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?
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.
