Ethereum, the leading altcoin in terms of market value, has recently retreated to the $3,000 mark, failing to make the anticipated leap. The pessimism surrounding Bitcoin’s price is further reinforced by statements from members of the Federal Reserve. Despite the rise in unemployment figures, the market is starting to believe that the decline in inflation has come to a halt.
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How Much Will Ethereum Cost?
Will an Ether ETF Be Approved?
How Much Will Ethereum Cost?
The recent decline in the “king of altcoins” is part of a correction that originated in the “selling zone.” This price range is formed by the resistance of the declining trend line and Ethereum’s 50-day exponential moving average. Similar chart patterns are emerging in some altcoins, and predictions for ETH will also provide insight into the overall performance of altcoins.
Despite the recent frustrating declines, the falling wedge pattern on the ETH front prevents the hopes of bulls from being completely shattered. This pattern, created by two converging downward trend lines, could pave the way for significant bullish breakouts.
The falling wedge indicates that when the price breaks out above the upper trend line, a substantial upward movement is expected as it rises to the maximum distance between the upper and lower trend lines. If the positive scenario materializes, it is anticipated that the ETH price will range between $3,640 and $4,115 by the end of May.
In the opposite scenario, if bears start to close below the support line of the wedge, fueled by the negative sentiment in the overall market, things will become complicated. In this case, the bullish scenario could reverse, and the ETH price may drop to $2,780 or even lower within May. The 200-day Exponential Moving Average (EMA) is also a critical area to watch for Fibonacci levels.
Will an Ether ETF Be Approved?
As we approach the final week of this month, it is likely that the SEC will reject the ETH ETF applications. In addition to the recent legal investigation into the relationship between the Ethereum Foundation and network companies, several actions have been taken. Robinhood has received a Wells notice, Uniswap has been targeted, and the SEC has explicitly stated that ETH is considered a security.
Considering all these developments, almost all experts are certain about the rejection of the ETH ETF. The current price level already reflects this expectation significantly. Therefore, for a bullish scenario to materialize, the ETF rejection will continue to cast a significant shadow over us until the last week of May.
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Disclaimer: The information provided in this article does not constitute investment advice. Investors should be aware that cryptocurrencies are highly volatile and, therefore, carry risks. It is advisable to conduct thorough research before making any investment decisions.
