Ethereum

Rally

Ethereum price analysis: On Monday, the crypto markets witnessed a renewed influx of volume as rumors of a spot <a href="https://coingape.com/spot-ethereum-etf-top-5-reasons-why-sec-offered-regulatory-nod/" rel="noopener noreferrer nofollow">Ethereum ETF</a> approval hit the mainstream crypto news platforms. Following the rumors of the approval, ETH surged 22%, topping at $3,947 before retracing back.
On May 24, 2024, the Securities and Exchanges Commission (SEC) approved eight-spot Ethereum ETFs in an omnibus order. However, <a href="https://coingape.com/price-predictions/ethereum-eth-price-prediction/" rel="noopener noreferrer nofollow">Ethereum’s</a> momentum has slowed significantly, even after the official <a href="https://coingape.com/markets/top-5-booming-crypto-to-buy-for-100x-potential-ethereum-etf-take-off/" rel="noopener noreferrer nofollow">ETH ETF</a> approval news.
<h2 id="b-ethereum-price-analysis-eth-chart-remains-bullish-post-ethereum-etf-approval-news-b">Ethereum Price Analysis: ETH Chart Remains Bullish Post Ethereum ETF Approval News</h2>
<figure id="attachment_198583" aria-describedby="caption-attachment-198583" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-198583" src="https://coingape.com/wp-content/uploads/2024/05/WhatsApp-Image-2024-05-24-at-14.42.56-1.jpeg" alt="ETH price chart | TradingView" width="1280" height="565" srcset="https://coingape.com/wp-content/uploads/2024/05/WhatsApp-Image-2024-05-24-at-14.42.56-1.jpeg 1280w, https://coingape.com/wp-content/uploads/2024/05/WhatsApp-Image-2024-05-24-at-14.42.56-1-300x132.jpeg 300w, https://coingape.com/wp-content/uploads/2024/05/WhatsApp-Image-2024-05-24-at-14.42.56-1-1224x540.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/05/WhatsApp-Image-2024-05-24-at-14.42.56-1-768x339.jpeg 768w, https://coingape.com/wp-content/uploads/2024/05/WhatsApp-Image-2024-05-24-at-14.42.56-1-150x66.jpeg 150w" sizes="(max-width: 1280px) 100vw, 1280px">
 <figcaption id="caption-attachment-198583" class="wp-caption-text">
 ETH price chart | TradingView
 </figcaption>
</figure>
The recent <a href="https://coingape.com/markets/ethereum-price-prediction-as-end-of-correction-to-gain-regain-4000/" rel="noopener noreferrer nofollow">Ethereum price</a> surge and subsequent consolidation have led to a bullish flag. Bulls are expected to push the price even higher after this short resting phase.
Currently, ETH is trading at $3,705, according to <a rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/currencies/ethereum/">CoinMarketCap</a>. The price holds steady above the 50-day and 200-day simple moving averages (SMAs), reinforcing the bullish sentiment.
Key resistance levels to watch include $3,947, $4,067, and $4,405. Should the market get hit by bad news, ETH prices could tumble downward. Key support levels to keep under watch would be $2,676 and $2,338.
Gabriel Shapiro, a crypto attorney, posted his insight into the weird case of Ethereum price action following the ETF approval.
According to Shapiro, the ETH price is not rising because only the 19b-4s forms were approved and not the S-1s. The 19b-4s form focuses on rule changes proposed by self-regulatory organizations, while the S-1s is used for registering securities in preparation for an initial public offering (IPO).&nbsp;
This type of approval can be contested in the next 10 days and could result in revocation of the approval.&nbsp;
Attorney Shapiro weighs in that this move by the SEC was purely political and the crypto community should not expect an S-1s approval soon.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 alpha on why ETH isn't mooning: –&gt;only 19b-4s approved, not S-1s –&gt;approval was by division of trading/markets on 'delegated authority' –&gt;means a commissioner can challenge in next 10 days (also means they are trying to hide the vote b/c it's political)
 what's really going…
 — _gabrielShapir0 (@lex_node) <a href="https://twitter.com/lex_node/status/1793761121335218188?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 23, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
This explains why the market sentiment around the ETF approval is not as explosive as it was for Bitcoin.
<h2 id="b-eth-price-prediction-b">ETH Price Prediction</h2>
<figure id="attachment_198584" aria-describedby="caption-attachment-198584" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-198584" src="https://coingape.com/wp-content/uploads/2024/05/WhatsApp-Image-2024-05-24-at-14.42.56.jpeg" alt="Ethereum price chart | TradingView" width="1280" height="565" srcset="https://coingape.com/wp-content/uploads/2024/05/WhatsApp-Image-2024-05-24-at-14.42.56.jpeg 1280w, https://coingape.com/wp-content/uploads/2024/05/WhatsApp-Image-2024-05-24-at-14.42.56-300x132.jpeg 300w, https://coingape.com/wp-content/uploads/2024/05/WhatsApp-Image-2024-05-24-at-14.42.56-1224x540.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/05/WhatsApp-Image-2024-05-24-at-14.42.56-768x339.jpeg 768w, https://coingape.com/wp-content/uploads/2024/05/WhatsApp-Image-2024-05-24-at-14.42.56-150x66.jpeg 150w" sizes="(max-width: 1280px) 100vw, 1280px">
 <figcaption id="caption-attachment-198584" class="wp-caption-text">
 Ethereum ETH chart | TradingView
 </figcaption>
</figure>
The Ethereum price on the daily chart indicates a strong breakout from the previous falling wedge. While the momentum has tapered off, Ethereum fundamentals are still strong.
However, in an inverse scenario, bears could retreat to $3,400 before moving higher toward ETH’s previous all-time high price.
The post <a href="https://coingape.com/markets/ethereum-price-analysis-as-ethereum-etf-rally-cools-can-eth-still-break-4500-before-june/" rel="noopener noreferrer nofollow">Ethereum Price Analysis: As Ethereum ETF Rally Cools, Can ETH Still Break $4,500 Before June?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Ethereum Price Analysis: As Ethereum ETF Rally Cools, Can ETH Still Break $4,500 Before June?

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