The price of Ether ETHUSD adds 3.67% to 3796 the highest since March 15th, as the speculation for a spot Ethereum ETF rises. The Ethereum market capitalization is now at 446.3 billion. Reports that the SEC will decide on Van Eck’s spot Ethereum Exchange Traded Fund application on Thursday and the Ark 21Shares Ethereum ETF application on Friday.
Standard Chartered said earlier today that expects the Ethereum ETF approval this week, and forecasts that Ether will hit $8000 this year, as the inflows in the funds would be between $15 billion and $45 billion only in the first year.
If the Securities and Exchange Commission approves VanEck’s application, ETFs offered by ARK 21Shares, Fidelity, BlackRock, Hashdex and Invesco Galaxy will be next. SEC accepted Bitcoin ETF’s in January 2024.
Ethereum network supports decentralized applications (DeFi) and financial services, where users can trade, borrow, and lend via automated software protocols.
Vitalik Buterin, the Ethereum co-founder, suggested today a unique solution to combat Ethereum’s miner extracted value (MEV) problem which refers to a practice where block creators try to maximize profits by using complicated strategies to lay out transactions within an existing block. These strategies increase gas fees.
In other news, Uniswap Labs said an enforcement action against the company by the SEC has no merit because the cryptocurrency tokens are not securities.
With the Ethereum ETFs looking like a very close deal, analysts believe the USA has finally turned ‘Crypto’ friendly. As of writing bitcoin is trading at 69383, ADAUSD is trading at 0.49426000, Ripple is trading at 0.53731 while Solana is trading at 175.20.
Ether ETH technical analysis
Ether ETHUSD price hovers above $3700 in the last hours, as the bullish breakout from yesterday continues today reaching the daily high at $3839 which also is a two-month high. Bulls took control yesterday after the price breached the 50 and 100-day moving averages.
Tomorrow, if the bulls want to keep control should break above today’s high ($3839) and then have to break above $3933 the top from March 15th.
Bears are watching the overbought Ether price as the daily RSI 14 indicator hovers above the 70 mark and expect a pullback as short-term traders might lock in some fast profits. Initial support for ETHUSD stands at $3675 the daily low, while the next support awaits at $3279 the 100-day moving average. A break below the 100-day moving average would cancel the recent bullish momentum and sellers will have the upper hand.
Nikolas has been involved in the finance industry for over fifteen years spanning across Europe and USA with a depth of knowledge and experience within many aspects of the financial markets. Nikolas gained several years experience with some of the Europe’s leading Brokers, as equity analyst, and trader managing accounts for both Private and Corporate Investors. He enjoys both the fundamental and technical aspects of trading focusing on stock markets and all FX majors. Currently, Nikolas provides analysis and comments to online financial publications. Educational background in Economics (BSc), and Finance (MSc).
