Ethereum is slipping after printing higher highs over the weekend. Considering price action, the coin is up roughly 5% from last week’s lows but is still trending below the all-important resistance at $3,700. Although ETH holders and traders are upbeat, prices must decisively close above this liquidation level, paving the way for more gains in […]
In a significant regulatory shift, the US Securities and Exchange Commission (SEC) partially approved the long-awaited Ethereum ETF filings submitted by prominent asset managers three weeks ago, including BlackRock and Grayscale. SEC Chairman Gary Gensler has indicated that full approval for these Ethereum ETFs could come by the end of the summer, providing much-needed clarity […]
Solana and top cryptocurrencies like Ethereum and Bitcoin are struggling at spot rates. Following the plunge on June 6, prices are under pressure, cementing the position of sellers who have been dominant since late May 2024. Will The Solana Uptrend Remain? Even so, some analysts are upbeat, expecting not only altcoins to recover in the […]
According to insights from industry leaders, Hong Kong is poised to make significant advancements in the cryptocurrency sector by potentially introducing staking options for spot Ethereum exchange-traded funds (ETFs) within the year. Ethereum Staking Innovations In Hong Kong: A New Era For Crypto ETFs? Animoca Brands’ Chairman Yat Siu recently hinted that Hong Kong could […]
At spot rates, Ethereum prices have been edging lower, recently even retesting the immediate support at $3,700. Even though the coin is still hovering around this level, optimism is high that it will spike higher in the coming days. Ethereum Whales Are Now Accumulating Cementing this outlook, one analyst, citing on-chain events, notes that a bullish narrative may be unfolding. Pointing to the sharp increase in Ethereum addresses controlling over 10,000 ETH, the analyst is now convinced that investors are through with their distribution and are not accumulating, expecting more price gains. Glassnode data cited shows that the number of addresses controlling over 10,000 ETH has been on the uptrend since May 20. Notably, on this day, prices shot strongly, breaking above $3,300 and $3,700. Related Reading: MATIC In Consolidation: Key Price Levels To Watch After A Breakout The uptick boosted sentiment, possibly explaining why whales are now accumulating and not opting to liquidate, accepting to be shaken off from their position following the recent correction from $3,900. When writing, ETH is changing hands at around $3,700, up nearly 20% from May 2024 lows. From the daily chart, the coin is still within a bullish breakout formation after clearing two crucial resistances (now support) at $3,300 and $3,700. Therefore, despite the retracement from $3,900, the uptrend remains. The coin, reading from the candlestick arrangement in the daily chart, will likely ease above $4,100 as buyers set their eyes on $4,900 or 2021 highs. It is highly that these whales are institutions, most of whom are optimistic about what lies ahead and positioning themselves for the leg up. The sharp expansion in whale count means institutions are increasingly confident in the vast Ethereum ecosystem. Continuous Development And Spot ETH ETF Hopes One reason for this positive outlook is the continuous development in the Ethereum network. After the successful activation of Dencun in March, platform developers are now focusing on the upcoming Pectra upgrade. This hard fork is expected to further enhance the network, making transaction processing more efficient and cost-effective. These continuous developments are positioning the network as the preferred host for decentralized finance (DeFi) and meme coin activities. Related Reading: Political Memecoin Mania: Super Trump Token Explodes With 200% Surge Beyond platform-related factors, the United States Securities and Exchange Commission (SEC) recently approved the listing of all spot Ethereum exchange-traded funds (ETFs). The agency is yet to clarify its position on the status of ETH. However, this will change with the approval of all S-1 registration forms for spot ETFs. Analysts believe the second most valuable coin would have received the much-needed clarity if these forms are given the go-ahead. Feature image from DALLE, chart from TradingView
In 2017-2018, the debate was whether Tron would surpass Ethereum to second place. But, looking at how things have evolved, the debate has been settled. Ethereum is the most dominant smart contracts platform. However, this has not prevented analysts from comparing Bitcoin and the world’s most valuable altcoin. Will ETH Finally Flip BTC? Taking to […]
