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<p>The post <a href="https://coinpedia.org/price-analysis/ethereum-price-at-risk-as-critical-etf-decision-approaches-what-next-for-eth-price/">Ethereum Price at Risk as Critical ETF Decision Approaches: What Next For ETH Price?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p><a href="https://coinpedia.org/price-prediction/market-price-prediction-ethereum-2019/" target="_blank" rel="noreferrer noopener">Ethereum (ETH) price</a> continued with the two-month market correction after closing last week around $2,927. The web3 behemoth has been under heavy bearish sentiment as the final ruling, May 23, for spot <a href="https://markets.coinpedia.org/crypto-etf/" target="_blank" rel="noreferrer noopener">Ether ETFs</a> in the United States draws closer. According to the latest market data, Ethereum’s price slipped over 1 percent in the last 24 hours to trade around $2,891 on Monday during the early London session.</p> 
<h2 class="wp-block-heading" id="h-bitcoin-freight">Bitcoin Freight</h2> 
<p>As the altcoin industry continues to register heightened volatility, more traders have been taking shelter in Bitcoin (BTC). In the past 24 hours, Bitcoin price had gained around 0.3 percent to trade around $61,200.&nbsp;</p> 
<p>Most of the altcoins – led by Solana (SOL), Dogecoin (DOGE), and XRP – dropped nearly 5 percent in the past 24 hours.</p> 
<p>According to a popular crypto analyst Benjamin Cowen, Ethererum and the altcoin industry will continue to bleed to Bitcoin until the Federal Reserve initiates rate cuts later this year.</p> 
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   <p lang="en" dir="ltr">Go read the comments in the quoted tweet below from January. <br><br>Basically no one believing that <a href="https://twitter.com/hashtag/ETH?src=hash&amp;ref_src=twsrc%5Etfw">#ETH</a> / <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> would keep on fading and laughing at the idea presented.<br><br>WHERE ARE THEY NOW?<br><br>Probably calling the bottom on ETH/BTC again. <a href="https://t.co/4ySS6XiNxz">https://t.co/4ySS6XiNxz</a> <a href="https://t.co/nkmW9ryo6h">pic.twitter.com/nkmW9ryo6h</a></p>— Benjamin Cowen (@intocryptoverse) <a href="https://twitter.com/intocryptoverse/status/1789868351277117496?ref_src=twsrc%5Etfw">May 13, 2024</a>
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<h2 class="wp-block-heading" id="h-what-next-for-ethereum-price-nbsp">What Next for Ethereum Price?&nbsp;</h2> 
<p>Ethereum’s price action is largely under the control of the upcoming final decision on VanEck’s spot Ether ETF. If the US SEC decides to reject the spot Ether ETF applications, Eth’s price will ultimately dip below the crucial support level of around $2,800.</p> 
<p>The altcoin-king will likely find a support range between $2,347 and $2,681, which coincides with the 1.618 and 1 daily Fibonacci Extension.</p> 
<p>On the other hand, if the US SEC commissioners approve spot Ether ETFs later this month, the altcoin bulls will be rejuvenated in the subsequent weeks. In such a scenario, ETH bulls will likely pump towards its all-time high (ATH) above $4,800.</p> 
<p>Also Check Out : <a href="https://coinpedia.org/price-analysis/chatgpt-predicts-bitcoin-price-when-will-btc-price-initiate-bull-run/">ChatGPT Predicts Bitcoin Price : When Will BTC Price Initiate Bull Run?</a></p>

Ethereum Price at Risk as Critical ETF Decision Approaches: What Next For ETH Price?

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