Yesterday, the consumer confidence index released in the United States fell to a six-month low. Bitcoin once fell to 60,187, and Ethereum fell to $2,878. As the Ethereum spot ETF approaches an important SEC “deadline,” most analysts are less optimistic about the chances of approval in May. 10X Research even predicts that Ethereum may correct to a price of $2,500.
Consumer confidence index declines
The University of Michigan's consumer confidence index fell to 67.4 on Friday, the lowest level in six months and well below market expectations of 76.2, amid expectations of continued short-term inflation and rising concerns about the job market.
10X Research: ETH corrects to $2,500
Bitcoin fell to as low as 60,187 last night, while Ethereum fell to $2,878. The Ethereum spot ETF is approaching an important SEC "deadline", but due to the lack of intensive meetings and discussions before the approval of the previous Bitcoin spot ETF, Bloomberg ETF analysts James Seyffart and Eric Balchunas are both less optimistic about the chances of approval in May.
Analyst Markus Thielen, who founded 10X Research, is more pessimistic and believes that Ethereum may correct to $2,500.
#Ethereum -> see you at $2,500
1-14) Ethereum remains this cycle’s basket case. Surprisingly, BTC and ETH remain highly correlated, with an R-square of 95%. Ethereum’s weak fundamentals are becoming a roadblock for Bitcoin …https://t.co/q6trSacXSz pic.twitter.com/vphguQ1Ly1
— Markus Thielen (@thielen10x) May 10, 2024
Only TON rises among top ten cryptocurrencies by market capitalization
Yesterday, the top ten cryptocurrencies by market capitalization all fell, with only TON rising. Pantera Capital, a cryptocurrency venture capital firm that manages more than $5 billion in assets, recently announced an investment in The Open Network (TON) blockchain, hoping to take advantage of Telegram’s wide range of users. The foundation to bring cryptocurrency to the masses.
(Crypto venture capital Pantera strategically invests in TON, taking a fancy to Telegram’s influence)
This article Ethereum spot ETF is approaching an important deadline, will ETH correct towards the 2,500 price level? First appeared in Chain News ABMedia.
