The crypto community is eagerly awaiting as the U.S. Securities and Exchange Commission nears its final decision on Ethereum spot Exchange Traded Funds (ETFs). According to Bloomberg analysts, chances are 75% now that we’ll ETH ETFs approved this year.
Market analysts and industry experts are weighing in, predicting a potential surge in ETH prices if the SEC approves the ETFs.
Conversely, a rejection could lead to a downturn for the world’s second-largest crypto asset. Crypto enthusiasts await the SEC’s verdict, which could profoundly impact the future of Ethereum and the broader decentralized finance (DeFi) ecosystem.
Ethereum Price Prediction
Analysts and traders have expressed their optimism regarding Ethereum’s price trajectory, should the SEC greenlight the spot ETFs. CryptoBusy, a crypto influencer, highlighted the formation of a bullish triangle pattern, with Ethereum consolidating inside for 70 days. The analyst identified key resistance levels at $3,200 and $3,350, suggesting a potential breakout if the ETF approval catalyzes a price surge.
Crypto Patel, an analyst, echoed similar sentiments. In a tweet, Patel pointed to Ethereum’s falling wedge/bull flag pattern and a strong bounce off support, signaling bullish momentum. According to Patel, an ETF approval could propel ETH prices to the $5,000-$6,000 range, while a rejection might trigger a drop to $2,500-$2,000.
#Ethereum Eyes Breakout: Will ETH ETF Decision Propel Prices to $6000?$ETH is showing bullish signs with a falling wedge/bull flag pattern and a strong bounce off support.ETH ETF decision on Thursday. Deadlines for 4 ETF issuers are at the end of this month, starting May… pic.twitter.com/QuieCafdeA
— Crypto Patel (@CryptoPatel) May 20, 2024
ETH’s Bullish Indicators
Jelle, a crypto analyst, further bolstered the bullish case for Ethereum. After reclaiming the crucial 100-day Exponential Moving Average (EMA), Jelle believes a breakout from the multi-month continuation pattern could propel ETH towards the $4,000 target. Captain Faibik, another trader, celebrated a 16% profit following Ethereum’s falling wedge breakout accompanied by strong bullish volume.
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Show more +Show less – Odds of Ethereum Spot ETF Approval Soar to 75%
Moreover, Bloomberg ETF analysts have increased their odds of a spot Ethereum ETF approval to 75%, up from the previous 25%. This surge in confidence comes amidst reports that the SEC could reverse its stance on the increasingly political issue. Eric Balchunas and James Seyffart, two figures in the ETF saga, have raised their approval odds based on the latest chatter surrounding the SEC’s potential shift.
Nate Geraci, a respected voice in the ETF space, provided insights into the approval process. According to Geraci, the SEC must approve both the 19b-4s (exchange rule changes) and S-1s (registration statements) for the ETFs to launch. While the SEC could approve the 19b-4s this week, it might delay the S-1s, potentially slowing down the overall launch process.
Market Sentiment
The SEC’s imminent decision on Ethereum spot ETFs carries implications for the crypto market. While approval could catalyze a substantial price rally and increased mainstream adoption, a rejection might trigger a selloff and hinder the growth of the DeFi sector.
As the crypto world holds its collective breath, the SEC’s ruling will undoubtedly impact the trajectory of Ethereum, solidifying its position as a leading blockchain platform or potentially hindering its progress. Regardless of the outcome, the decision will reverberate throughout the industry, shaping the future of digital assets and decentralized finance.
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The post Ethereum’s Price Poised for Surge as SEC’s Approval Odds for ETH ETFs Increase: Experts Set These Next Targets appeared first on CaptainAltcoin.
