Future Situation!
Ethereum faces continued pullback
The price of Ethereum (ETH) may fall further, potentially reaching the $2,600 to $2,900 range. The current market sentiment is affected by uncertainty.
Ethereum (ETH) fell 4% in the past 24 hours, falling below the $2,910 mark again. This downward trend has continued for a week, and ETH has recently lost about 6% of its value.
Spot Ethereum ETF Delayed
The approval process for Ethereum spot exchange-traded funds (ETFs) faced delays in May. Unlike the Bitcoin ETF, the U.S. Securities and Exchange Commission (SEC) seems less sure about approving the Ethereum ETF.
The chances of approval this month are slim, especially after the SEC postponed its decision on the to July 5, 2024. The SEC hopes to have more time to review and collect feedback before making a final ruling.
This delay may put additional pressure on the price of Ethereum in the coming weeks.
Ethereum's weakness relative to Bitcoin
Ethereum's performance relative to Bitcoin (ETH/BTC) continues to be weak, which is evident in recent days and long-term trends. Forecast ETH/BTC to fall further
Altcoins soar in the third quarter
Despite the delay, the possible rotation in the market is favorable. This rotation may favor altcoins in the third quarter of 2024, and altcoins may have an outbreak.
Bitcoin sideways
However, Bitcoin (BTC) will enter a consolidation period and is expected to remain within the established price range for the next 2 months.
According to historical laws, Bitcoin usually enters a sideways market phase after halving, marking an accumulation period. This trend observed in previous halvings has prompted investors to accumulate Bitcoin during periods of price stability in preparation for future price increases.
Of course, whether it is BTC or ETH, it is an accumulation. The big bull will come!
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