Is it too late to buy ETH? Ethereum Price Soars 5% on Coinbase Optimism About ETH ETF Approval Probability, This Could Be The Next Cryptocurrency To Explode

adminMay 18, 2024

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Ethereum price has increased by 5% in the last 24 hours. Traded for $3,110 As of 10:16 PM ET, trading volume had surged 25% to $13.6 billion.

This development follows comments from Coinbase analyst David Han, who argued that the market may be underestimating the likelihood that a spot Ethereum exchange-traded fund (ETF) will receive approval from the U.S. Securities and Exchange Commission (SEC).

Deadlines have been set for May 23 and 24 to decide whether to approve applications for spot Ethereum ETFs submitted by VanEck and ArkInvest/21 Shares, respectively.

“Markets may be underestimating the timing and likelihood of potential approval, which leaves room for surprises on the upside,” one mayor said in a May 15 note. “There are positive aspects to this decision that can be surprising.”

The market has all but ruled out the possibility of an ETH ETF being approved this month, but one representative said it was only a matter of “when.”

The fact that the U.S. Department of Justice on May 15 indicted two people on charges of wire fraud and money laundering by manipulating the Ethereum blockchain is also positive news for the prospects of ETH ETF approval.

The indictment states that Ethereum operates without a central authority or trusted intermediary, reaffirming the blockchain’s decentralized principles and emphasizing the importance of network integrity while reducing the likelihood that the SEC will classify ETH as a security under its jurisdiction.

The Emperor has no clothes.
The SEC is believed to be taking the position that ETH is a security.
Meanwhile, federal prosecutors from the SDNY, representing the “United States,” just claimed that Ethereum is a “decentralized blockchain” with “no central actor operating it.” https://t.co/isIP4sV43I pic.twitter.com/pe8BdfBtut
– orlando.btc (@Orlando_btc) May 16, 2024

Ethereum price is expected to soar through a falling wedge pattern.

Ethereum price chart analysis Source: GeckoTerminal.com — ETHUSD chart analysis Source: GeckoTerminal.com

Ethereum price has been on an upward trend this year, reaching a yearly high of $4,116 in March. gecko terminal It shows. However, ETH subsequently moved lower and traded within a descending wedge pattern.

ETH has found support around $2,850, which the bulls use to trade the price within the upper limit of the wedge.

ETH price is trading above the 200-day simple moving average (SMA), confirming an upward trend. If the bullish momentum continues, ETH could surge and overcome the 50-day SMA of 3,175, which is a bullish breakout signal.

Relative Strength Index (RSI) readings show that buyers have the upper hand. RSI is rebounding from oversold levels above the 50 midline and is currently heading towards 52.

Additionally, MACD (Moving Average Convergence Divergence) is also showing strength. The MACD line (blue) crosses above the signal line (orange), forming a bullish crossover.

The green bar in the histogram also extends above the neutral line. This shows that ETH is currently building towards positive upward momentum.

Ethereum price prediction

Long-term analysis shows that Ethereum (ETH) is showing strength as it aims to break a bullish wedge pattern.

If the bullish trend pushes the price higher, ETH will overcome the resistance at $3,175, which is in line with its 50-day SMA. From here, the bulls will target $4,000 in the long term.

However, if bears take charge of the price from this level, ETH may move back towards the $2,735 support area, which is in line with its 200-day SMA.

As ETH price prepares for another rebound, investors are flocking to the pre-sale of Solana’s first GambleFi project, Mega Dice.

The success of the pre-sale is a key reason why 99Bitcoins, a popular cryptocurrency YouTube channel with over 700,000 subscribers, believes $DICE has the potential to rise 100x post-launch.

The latest popular Solana GameFi token, Mega Dice, has surpassed $1.1 million in its cryptocurrency ICO.

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The Mega Dice platform is one of the fastest growing cryptocurrency casinos, with 10,000 active players betting over $50 million every month. It also offers a sportsbook with over 4,000 games and a variety of options for users.

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It aims to emulate the success of earlier launches such as TG Casino, which acquired casino giant Rollbit Coin and has soared four-fold since listing.

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If you would like to participate in the pre-sale, You can purchase $DICE on the official website here. $0.069 per token using BNB, ETH or SOL. You’ll also earn 10% when an investor you refer makes a purchase.