Crypto Price Prediction: After the rally on Monday, Bitcoin price has been swinging for four days, taking a big tumble over the weekend. The approval of Ethereum ETFs initially promised a market turnaround, but the outlook in the wake of their debut is dismal. A report by Chinese reporter Wu Blockchain revealed that tThe US Securities and Exchange Commission (SEC) has approved Form 19b-4 filings for eight notable Ethereum exchange-traded funds (ETFs).
The reason why the SEC passes the Ethereum spot ETF is mainly due to the correlation between CME Ethereum futures and certain spot Ethereum trading platforms. Most of the SEC filings provide data evidence of high correlation, and the monitoring and sharing agreements of CME and… pic.twitter.com/iozZA1OSQn
— Wu Blockchain (@WuBlockchain) May 24, 2024
The ETFs, spearheaded by industry giants such as BlackRock, Fidelity, Grayscale, Bitwise, VanEck, Ark, Invesco Galaxy and Franklin Templeton, have yet to activate their S-1 registration statements before trading can begin. Although the timeline for this final approval phase remains uncertain, Bloomberg analyst James Seyffart estimates that the process could take several weeks. This development is a significant step forward in the integration of cryptocurrency into mainstream financial services.
The ETH price therefore shows notable resilience; the $3650 level of other altcoins such as Pepe coin (PEPE) and Lido DAO (LDO) indicates an opportunity for a prolonged rally.
Also Read: Ethereum Price Risks To Fall To $3.4K Despite ETF Optimism, Here’s Why
1) Crypto Price Prediction – Ethereum (ETH)
Ethereum is a decentralized, open-source blockchain system that contains its own cryptocurrency, Ether (ETH). It stands out as a fundamental platform in the blockchain ecosystem because of its pioneering of smart contracts – self-executing contracts with the terms of the agreement written directly in code.
Last week, Ethereum (ETH) started its recovery phase after a strong bounce from the $2860 monthly support level. This bullish reversal led to a more than 30% increase in its value, with the coin now trading at around $3696. At the same time, Ethereum’s market capitalization rose to $443.6 billion.
This recovery gained significant momentum after the development around Spot ETH ETF. While the broader market has seen a notable sell-off this week, the ETH price has remained above $3650, indicating active buying pressure from below.
The aforementioned level could serve as a suitable support for ETH to push its next recovery jump to $4090, followed by $4430.
Also Read: Ethereum (ETH) & Polygon (MATIC) Price Analysis; 5thScape sees gains as presale round five approaches
2) Pepe Coin (PEPE)
Pepe Coin (PEPE) is a cryptocurrency that capitalizes on the viral internet character Pepe the Frog, positioning itself in the meme coin category alongside others such as Dogecoin and Shiba Inu. PEPE operates as an ERC-20 token on the Ethereum blockchain, which is known for its security provided by the Proof-of-Stake consensus mechanism.
The PEPE price has been riding a steady rally for the past six weeks under the influence of a rising trendline. A recent reversal of this support on May 20 has driven the asset up 54% to trade at the $0.0000138 mark currently.
According to CoinMarketcap, the Pepe coin has a market capitalization of $5.93 billion, while the 24-hour trading volume is at $3.9 billion.
The Support/Resistance Indicator—Pivotal Level shows the rising 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 Must Buy PEPE Alternatives for 100x Profit in May-April 2024
3) Uniswap (UNI)
Uniswap (UNI) is a leading decentralized finance (DeFi) protocol known for facilitating automated trading of decentralized tokens on the Ethereum blockchain. It differentiates itself by using a unique trading model called an automated liquidity protocol, where users pool their assets to form liquidity pools.
Over the past five weeks, the UNI price has fluctuated predominantly within a narrow range between $8.35 and $6.6. This lateral movement occurs at a critical support point, marked by the 78.6% Fibonacci retracement level and an ascending trendline (illustrated by the blue line), indicating a significant accumulation zone.
On May 20, the buyers gave a decisive breakout of the pattern’s overhead resistance indicating 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 continues, the coin buyers could lead a rally to $10.3 followed by $13.3.
Also Read: Uniswap Price Analysis Tips For Over $10 As Buyers Break 6-Week Consolidation
Key takeaways
The altcoin market remains particularly resilient amid a Bitcoin correction, supported by progress in the development of a Spot Ethereum ETF, which has sustained bullish momentum. Ethereum’s price stability above $3650 confirms continued strong buying interest in the market.
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Disclaimer for Uncirculars, with a Touch of Personality:
While we love diving into the exciting world of crypto here at Uncirculars, remember that this post, and all our content, is purely for your information and exploration. Think of it as your crypto compass, pointing you in the right direction to do your own research and make informed decisions.
No legal, tax, investment, or financial advice should be inferred from these pixels. We’re not fortune tellers or stockbrokers, just passionate crypto enthusiasts sharing our knowledge.
And just like that rollercoaster ride in your favorite DeFi protocol, past performance isn’t a guarantee of future thrills. The value of crypto assets can be as unpredictable as a moon landing, so buckle up and do your due diligence before taking the plunge.
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