Cryptocurrency price forecast: After rising on Monday, Bitcoin prices have been unstable for four days and are threatening a major crash over the weekend. The approval of an Ethereum ETF initially promised a market turnaround, but the outlook after its debut is bleak. According to a report by Chinese reporter Wu Blockchain:The U.S. Securities and Exchange Commission (SEC) has approved the Form 19b-4 filings of eight prominent Ethereum exchange-traded funds (ETFs).
The main reason the SEC approved the Ethereum Spot ETF is the correlation between CME Ethereum futures and certain Ethereum spot trading platforms. The bulk of the SEC's documents provide data evidence showing a high correlation, and CME and… pic.twitter.com/iozZA1OSQn
— Wu Blockchain (@WuBlockchain) May 24, 2024
Led by industry giants such as BlackRock, Fidelity, Grayscale, Bitwise, VanEck, ARK, Invesco Galaxy and Franklin Templeton, the ETF has yet to activate its S-1 registration statement before it can begin trading. The timeline for this final approval step is unclear, but Bloomberg analyst James Seifert estimates the process could take several weeks. The development marks a major step forward in integrating cryptocurrencies into mainstream financial services.
Thus, ETH price has shown remarkable resilience, with the $3,650 level for other altcoins such as Pepecoin (PEPE) and Lido DAO (LDO) pointing to opportunities for longer-term upside.
Also read: Ethereum Price Risks Falling to $3.4K Despite ETF Optimism, Here's Why
1) Cryptocurrency Price Prediction – Ethereum (ETH)
Ethereum is a decentralized, open-source blockchain system with its own cryptocurrency, Ether (ETH). As a pioneer of smart contracts (self-executing agreements whose terms are written hard into the code), it stands out as the foundational platform for the blockchain ecosystem.
Last week, Ethereum (ETH) entered a recovery phase after a strong bounce from the monthly support level at $2,860. This bullish reversal saw the value of Ethereum increase by over 30%, with Ethereum currently trading around $3,696. At the same time, Ethereum's market cap rose to $443.6 billion.
This recovery has gained notable momentum following the development of the spot ETH ETF. Despite notable sell-off across the market this week, ETH price has held above $3,650, indicating aggressive buying pressure from below.
The aforementioned levels could act as decent support for ETH to mount the next recovery towards $4,090 and then $4,430.
Also read: Ethereum (ETH) and Polygon (MATIC) Price Analysis. 5thScape Books Profits as 5th Presale Round Finishes
2) Pepecoin (PEPE)
Pepe Coin (PEPE) is a cryptocurrency that leverages the internet's increasingly popular character, Pepe the Frog, placing it in the meme coin category alongside Dogecoin and Shiba Inu. PEPE operates as an ERC-20 token on the Ethereum blockchain, known for the security provided by its Proof-of-Stake consensus mechanism.
PEPE price has been steadily rising over the past six weeks, influenced by the ascending trend line. The recent reversal from this support on May 20th has seen the asset rise 54% and is currently trading at $0.0000138.
According to CoinMarketcap, Pepecoin has a market capitalization of $5.93 billion and a 24-hour trading volume of $3.9 billion.
The pivot levels of the support/resistance indicator suggest that an increase in PEPE price could see overhead supply at $0.0000165 and $0.0000189, while the support levels are at $0.0000108 and $0.00000109.
Also read: 4 PEPE Alternatives to Buy for 100x Gains May-April 2024
3) Uniswap (UNI)
Uniswap (UNI) is a leading decentralized finance (DeFi) protocol known for facilitating the automated trading of decentralized tokens on the Ethereum blockchain. It sets itself apart by using a unique trading model called the Automated Liquidity Protocol, in which users pool their assets to form a liquidity pool.
Over the past five weeks, UNI price has primarily fluctuated within a tight range between $8.35 and $6.6. This sideways movement has occurred at a key support junction marked by the 78.6% Fibonacci retracement level and the ascending trendline (shown as the blue line), marking a key accumulation zone.
On May 20, buyers signaled a decisive breakout from the pattern’s overhead resistance, signaling a major trend reversal. The Uniswap coin is currently trading at $9.44 and has a market cap of $5.65 billion.
If the breakout sustains, coin buyers could lead a rise to $10.3 and then $13.3.
Also Read: Uniswap Price Analysis Suggests Rise Above $10 as Buyers Break Six-Week Consolidation
Key Takeaways
The altcoin market has maintained notable resilience amid Bitcoin's correction, buoyed by the ongoing development of a spot Ethereum ETF that has maintained bullish momentum. Ethereum price stabilizing above $3,650 confirms continued strong buying interest in the market.
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