A decision on the approval of the Spot Ethereum ETF is scheduled for May 23rd, and the crypto community is debating the following: Ethereum (Crypto: ETH) is poised for a rebound.
what happened: cold blooded scillah He started the discussion by referencing a thread he wrote in November when Ethereum was in a psychological downturn. He believes the current situation is similar, if not worse, and has decided to go long ETH again.
“ETH max is messed up,” he noted, pointing to the peak of euphoria and memes among Solana enthusiasts. Although he cannot deny that his performance has been sluggish, he declares that “the time has come.''
gel provides a more technical perspective and mentions the formation of a descending wedge pattern on Ethereum. He believes that if Bitcoin can move in a positive direction, Ethereum could also see significant gains. “There is still work to be done, but if Bitcoin can show the way, it could be time for another crazy rally in ETH,” Jere commented.
Jelle points out that Ethereum is building one of its own falling wedges, while another trader notes that eugenebrings a strategic perspective focused on positioning in ETH/.Bitcoin (CRYPTO:BTC) pair.
He observes the recent apathy and capitulation that has seen ETHBTC hit a three-year low. ETH Even though he expects the ETF to be rejected, Eugene remains optimistic about a rebound, saying, “ETHBTC will find a bottom in the range of 0.043-0.045 in the next 1-2 weeks. I predict that.”
He concludes with cautious optimism. “Time will tell whether I will be one of the ETH bulls killed.”
on the contrary, altcoin sherpa From a different angle, points out that the chart doesn't offer much of a reason to buy ETH due to the resistance level and negative sentiment among holders. However, he also suggests that the widespread bitterness could be a contrarian buy signal. “Sentiment is terrible,” he said, adding: “So maybe it's time to buy?”
Also read: Analyst says SEC 'considers asset security questions', odds of Ethereum Spot ETF approval drop later this month
Why it's important: The likelihood of an Ethereum ETF being approved is a topic of debate among market participants. Coinbase research suggests that the probability of approval is higher than the market price and could have a significant impact on the price of Ethereum.
Additionally, ARK Invest and 21Shares have also expressed interest in Ethereum ETFs. The companies have amended their Spot Ethereum ETF application filings, which are currently under review by the SEC. If approved, the Ethereum ETF could bring in new capital inflows, provide regulatory clarity, and strengthen Ethereum's market position.
what's next: The impact of Ethereum as an institutional asset class will be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on November 19th.
Read next: ARK 21Shares fixes Spot ETH ETF application: Cathie Wood on Ethereum ETF approval
This content is created in part using AI tools, and reviewed and published by Benzinga editors.
Image created using artificial intelligence in Midjourney.
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