As the US Securities and Exchange Commission (SEC) approved all the spot Ethereum ETF applications, despite increased regulatory uncertainty surrounding the cryptocurrency, investors are becoming more optimistic about the potential for ETH’s price to reach new heights. Bullish Sentiment Surrounds Ethereum ETF Approval DeFiance Capital Founder and CIO Arthur Cheong predicts that ETH could reach an annual high of $4,500 before the newly approved index funds begin trading, surpassing its mid-March high of $4,096. This projection falls just short of ETH’s all-time high of $4,878 during the 2021 bull run. In addition, a survey conducted by WuBlockchain in the Chinese community revealed that 58% of respondents believe that ETH has the potential to rise to $10,000 or even higher in this market cycle. Related Reading: Kickstarting The Bitcoin Bull Run: Expert Says $70,000 Is The Level To Beat The recent regulatory pivot by the SEC towards approving Ether ETFs has intensified bets on further price gains. In the seven days following the announcement, ETH experienced a 26% surge, marking the largest weekly advance since the 2021 crypto bull market. This development brings hope to speculators, considering the success of US spot Bitcoin ETFs, which have amassed $59 billion in assets since their record-breaking debut in January. However, spot Ethereum ETFs will not participate in staking, earning rewards by pledging tokens to maintain the Ethereum blockchain. This omission could potentially dampen interest in these funds in comparison to holding the tokens directly. Although additional SEC approvals are required before issuers such as BlackRock and Fidelity Investments can launch their products, the timeline for these releases remains uncertain. As of now, ETH is trading around $3,900, with expectations of further upside potential. Options Bets Signal Potential Climb To $5,000 According to a Bloomberg report, analysts such as Pepperstone Group Head of Research Chris Weston believe that pullbacks in ETH are buying opportunities as the risk remains skewed to the upside. Interestingly, as seen in the chart below, some traders are placing bullish options bets, with concentrations signaling a potential climb to $5,000 or more. Furthermore, ETH’s volatility, as indicated by the T3 Ether Volatility Index, is expected to be greater than that of Bitcoin, highlighting the potential for larger price swings in the second-largest digital asset. Related Reading: Ripple CTO Addresses Curious Price Link Between XRP And XLM Insights from the futures market, particularly the level of open interest in Chicago Mercantile Exchange (CME) Ethereum futures, provide evidence of institutional demand for regulated exposure to cryptocurrencies. While open interest in CME Ether futures is growing, it remains significantly lower than that of CME Bitcoin futures. This suggests relatively less institutional exposure to Ether and could potentially impact initial inflows into Ether ETFs. Nevertheless, as the approval of Ethereum ETFs opens up new avenues for investment and speculation, the market is closely watching ETH’s price performance, with bullish sentiment and optimistic predictions prevailing among investors. Featured image from Shutterstock, chart from TradingView.com
Earlier today, the United States Securities and Exchange Commission (SEC) approved 19b-4 fillings for eight spot Ethereum exchange-traded funds (ETFs), paving the way for the highly anticipated institutional adoption of the second most valuable coin. The decision comes after months of uncertainty and less than six months after the regulator approved spot Bitcoin ETFs. For all that the crypto community can remember this week, the regulator uncharacteristically “scrambled” and hastily communicated to spot ETF issuers to make amends to their applications. Related Reading: Ready For Liftoff: XRP Price Primed To Skyrocket Before November Did MicroStrategy Make A Mistake Choosing Bitcoin Over Ethereum? With spot Ethereum ETFs likely to be issued in the next few weeks, one analyst on X now thinks Michael Saylor, the former CEO of MicroStrategy, missed big rewards by choosing Bitcoin over Ethereum. As of May 24, MicroStrategy, a business intelligence firm and now one of the biggest public companies in the United States, has been increasing its BTC holdings over the years. According to Bitcoin Treasuries, MicroStrategy is the largest public company holding BTC, controlling 214,400 BTC worth over $14 billion at press time. However, with the United States SEC setting the ball rolling for spot Ethereum ETFs, the analyst is now pointing out a hypothetical scenario. If MicroStrategy had chosen ETH over BTC, their holding would have been worth over $19 billion at spot rates. This level means MicroStrategy would be up over $4 billion. Assuming the business intelligence firm had chosen to buy and not hold but stake, their total holdings would be worth over $20.9 billion as of late May 2024. ETH Trading At A Huge Discount: Will It Replicate BTC’s Success? Looking at the aftermath of the approval and trading of spot Bitcoin ETFs, it becomes apparent that Ethereum prices might be significantly undervalued at spot rates. After a brief dip in mid-January, BTC prices surged, propelling Ethereum to a high of $4,100. In contrast, the world’s most valuable coin soared to breach $70,000 and set all-time highs at around $74,000. With 19b-4 forms from eight ETF issuers, including BlackRock and Fidelity, approved, the only hurdle is the approval of S-1 registration statements. There might be delays in this round. However, the United States SEC green lights, spot Ethereum ETF shares will begin trading. Related Reading: Bitcoin Disappoints With Fall To $67,000, But Analyst Says Investors Should Not Be Fazed. Here’s Why Still, it is important to note that spot Ethereum ETF issuers will hold ETH via a regulated custodian and not stake. Feature image from DALLE, chart from TradingView
