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COINTURK NEWS > Ethereum (ETH) > Current Trends and Predictions for Ethereum and Bitcoin Prices
Ethereum (ETH)

Current Trends and Predictions for Ethereum and Bitcoin Prices

In Brief

  • Bitcoin price stands at $61,000; altcoins hit support levels.

  • Ethereum price struggles below $3,000, may drop further.

  • SEC's upcoming decisions could impact Ethereum ETF optimism.

COINTURK NEWS
COINTURK NEWS 1 year ago
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Bitcoin price is currently finding buyers at $61,000 while altcoins have retreated to support levels. Trading volumes have significantly decreased, dropping below $40 billion daily. Investor interest is understandably waning, and the upcoming inflation data is expected to trigger volatility in the markets. What are the experts predicting for the biggest altcoin?

Contents
Ethereum (ETH)The Future of Ethereum

Ethereum (ETH)

Ethereum, the largest altcoin by market value, also hosts some of the largest protocols in the crypto ecosystem. However, despite this, the price of ETH is below $3,000. According to the latest assessment by 10X Research, frustrating days for Ether investors could continue for a longer period.

Analysts suggest that due to movements independent of the current cycle and distancing from previous cycle catalysts, ETH could see new lows below $2,500. Daniel Yan, Founder and CIO of Kryptanium Capital, expresses a similar view.

“Ethereum is the world’s second largest in crypto, but it continues to disappoint both fundamentally and technically. The chart below looks particularly weak to me. If $2,950 is broken, we could easily see a range of $2,500 to $2,600 in a crash.”

The Future of Ethereum

Things are not looking good in the short term. On May 23 and 24, the SEC will announce its final decisions for the spot Ether ETF. Recent cases suggest these will be rejected. However, recently on May 10, Ark 21 Shares revised their spot Ethereum ETF proposal, removing the stake plan. Why was this confusing move made?

Bloomberg ETF analyst Eric Balchunas thinks that the application document might have been updated based on SEC feedback, even though no comments have been made by either party.

“This move looks like it could be shaping their documents based on SEC comments (which would be good news), but no comments were made.”

The recent change seems to have increased investor optimism for the approval of the ETH ETF. Although the proportion of those waiting has increased, the rate is still only 14%, indicating that those expecting a rejection clearly continue to dominate.

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Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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COINTURK NEWS 12 May, 2024 - 2:03 pm 12 May, 2024 - 2:03 pm
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