The Ethereum (ETH) worth is consolidating both aspect of the $3,300 stage, down roughly 6.5% on the day as buyers 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 perspective 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 report 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 increase.
Ethereum Worth Prediction – The place Subsequent for ETH?
At its present worth slightly below $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.
That pullback noticed the ETH worth drop under its 50DMA. Final round $3,100, there’s nonetheless just a little option to go for Ether to fall underneath this key transferring common.
That suggests that this pullback could have just a little additional to run. And if the Ethereum worth does dip barely under its 50DMA, that could possibly be a really engaging re-entry stage for a lot of buyers.
The Ethereum worth has fallen 20%, equal to the drop seen again in January. Supply: TradingViewIf its to be believed that the broader crypto market stays in a bullish part, then buyers needs to be trying to purchase dips to engaging ranges.
If Bitcoin pushes in direction of $100,000 this yr, even with out an Ether ETF, this could carry ETH again to report highs.
Which means getting in as Ether approaches $3,000, ETH might doubtlessly be changing into very engaging.
Disclaimer: Crypto is a high-risk asset class. This text is supplied for informational functions and doesn’t represent funding recommendation. You might lose your whole capital.