Ethereum’s (ETH) price has failed to make any significant rally following the Securities and Exchange Commission’s (SEC) approval of the Spot Ethereum ETFs. This is undoubtedly surprising, given that the approval was expected to spark a massive price surge for the second-largest crypto token. Why ETH’s Price Has Failed To Rally Ethereum’s price may have […]
Bitcoin is fast-dropping, looking at price action in the daily chart. Even after the impressive spike above $71,500 early this week, there needs to be a conclusive follow-through for optimistic bulls. Despite this correction, one analyst strongly believes Bitcoin will rally sharply, reaching $80,000 by the end of the month. Will Bitcoin Hit $80,000 By End Of May? Taking to X, the analyst thinks HODLers, not speculators, will reap the maximum benefits from Bitcoin. Based on the trader’s assessment, not only will BTC fly above $80,000 by the end of May, but the coin will also spike to peak at $95,000 in June. Accordingly, reading from the candlestick arrangement, those who position themselves at spot rates might enter at favorable prices, scooping the coin at a discount. Even so, when BTC flies to $95,000 in less than seven weeks from now, the trader expects prices to cool off. Related Reading: Bitcoin Price Drop Below $70,000 Apparently Driven By Lack Of Interest, Glassnode Data Shows The retracement will also wash out speculators hitching the leg up. At spot rates, the path of least resistance is northward. BTC is also down roughly 6% from this week’s highs, although the uptrend remains. The $72,000 line is emerging as a strong resistance level as prices continue to move horizontally. On the lower end, $60,000 is worth watching. For the uptrend to take shape, a high volume must be close to $72,000. Of note is that bulls have yet to breach and close above this line since the surge to all-time highs in mid-March. Capital Is Flowing To Ethereum: Will The United States SEC Reject Spot ETH ETFs? Sentiment will play a key role in propelling prices higher. So far, the analyst acknowledges that there is a shift in sentiment. As the United States Securities and Exchange Commission (SEC) unexpectedly prepares to approve spot Ethereum exchange-traded funds (ETFs), investors have been rotating capital to ETH. This has slowed the momentum, even lowering prices, as in the current case. The ETHBTC price chart shows that Ethereum outperforms Bitcoin, adding 25% from mid-May 2024. Related Reading: Non-Empty USDC And USDT Wallets See 13.9% And 15.7% Spike, Why This Is Good For Crypto There has been no official communication from the United States SEC on spot ETH ETF approval. However, the analyst believes the agency will disappoint the market by unexpectedly rejecting all proposals. Should this be the case, the crypto markets will clam up, ending what the trader claims have been “manipulative practices.” Feature image from Shutterstock, chart from TradingView
In a move that has the crypto community buzzing, the US Securities and Exchange Commission (SEC) has asked major exchanges to refine their applications for spot Ethereum ETFs. According to a Reuters report, sources familiar with the process say this request is interpreted as a positive signal that the regulator may be ready to greenlight […]
In a significant departure from their previous skeptical stance, US regulators are reportedly leaning toward approving the long-awaited spot Ethereum ETFs for the second-largest cryptocurrency by market capitalization. SEC Staff Signals Spot Ethereum ETFs Approval According to a report by Barron’s, the US Securities and Exchange Commission (SEC) staff communicated to exchanges on Monday that […]
Ethereum remains under immense selling pressure, shaving over 30% from March 2024 highs. With prices recently dropping below $3,000 and sellers doubling down, there could be no reprieve for optimistic buyers in the sessions to come. Analyst Expects One More “Washout” To $2,700 Taking to X, one analyst notes that the coin is still bearish and […]
While Ethereum struggles to regain the Q1 2024 momentum, currently tethered close to the psychological $3,000 level, one trader remains bullish. Taking to X, the analyst posts several reasons to negate concerns by skeptics even with the coin trading 30% from March 2024 highs when prices broke above $4,000. By this take, doubts about future gains could […]