As a seasoned crypto investor with a keen interest in Ethereum, I’ve seen my fair share of market fluctuations. The recent Ethereum price surge following the rumors of an ETF approval was a breath of fresh air, but the subsequent consolidation left me feeling cautiously optimistic.
On Monday, there was an increase in trading activity in the cryptocurrency market as reports circulated that the Securities and Exchange Commission (SEC) might approve a spot Ethereum Exchange-Traded Fund (ETF). Fueled by these rumors, Ethereum’s price rose by 22%, reaching a peak of $3,947 before experiencing a pullback.
On May 24, 2024, I received exciting news as an investor when the Securities and Exchanges Commission (SEC) approved eight Ethereum Exchange-Traded Funds (ETFs) in a single order. Yet, despite this significant development for Ethereum, its momentum has noticeably waned since then.
Ethereum Price Analysis: ETH Chart Remains Bullish Post Ethereum ETF Approval News
The latest rise and subsequent stabilization of Ethereum’s price have formed a bullish pennant, indicating a potential increase in value for bullish investors following this brief pause.
At present, the price of Ethereum on CoinMarketCap is $3,705. The value remains stable above both the 50-day and 200-day simple moving averages, indicating a strong bullish trend.
Important levels of resistance for Ethereum price to consider are $3,947, $4,067, and $4,405. In the event of unfavorable news impacting the market, Ethereum’s price may experience a significant decline. Pay attention to the following support levels: $2,676 and $2,338.
Gabriel Shapiro, a lawyer specializing in cryptocurrency, shared his analysis on the unusual Ethereum price movement after the ETF approval was announced.
As a crypto investor, I’ve been keeping a close eye on the Ethereum price action. Based on recent developments, Shapiro’s analysis suggests that the lack of approval for S-1 forms is hindering the ETH price rise. While 19b-4s forms focus on rule modifications proposed by self-regulatory bodies, it’s the S-1s form that enables securities registration in anticipation of an Initial Public Offering (IPO). In simpler terms, the Ethereum network isn’t experiencing the same surge due to the absence of completed IPO preparations.
Within the next 10 days, this approval is subject to challenge, potentially leading to its cancellation.
As a researcher studying the recent actions of the Securities and Exchange Commission (SEC), I would argue that Attorney Shapiro’s perspective holds merit. He believes that the SEC’s latest move was driven more by politics than a genuine desire to expedite the approval process for crypto-related S-1 filings. Consequently, members of the crypto community may need to be prepared for potential delays in obtaining SEC approval for their offerings in the near future.
alpha on why ETH isn’t mooning: –>only 19b-4s approved, not S-1s–>approval was by division of trading/markets on ‘delegated authority’–>means a commissioner can challenge in next 10 days (also means they are trying to hide the vote b/c it’s political)
what’s really going…
— _gabrielShapir0 (@lex_node) May 23, 2024
The ETF approval for the given market hasn’t sparked the same level of excitement among investors as Bitcoin did previously.
ETH Price Prediction
As a crypto investor closely monitoring the Ethereum market, I’ve noticed an encouraging development in its daily chart: Ethereum has shown signs of a robust price breakout from the previous falling wedge formation. Although the momentum has slowed down, my belief in Ethereum’s underlying strength remains unwavering, given its solid fundamentals.
In a reversed situation, bears might push the Ethereum price down to around $3,400 before potentially advancing towards its old record high.
Read More
- BCH PREDICTION. BCH cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- MNT PREDICTION. MNT cryptocurrency
- Best Goomba Characters In Mario Games, Ranked
- SOL PREDICTION. SOL cryptocurrency
- USD RUB PREDICTION
- USD PHP PREDICTION
- Top gainers and losers
- USD COP PREDICTION
2024-05-24 16:00