The approval of an Ethereum ETF (Exchange-Traded Fund) could have both positive and negative effects on other altcoins:
Positive effects:
1️⃣Increased mainstream adoption and recognition of cryptocurrencies, potentially leading to higher prices and investor interest in other altcoins.
2️⃣Improved market sentiment, as a regulated ETF can lend credibility to the cryptocurrency market.
3️⃣Possible increased investment in other altcoins, as investors seek diversification beyond Ethereum.
Negative effects:
1️⃣Potential cannibalization of investment funds, as investors prioritize Ethereum over other altcoins.
2️⃣Increased competition for market share, potentially leading to decreased prices and liquidity for smaller altcoins.
3️⃣Regulatory scrutiny, as other altcoins may face increased pressure to meet regulatory standards, potentially leading to delistings or legal challenges.
Note:
It's important to note that the impact will vary depending on the specific altcoin, its use case, and market conditions. Some altcoins may benefit from the increased mainstream attention, while others may struggle to compete.
$ETH $BTC $SOL
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The recent news of the SEC returning S-1 forms to Ethereum ETF issuers is having a significant impact on the crypto industry. This analysis explores the potential implications for the price of $ETH .
Understanding the ETF Process
For clarity, let's revisit the ETF approval process. The recently returned S-1 forms are the second step, following the approval of 19b-4 forms in May. The 19b-4 approval itself boosted the price of ETH by 30% to $3980.
The S-1 forms require minor revisions, which will likely involve further discussions between the SEC and ETF issuers. This will inevitably delay the launch of the ETH ETF to September or even later.
In Short: The launch of the ETH ETF is delayed, NOT rejected.
This is a standard part of the ETF approval process, and the ETF will eventually be launched.

Is ETH Still a Buy?
I get asked a lot about whether ETH remains a good investment these days.
My stance? I am bullish on ETH.
This is primarily because ETH is one of the few Profitable blockchain networks currently operating. In fact, it boasts the Highest Earnings in Q1 2024, surpassing even BTC and SOL. Here's a breakdown:
• ETH Q1 2024 Earnings: 369 Million
• BTC Q1 2024 Earnings: -$4450 Millions
• SOL Q1 2024 Earnings: -$843 Millions
(Data Source: Token Terminals)

My Trade Plan for ETH
Since I sold all my ETH during the May rise, I am currently holding none. Here's my plan for re-entry:
Spot Market:
1. Buy at Support: I will buy in portions at key support levels.
2. Breakout with High Volume: If the price breaks above 2nd Resistance with significant trading volume, I will invest the remaining portion.

Example (refer the Chart for Key Support & Resistance level):
• Buy 30% at the 1st Support level, another 30% at the 2nd Support, and a final 30% if the price dips back to the 2nd Support and forms a Double Bottom.
• Invest the remaining portion when the price breaks above 2nd Resistance with high volume.

Futures Market:
Due to the higher liquidation risk associated with falling prices and funding rates, I will only Enter my position, after a confirmed breakout above the 2nd Resistance with high volume.
Low leverage (2-3x) is employed here to Hold the position throughout the Bull Run.
Roll up Strategy using floating profits will also be used to increase Return on Investment (ROI).
Lastly, remember to use Stop Loss. It is mandatory for every single Futures Trade.

Conclusion:
This analysis discussed the recent ETH ETF news, my bullish outlook on ETH, and my personal trade plan. Let me know your thoughts in the comments below!
Follow me for more in-depth trade analyses.

Disclaimer: This is NOT a Financial Advice. DYOR.

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The SEC's smooth processing of Ethereum ETF applications hints at a potential early July approval, amidst growing political discourse over the impact on upcoming elections.
Key Insights
Pending Applications: The spot Ethereum ETF applications have been awaiting SEC approval for some time.Positive Outlook: In a recent Bloomberg interview, SEC Chair Gary Gensler mentioned that the approval process is "going smoothly."Potential Approval Date: Analysts predict we might see an approval during the first week of July.Political Implications: The Ethereum ETF issue is becoming a political topic, with Brad Garlinghouse suggesting that Gensler's decisions could impact Biden's re-election chances.

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On May 20, 2024 Ethereum rose very significantly by around 20%. This is related to the positive progress of the ETF's approval by the SEC, although it has not yet been approved to start trading.
If we look at the price action in the Daily TF after the pump on May 20, it can be seen that ETH experienced a decline. But it's clear this wasn't an impulsive drop but more like a healthy correction.
On May 24, ETH rebounded quite well at Fibo 0.618. This is a positive sign that this coin will start to continue its rise again.
The supporting reason is the possibility that the SEC will approve Ethereum ETF trading on July 4 as reported by Reuter.
The closest target is FVG which was formed on June 7 2024. If there is rejection here a lower high will be formed but if it is successful in breaking it then we can hope that ETH will test the price of 4000 dollars.
$ETH
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