investigating the Ethereum Foundation.

On March 20, Cointelegraph reported that the SEC issued several subpoenas to companies that have worked with the Ethereum Foundation. Sources familiar with the matter said the commission had launched a campaign to classify ETH as a security in 2022.

Magazine: Jameson Lopp: Skeptical of spot Ether ETFs, BTC price prediction dilemma: X Hall of Flame

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.