Ethereum prices fell 3% after the SEC postponed its Galaxy ETH ETF decision until July and the AR/VR cryptocurrency closed at $6 million.

adminMay 7, 2024

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The price of Ethereum has fallen 3% over the past 24 hours, trading at $3,096 as of 6:33 a.m. ET, with volume surging 46%.

One of the bearish fundamentals for the Ethereum price is the U.S. Securities and Exchange Commission’s (SEC) move to delay its decision on the Invesco Galaxy Ethereum spot ETF application until July 5.

JUST IN: SEC DELAYS DECISION ON INVESCO AND GALAXY SPOT $ETH ETF
— BSCN Headlines (@BSCNheadlines) May 6, 2024

The delay brings to mind comments MicroStrategy founder Michael Saylor made during a May 2 webinar. At the time, the Bitcoin proponent and major investor said that XRP, ETH, BNB, SOL, and ADA would not be packaged into spot ETFs accepted by Wall Street. or mainstream institutional investors as a cryptocurrency asset.

#Bitcoin – There is no second best solution pic.twitter.com/PLDgwGwF9J
— Michael Saylor⚡️ (@saylor) May 2, 2024

The webinar sparked backlash from the community, with Saylor saying he was only interested in the company’s bottom line.

Ethereum price prediction

Ethereum price is trading with a bearish bias, but there is a bullish reversal pattern up its sleeve as it consolidates within a descending wedge pattern. This form of technology is characterized by a narrowing price range with an upward price trend.

As long as the $2,900 level continues to remain as support, the bullish reversal pattern will remain in effect. The relative strength index (RSI) continues to show high lows, so there is a high possibility of an increase. Increasing buying pressure could push Ethereum price up 26% to the pattern’s target of $4,083.

Traders looking to take a long position on ETH will have to wait until the candle closes above $3,406. This will confirm the breakthrough.

Ethereum price

TradingView: ETH/USDT 1-day chart

On the other hand, the market may tilt towards the bearish side as the Awesome Oscillator (AO) is still in negative territory. If seller momentum increases and ETH falls below the $2,900 support, the bulls will be invalidated.

Due to ETH’s bearish bias, some investors may consider investing in 5SCAPE, an AR/VR cryptocurrency that closes $6 million in its ICO. Analysts and cryptocurrency YouTubers like Michael Wrubel are bullish on this token.

A promising alternative to Ethereum

5SCAPE is a blockchain token for the 5th Scape ecosystem, the gateway to 10 years of next-generation innovation. Recognizing that virtual reality (VR) is the future and higher education institutions recognizing this fact, this project seeks to realize the limitless potential of the virtual realm.

🌟 Unlock new levels with 5th Sscape! Dive into adrenaline-pumping combat, precision archery, and high-speed racing in an infinite virtual world. Holding 5SCAPE tokens grants you exclusive benefits such as free games, discounts and seamless intra-world transactions.
that much… pic.twitter.com/LNO30KXRPW
— 5th Scape (@5th_scape) April 20, 2024

Token holders can enjoy a variety of gaming experiences while enjoying the hyper-realistic gaming world of virtual reality. From adrenaline-pumping combat to precision archery, high-speed racing, and immersive sports, there’s plenty to enjoy.

🎮 Calling all VR and MMA fans! Prepare to be amazed, as 5thScape is set to redefine virtual combat with “MMA Cage Conquest.” This game takes you into the heart-pounding world of MMA in VR. 🥊
🌟 Get ready for the release of “MMA Cage Conquest” in the meta… pic.twitter.com/MHbKgKHIxb
— 5th Scape (@5th_scape) May 3, 2024

The 5th Scape VR ecosystem will unleash the next wave of gaming innovation in the VR sector, enabling the Web3 sector to move into tomorrow. This is the industry’s first AR and VR ecosystem designed to connect the smartest people.

This platform is committed to becoming the architect of alternate realities by creating an integrated system complete with both hardware and software. Experts like Decrypt Crypto say it has the potential to become the next 100X cryptocurrency after its launch.

The 5th Scape VR ecosystem also has a developer center. The team is committed to providing builders with access to the right resources to bring their worlds to life and unleash a new wave of gaming innovation. With pre-sales still underway, you can become an early adopter in this fledgling ecosystem.

Here you go #5th scenery family! 🎮 Stopped by to share some amazing news. Our dedicated team is constantly upping the thrill factor in our latest projects!
🚀 Stay tuned for the latest updates and improvements as we continue to redefine what is possible in gaming.… pic.twitter.com/qwrDZH5p4a
— 5th Scape (@5th_scape) April 30, 2024

BUY 5SCAPE IN PRE-SALE

Funds raised so far have reached more than $5.8 million of the $6.25 million goal.

🚀 Stage 5 of the 5th Scape Presale has begun! 🚀
🔥 Jump into the virtual frontier with 5SCAPE, your gateway to limitless experiences. 🌐
🎮 Surreal VR game
🌟 Unlock premium content#Cryptocurrency #5th scenery pic.twitter.com/EFIJ4MgIs4
— 5th Scape (@5th_scape) April 12, 2024

If you are interested in purchasing 5SCAPE, the ticker of the 5thScape ecosystem, you can do so for $0.00327 per token and take advantage of the upcoming 15% increase.

Visit 5SCAPE here to purchase.

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