Coinbase Stock Price Turns Bullish As Traders Bet On ETH ETF Approval

A fresh bullish wave in the crypto markets has flipped Coinbase stock price bullish as well. The stock of the global crypto giant is set to make massive gains if it confirms a recent breakout. This breakout occurred earlier this week as the Bitcoin and Ethereum prices broke out from a month-long consolidation.

After a phenomenal 8.47% surge on Monday, NASDAQ: COIN opened higher on Tuesday. However, the selling pressure and a pullback in BTC price turned the candle red. At press time, the stock of the biggest crypto exchange in the US was down 2.08%.

NASDAQ: COIN Rises On ETH ETF Speculation

Crypto markets were pricing in a rejection of spot Ethereum exchange-traded funds as the May 23 deadline approached for one ETF application. This outlook changed yesterday when the prominent Bloomberg analysts Eric Balchunas and James Seyffart changed their stance on the likelihood of approval.

According to a tweet from the ETF analysts, there is now about a 75% chance of ETH ETF approval this week. This is a remarkable shift from their previous stance of 25% and caused a strong surge in the Coinbase stock. The reason behind this sudden shift seems to be the behind-the-scenes developments between the US SEC and the ETF applicants.

Coinbase Stock Price Outlook And Latest Technical Analysis

As visible in the following chart, shares of Coinbase Inc. have broken out of the downward trendline. However, this breakout needs to be confirmed as the stock is currently lacking momentum. The next key resistance to watch is the $239 level, which might be hard to overcome.

If the recent trendline breakout gets confirmed, Coinbase stock price will become extremely bullish. In this case, bulls may target price levels as high as $300, as mentioned in the following chart. However, if there is a correction from the current level, the $207 support might come into play.