Ethereum Price Prediction: ETH Slides Almost 2% As SEC Approves Ethereum ETFs And This Learn-To-Earn Crypto Goes Ballistic

General

Join
Our


Telegram
channel
to
stay
up
to
date
on
breaking
news
coverage

The
Ethereum
price
dropped
2%
in
the
past
24
hours
to
trade
for
$3,662
as
of
05:50
a.m.
EST
on
trading
volume
that
soared
90%.

The
fall
came
despite
euphoria
in
the
crypto
industry
triggered
by
the

landmark
approval
of
spot
ETH
ETFs
(exchange-traded
funds)
on
Thursday.

The
plunge
in
the
Ethereum
price
shows
that
the

approval
by
the
Securities
and
Exchange
Commission
was
already
priced
in
by
markets.

The
US
Securities
and
Exchange
Commission
(SEC)
approved
19b-4
forms
for
ETF
applications
filed
by
Ark,
Bitwise,
BlackRock,
Fidelity,
Franklin
Templeton,
Grayscale,
VanEck,
and
Invesco
Galaxy
“on
an
accelerated
basis.”
However,
the
funds
will
not
be
able
to
trade
until
the
SEC
approves
S-1
filings
from
the
applicants.

“If
they
work
extremely
hard
it
can
be
done
within
a
couple
of
weeks
but
there
are
plenty
of
examples
of
this
process
taking
3+
months
historically,”
said
Bloomberg
Intelligence
ETF
analyst
James
Seyffart
in
a
post
on
X.

Nevertheless,
despite
the
muted
reaction
in
the
Ethereum
price,
the
general
opinion
is
that
with
the
SEC
green
lighting
spot
Ethereum
ETFs,
a
large
amount
of
new
institutional
capital
is
likely
to
flow
into
ETH,
possibly
kickstarting
an
altcoin
season.

Ethereum
Price
Prediction

The
Ethereum
price
is
trading
with
a
bullish
bias,
defending
the
god
candle
recorded
on
May
20.
Ahead
of
the
approval,
the
Proof-of-Stake
(PoS)
token
took
to
a
range-bound
movement,
chopping
horizontally
with
the
23.6%
Fibonacci
retracement
level
holding
as
resistance
at
$3,780.

The
higher
highs
on
the
Relative
Strength
Index
(RSI)
supports
the
bullish
outlook,
pointing
to
prevailing
bullish
sentiment
in
the
ETH
market.
If
the
38.2%
Fibonacci
retracement
level
holds
as
a
support
base,
the
Ethereum
price
could
use
it
as
an
inflection
point
amid
an
ongoing
correction,
to
continue
its
initial
uptrend.

If
ETH
bulls
manage
a
stable
candlestick
close
above
the
23.6%
Fibonacci
retracement
level,
it
would
provide
a
good
entry
for
skeptics
and
late
bulls.
The
highly
bullish
case
would
see
the
Ethereum
price
reclaim
the
$4,076
peak
recorded
on
March
11.

The
spikes
on
the
volume
profile
tilt
the
odds
further
in
favor
of
the
upside,
suggesting
a
strong
price
trend.

Ethereum price

Ethereum price


GeckoTerminal:
ETH/USDT
1-day

Converse
Case

On
the
other
hand,
if
the
bears
recover
the
market
amid
ongoing
profit
booking,
the
Ethereum
price
could
extend
the
fall.
A
leg
down
below
the
38.2%
Fibonacci
retracement
level
of
$3,597,
and
effectively
back
into
the
Golden
Zone,
would
plunge
the
Ethereum
price
back
into
shaky
ground.

If
the
Ethereum
price
slips
below
the
50%
Fibonacci
placeholder
of
$3,449,
it
would
trigger
panic
selling.
The
ensuing
seller
momentum
could
plunge
ETH
market
value
below
the
critical
61.8%
Fibonacci
retracement
level
of
$3,301,
below
which
the
bullish
thesis
would
be
invalidated.

Based
on
IntoTheBlock’s
In/Out
of
the
Money
Around
Price
(IOMAP)
metric,
the
region
extending
from
$3,696
to
$3,806
offers
strong
resistance
for
the
Ethereum
price.
Efforts
to
push
past
this
resistance
order
block
would
be
countered
by
strong
selling
pressure
from
1.81
million
addresses
that
hold
approximately
2
million
ETH
tokens
purchased
at
an
average
price
of
$3,747.

IOMAP

IOMAP

ETH
IOMAP

The
Global
In/Out
of
the
Money
(GIOM)
metric
also
supports
the
outlook,
showing
that
$3,867
to
$4,811
zone
will
be
a
critical
area
in
the
Ethereum
price’s
northbound
directional
bias.
Here,
7.53
million
addresses
hold
3.5
million
ETH
tokens
acquired
at
an
average
price
of
$4,209.

GIOM

GIOM

ETH
GIOM

Meanwhile,
the
99BTC
presale
is
going
ballistic
with
investors
socking
more
than
$1.5
million
into
this
learn-to-earn
crypto.

The
YouTube
channel
99Bitcoins,
with
more
than
700k
subscribers,
ranks
it
among
the
best
three
presales
to
buy
now,
and
says
it
has
100X
potential.

Promising
Alternative
To
Ethereum

99BTC
is
the
native
cryptocurrency
for
the

99Bitcoins
ecosystem,
a
long-established
educational
platform
that’s
pioneering
a
new
Learn-to-Earn
rewards
model.

The
project
offers
top
line
educational
resources
and
visual
learning
courses
for
crypto
beginners.

Promising
a
groundbreaking
earn-as-you-learn
experience
for
users
of
the
website,
the
project
incentivizes
learning
through
gamification
and
a
leaderboard
reward
system.
You
basically
earn
crypto
while
learning
about
crypto.

You
can
also
stake
your
99BTC
holdings
for
rewards
as
high
as
1,071%
annually.
So
far,
upwards
of
one
billion
99BTC
tokens
have
been
staked.

The
99BTC
token
is
priced
at
$0.00106.
If
you
are
interested,
buy
now
to
avoid
a
price
hike
in
less
than
four
days.


Visit
and
buy
99Bitcoins
here.

Also
Read:

99Bitcoins
(99BTC)
–
New
Learn
To
Earn
Token

99Bitcoins

99Bitcoins

  • Audited
    By
    Solid
    Proof
  • Established
    Brand
    –
    Founded
    In
    2013
  • Free
    Airdrop
    –
    Win
    A
    Share
    Of
    $99,999
  • Learn
    To
    Earn
    –
    Get
    Paid
    To
    Complete
    Trading
    Courses
  • 700,000+
    YouTube
    Community

99Bitcoins

99Bitcoins

Join
Our


Telegram
channel
to
stay
up
to
date
on
breaking
news
coverage

You might also like More from author

Comments are closed.