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Ethereum, the largest altcoin by market value, has recently fallen back to the $3,000 level, failing to make the anticipated leap. The negativity in Bitcoin’s price is being reinforced by statements from Federal Reserve members. Despite rising unemployment data, the market is beginning to be certain that the decline in inflation has halted.
How Much Will Ethereum Cost?
The recent drop in the “king of altcoins” is part of a correction that started in the “selling zone.” This price area is formed by the decreasing trend line resistance and Ethereum’s 50-day exponential moving average. Similar chart formations are occurring in some altcoins, and predictions for ETH will also give us an idea about the general altcoin performance.
Despite recent frustrating declines, the falling wedge formation on the ETH front prevents the hopes of bulls from being completely dashed. This formation, created by two converging downward trend lines, can pave the way for significant bullish breakouts.
In the falling wedge, when the price escapes the upper trend line, the expected large movement begins as it rises by the maximum distance between the upper and lower trend lines. If the positive scenario materializes, it is expected that the ETH price will move between $3,640 and $4,115 by the end of May.
In the opposite scenario, if bears start making closures below the support line of the wedge, powered also by the negative sentiment in the general market, things will get complicated. In this case, the bullish scenario could reverse, and the ETH price might drop to $2,780 or lower within May. The 200-day Exponential Moving Average (EMA) is also a crucial area for Fibonacci levels.
Will an Ether ETF Be Approved?
Just before entering the last week of this month, we will likely see the SEC rejecting the ETH ETF applications. In addition to the latest legal step investigating the relationship between Ethereum Foundation and network companies, several actions were taken. Robinhood received a Wells notice, Uniswap was targeted, and the SEC explicitly stated that ETH is a security.
In light of all these, nearly all experts seem certain of the ETH ETF rejection. The current price level already significantly reflects this expectation. Therefore, for a bullish scenario to materialize, the ETF rejection will remain a significant negativity looming over us until the last week of May.
