$ETH Failure to approve ETFs will drive a nail into the lid of Ethereum.
CryptoSlate analyst James Van Straten believes that the refusal of the US authorities to approve the issue of Ethereum-ETF will drive a nail into the coffin of Ethereum (ETH). It seems that Ethereum will be brought to the grave. Rejection of applications for the creation of spot ETFs will lead to a fall in the price of Ethereum relative to Bitcoin from 0.047 to 0.03 ETH in the long term. Ethereum has again become susceptible to inflation. Thanks to the Dencun update, transaction fees have been reduced, and due to the small number of coins burned, the circulating supply of ETH increases, Straten wrote. On May 23 and 24, the US Securities and Exchange Commission is scheduled to issue a verdict on applications for the issuance of Ethereum-ETFs submitted by VanEck and ARK Investment Management, respectively. From anonymous sources it became known that officials are reluctant to make contact with representatives of firms, while in anticipation of agreeing on the start of Bitcoin-ETF trading, the regulatorâs staff is actively judged the products offered. In this regard, experts doubt that the department will give the go-ahead for the creation of an Ethereum-ETF. In this case, as James believes, ETH will fall in price by 36% relative to Bitcoin. That is, if the price of BTC does not change, then the Ethereum rate will drop to $1883 from the current value. The bearish trend has been dominating the ETH market since March 13, so Stratenâs forecast may turn out to be correct, but it will come true in the distant future.#ETHđ„đ„đ„
