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Ethereum Worth Prediction With Ether ETFs Unlikely to Achieve Approval in Might – The place Subsequent for ETH?

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The Ethereum (ETH) worth is consolidating both aspect of the $3,300 degree, down roughly 6.5% on the day as traders take revenue following the crypto’s latest run larger, and amid chatter that Ether ETFs are unlikely to realize approval in Might.

“We now consider these will in the end be denied Might 23rd,” Bloomberg’s ETF analyst James Seyffart mentioned in a tweet. “The SEC hasn’t engaged with issuers on Ethereum specifics,” he defined.

My cautiously optimistic angle for ETH ETFs has modified from latest months. We now consider these will in the end be denied Might twenty third for this spherical. The SEC hasn’t engaged with issuers on Ethereum specifics. Precise reverse of #Bitcoin ETFs this fall. https://t.co/TyAzAOrAC5

— James Seyffart (@JSeyff) March 19, 2024

Revenue-taking has overwhelmed the crypto market since Bitcoin hit new document highs above $73,000 final week.

However the Ethereum worth has seen an excellent steeper decline than different main cryptos, as ETF optimism is priced out.

Whereas Bitcoin is down 10% in seven days, the Ethereum worth is down 17%.

Solana, in the meantime, is up 17%, because the blockchain continues to flex is potential superiority versus Ethereum amid its ongoing meme coin buying and selling growth.

Ethereum Worth Prediction – The place Subsequent for ETH?

At its present worth just under $3,300, the Ether worth is now down 20% from its latest highs at $4,100.

That’s equal in magnitude to the pullback seen in January this yr following spot Bitcoin ETF approvals.

See also  Cryptocurrency Lawyer Makes Assertion That Will Upset These Anticipating Ethereum Spot ETF in Could – Consultants React

That pullback noticed the ETH worth drop under its 50DMA. Final round $3,100, there may be nonetheless a little bit option to go for Ether to fall beneath this key transferring common.

That suggests that this pullback could have a little bit additional to run. And if the Ethereum worth does dip barely under its 50DMA, that might be a really enticing re-entry degree for a lot of traders.

The Ethereum worth has fallen 20%, equal to the drop seen again in January. Supply: TradingView

If its to be believed that the broader crypto market stays in a bullish section, then traders needs to be trying to purchase dips to enticing ranges.

If Bitcoin pushes in direction of $100,000 this yr, even with out an Ether ETF, this could raise ETH again to document highs.

Which means getting in as Ether approaches $3,000, ETH might probably be turning into very enticing.

Disclaimer: Crypto is a high-risk asset class. This text is supplied for informational functions and doesn’t represent funding recommendation. You could possibly lose your whole capital.

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