FX168 Financial News Agency (Asia Pacific) reported on Saturday (May 18), Ethereum soared from an overnight low of $2,933 to a peak of $3,126, outperforming its big brother Bitcoin. Analysts at Coinbase, the largest crypto exchange in the United States, said that the U.S. Securities and Exchange Commission may soon approve an Ethereum spot ETF.
Ethereum rebounded quickly on Friday, rising 5% as its co-founder Vitalik Buterin responded to recent criticism from the crypto community. Coinbase analysts also expressed confidence that an Ethereum spot ETF will debut on the market soon.
Coinbase analysts say the Ethereum spot ETF will still debut on the market despite the SEC’s silence on the issuer.
If you want to know more about the relevant knowledge of the cryptocurrency circle and first-hand cutting-edge information, click on the avatar to follow Maomao to publish daily market analysis and high-quality potential currency recommendations.
“As cryptocurrency begins to become an election issue, we are also less sure that the SEC is willing to put up the necessary political capital to support a denial,” said David Han, an analyst at Coinbase.
He added that if the first May 23 deadline is rejected by the SEC, "litigation would likely overturn that decision."
Meanwhile, Ether’s price has been slow to grow compared to Bitcoin and Solana, with many members of the cryptocurrency community on Twitter targeting Ethereum core developers with a series of criticisms.
Many criticized Ethereum for “embracing MEV” after the Justice Department arrested the brothers for exploiting a MEV-related vulnerability on the largest smart contract blockchain. Others complained that Ethereum people need to release more information about the protocol and its updates.
MEV stands for Miner Extractable Value, which is any automated interaction with positive expected value that we can perform on the blockchain. It is not speculation on asset prices, nor is it a Ponzi-style liquidity mining protocol or any traditional investment strategy.
Twitter user Chainyoda said: “Ethereum has a very bad case of Cosmos infection. In the last cycle, Ethereum discussed applications that can be used by humans, such as Uniswap and Aave. In this cycle, all Ethereum developers and investors only talk about serializers, shared serializers, and intercontinental summaries.”
More importantly, Geth core developer Peter Szilagyi expressed dissatisfaction with the multiple upgrades that the Ethereum network has undergone in a short period of time. “My criticism is that Ethereum developers have abandoned due process and are eager to fix problems.”
The growing concerns sparked a series of posts from ethereum core contributors, including Josh Stark, Tim Beiko, Dankrad Feist, and ethereum co-founder Vitalik Buterin.
Buterin responded to the criticisms in detail in a blog post, noting that the concerns raised by community members are valid and “already being addressed through ongoing protocol features.”
He also said that some of the community’s other concerns could be “addressed by very realistic adjustments to the current roadmap.” Buterin addressed the three main areas that he believed constituted the majority of issues: MEV and builder dependencies, liquid staking, and node hardware requirements.
He discussed Verkle trees, EIP-4444, strong solo staking, and how MEV’s reduced peer pressure development process addresses these issues.
“There are an almost infinite number of blockchain projects targeting the niche of ‘we can be super fast and we’ll think about decentralization later.’ I don’t think Ethereum should be one of those projects,” Buterin said.
He added: “We should have a deep respect for the features that make Ethereum unique and continue to work to preserve and improve them as Ethereum scales.”
Ethereum Technical Analysis
FXStreet analyst Michael Ebiekutan said that Ethereum rose 5% after breaking through the $3,103 resistance level. This rise came after a general appreciation of assets in the cryptocurrency market. However, after some community members emphasized that the Ethereum/Bitcoin ratio was close to a bottom, Ethereum has performed significantly better than Bitcoin in the past 24 hours.
As a result, Ether short liquidations exceeded long liquidations for the first time.
CoinGlass data shows that total liquidations in the past 24 hours were $24.5 million, of which short liquidations were $17.54 million and long liquidations were $6.76 million.
The recent rise in Ethereum has also led to a surge in Ethereum open interest, which has increased by 6.6% in the past 24 hours. This means that investors’ interest in Ethereum has been rekindled, which means that sideways fluctuations may decrease in the coming days.
If confidence returns, Ether may attempt to break through the $3,161 resistance level and, if successful, the $3,251 mark. However, it is important to note the volatility in the days leading up to the SEC’s decision on the Ether spot ETF on May 23.
