The Ethereum price rose 5% in the last 24 hours to trade at $3,110 as of 10:16 p.m. EST on trading volume that skyrocketed 25% to $13.6 billion.
This development follows comments from Coinbase analyst David Han, who suggested that the market might be underestimating the likelihood that a spot Ethereum ETF (exchange-traded fund) is approved by the US Securities and Exchange Commission (SEC)
It has set deadlines of May 23 and 24 to decide whether to approve the applications for spot Ethereum ETFs submitted by VanEck and ArkInvest/21 Shares, respectively.
“The market may be underestimating the timing and odds of a potential approval, which leaves room for surprises to the upside,” Han said in a May 15 note. ”There is room for surprise to the upside on this decision.”
While markets have all but ruled out the possibility of ETH ETF approvals this month, Han said the issue is only a matter of ”when, not if.”
A US Department of Justice indictment on May 15 that accused two individuals of wire fraud and money laundering by manipulating the Ethereum blockchain also is positive news for the prospects of ETH ETF approvals.
The indictment emphasized the importance of network integrity, stating that Ethereum operates without a central authority or trusted intermediary, reaffirming the decentralized principles of the blockchain and making it less likely that the SEC can classify ETH as a security that is under its jurisdiction.
The Emperor has no clothes.
The SEC is believed to be taking the position that ETH is a security.
Meanwhile, federal prosecutors at SDNY, who are representing the “United States,” have just alleged that Ethereum is “a decentralized blockchain” with “No central actor” who “runs… https://t.co/isIP4sV43I pic.twitter.com/pe8BdfBtut
— orlando.btc (@Orlando_btc) May 16, 2024
Ethereum Price Set To Soar Over The Falling Wedge Pattern
ETHUSD Chart Analysis Source: GeckoTerminal.com
The Ethereum price has been on an upward trend this year, rising to a yearly high of $4,116 in March, data from GeckoTerminal shows. However, ETH took a downturn thereafter, trading down within a falling wedge pattern.
ETH has found support around $2,850, which the bulls are using to push the price above to trade within the upper boundary of the wedge.
The ETH price is trading above the 200-day Simple Moving Average (SMA), a confirmation of the bullish rally to the upside. If the bullish momentum sustains, ETH could soar, overcoming the 50-day SMA at 3,175, a signal of an upward breakout.
The reading on the Relative Strength Index (RSI) shows that buyers have an upper hand. The RSI is rebounding from the oversold levels to over the 50-midline level, currently at 52 as it heads up.
Moreover, the Moving Average Convergence Divergence (MACD) is also bullish. The MACD line (blue) crosses above the signal line (orange), forming a bullish crossover.
The green bars on the histogram also extend above the neutral line. This shows that ETH is currently building up toward a positive momentum to the upside.
Ethereum Price Prediction
Long-term analysis indicates that Ethereum (ETH) is bullish, with the goal of breaking above the falling wedge pattern.
If the bulls propel the price to the upside, ETH would overcome the $3,175 resistance, which coincides with the 50-day SMA. Here, the bull will target $4,000 in the long term.
However, if the bears take charge of the price at this level, ETH could undergo a price retrace back to the $2,735 support zone, which coincides with the 200-day SMA.
As the ETH price gears up for another rally, investors are piling into the Mega Dice presale, which is the first GambleFi project on Solana.
The presale’s success is a key reason why 99Bitcoins, a prominent crypto YouTube channel with over 700,000 subscribers, believes that $DICE has the potential to soar 100X after its launch.
Hot New Solana GameFi Token Mega Dice Blasts Past $1.1 Million In Crypto ICO
The trending new Solana GameFi token Mega Dice (DICE) has smashed through the $1.1 million milestone in its ongoing presale.
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The Mega Dice platform is one of the fastest-growing crypto casinos, with 10,000 active players wagering more than $50 million every month. It also offers over 4,000 games and a sportsbook that has a wide variety of options for users.
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It aims to take on casino giant Rollbit Coin and to emulate the success of earlier launches like T.G. Casino, which soared 4x after listing.
DICE also distributes a share of profits to its users on a daily basis through its novel staking system.
If you’d like to join the presale, you can buy $DICE on the official website here for $0.069 per token using BNB, ETH, or SOL. You can also earn 10% on any purchases made by investors you refer.
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