🫨😱Legendary Crypto Analyst Summarizes 4 Important Events in May
Ethereum's Price Projection
Van de Pop's analysis reveals a gloomy outlook for Ethereum (#ETH ) and predicts a potential drop to the December 2,500-2,750 dollars. This forecast reflects the prevailing market sentiment, which is heavily influenced by macroeconomic dynamics and regulatory uncertainties.
Over the past 24 hours, Ethereum has experienced a 4% decline and has once again fallen below the $2,910 threshold. This downward trend has been going on for more than a week, and ETH has been losing about 6% of its value in recent days.
ETF Approval Delays
With the Securities and Exchange Commission (SEC) being cautious, unlike its stance on Bitcoin ETFs, the approval hurdles for the Ethereum spot exchange-traded fund (ETF) look huge. The postponement of the decision on the Invesco Galaxy Ethereum ETF to July 5, 2024 further increases the uncertainty surrounding the regulatory environment of Ethereum.
Van de Pop's prediction suggests that the ETF delay could increase October's troubles by putting additional downward pressure on Ethereum's price in the near future.
Ethereum's Fight Against Bitcoin Continues
Ethereum's performance against Bitcoin (ETH/BTC) remains weak due to the persistent weakness seen in recent days and long-term trends. Van de Pop predicts further declines for ETH/BTC, underscoring Ethereum's ongoing struggle to keep up with Bitcoin.
The #altcoins Rose in the Third Quarter
Despite the regulatory glitches, van de Pop remains optimistic about a potential market rotation after the ETF delay. This change could potentially be in favor of altcoins in the third quarter of 2024 and could offer avenues for growth and portfolio diversification.
