Ethereum

Galaxy

Spot

<p>The post <a href="https://coinpedia.org/news/legendary-crypto-analyst-outline-key-5-events-for-may/">Legendary Crypto Analyst Outlines 5 Key Events for May&nbsp;&nbsp;</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>As the cryptocurrency market continues its downward spiral, crypto analyst Michael van de Pop sheds light on Ethereum’s trajectory and the broader digital asset landscape. Despite initial optimism, many investors who subscribe to the buy-and-hold strategy find themselves grappling with retraced gains.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Likely scenario:<br><br>– <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw">#Ethereum</a> continues to fall to $2,500-2,750 area. <br>– Delay on the Spot Ethereum ETF.<br>– <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> / BTC to new lows.<br>– Rotation after delay in 2 weeks. <br>– <a href="https://twitter.com/hashtag/Altcoins?src=hash&amp;ref_src=twsrc%5Etfw">#Altcoins</a> to surge in Q3. <br>– <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> to continue consolidating in the range for the coming 4-6 months.</p>— Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1789025113641541957?ref_src=twsrc%5Etfw">May 10, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>Here are his top predictions for what lies ahead this month. </p> 
<h2 class="wp-block-heading" id="h-ethereum-s-price-projection"><strong>Ethereum’s Price Projection</strong></h2> 
<p>Van de Pop’s analysis suggests a gloomy outlook for Ethereum (ETH), foreseeing a potential further dip to the $2,500-$2,750 range. This projection mirrors the prevailing market sentiment, heavily influenced by macroeconomic dynamics and regulatory ambiguities.</p> 
<p>Over the past 24 hours, <a href="https://markets.coinpedia.org/ethereum/">Ethereum</a> has witnessed a 4% decline, slipping below the $2,910 threshold once again. This downtrend extends over a week, with ETH shedding approximately 6% of its value in recent days.</p> 
<h2 class="wp-block-heading" id="h-etf-approval-delays"><strong>ETF Approval Delays</strong></h2> 
<p>Approval hurdles for an Ethereum spot exchange-traded fund (ETF) loom large, with the Securities and Exchange Commission (SEC) exhibiting caution unlike its stance on Bitcoin ETFs. The postponement of a decision on the Invesco Galaxy Ethereum ETF until July 5, 2024, exacerbates the uncertainty surrounding Ethereum’s regulatory landscape.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">SEC DELAYS DECISION ON INVESCO GALAXY ETHEREUM ETF<br><br>The SEC has postponed its decision on the Invesco Galaxy Ethereum ETF to July 5, 2024, citing the need for more time to consider the proposed rule change and gather additional public feedback.<br><br>Source: The Block <a href="https://t.co/tdA5F1ae6i">pic.twitter.com/tdA5F1ae6i</a></p>— Crypto Town Hall (@Crypto_TownHall) <a href="https://twitter.com/Crypto_TownHall/status/1788181035773305304?ref_src=twsrc%5Etfw">May 8, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>Van de Pop’s prognosis suggests that the ETF delay might exert additional downward pressure on Ethereum’s price in the near future, compounding its woes.</p> 
<h2 class="wp-block-heading" id="h-ethereum-s-struggles-against-bitcoin-persist"><strong>Ethereum’s Struggles Against Bitcoin Persist</strong></h2> 
<p>Ethereum’s performance vis-à-vis Bitcoin <a href="https://coinpedia.org/price-analysis/why-the-ethereum-eth-price-has-been-plunging-after-the-dencun-upgrade-has-the-token-become-inflationary/">(ETH/BTC)</a> remains lackluster, with sustained weakness evident in recent days and longer-term trends. Van de Pop anticipates further declines for ETH/BTC, underscoring Ethereum’s ongoing struggle to keep pace with Bitcoin.</p> 
<h2 class="wp-block-heading" id="h-altcoin-surge-in-q3">Altcoin Surge in Q3</h2> 
<p>Despite regulatory setbacks, van de Pop maintains optimism regarding a potential market rotation post-ETF delay. This shift could potentially favor <a href="https://coinpedia.org/price-analysis/altcoins-rally-to-begin-in-2-months-here-are-the-top-picks/">altcoins</a> in the third quarter of 2024, presenting avenues for growth and portfolio diversification.</p> 
<h2 class="wp-block-heading" id="h-bitcoin-enters-consolidation-phase"><strong>Bitcoin Enters Consolidation Phase</strong></h2> 
<p>Meanwhile, van de Pop’s analysis indicates a period of consolidation for Bitcoin (BTC), with expectations of remaining within a defined price range for the next 4-6 months.&nbsp;</p> 
<p>Following historical patterns, <a href="https://coinpedia.org/news/heres-the-top-reason-why-the-bitcoin-price-is-dropping-constantly/" target="_blank" rel="noreferrer noopener">Bitcoin often enters a sideways</a> market phase post-halving, signaling an accumulation period. This trend, observed in previous halvings, prompts investors to accumulate Bitcoin during price stability, preparing for future price increases.</p> 
<p>While short-term corrections persist, analysts like Michael van de Poppe foresee bullish trajectories in the long run, emphasizing the cyclical nature of crypto market trends.</p> 
<p>Also Check Out: <a href="https://coinpedia.org/research-report/crypto-weekly-report-top-news-key-updates-and-market-analysis/">Crypto Weekly Report: Top News, Key Updates and Market Analysis</a></p> 
<p><strong>Could this be an opportunity to snag undervalued assets? Share your investment strategies.</strong></p>

Legendary Crypto Analyst Outlines 5 Key Events for May

Table of Contents

CoinPedia News

Autres articles publiés le 11 mai 2024

Charles Hoskinson Criticizes “Incompetent” WEF Contributor Stance on Bitcoin

Breaking: Terra Luna Classic (LUNC), USTC Removed From Luna Foundation Guard

BEFE Coin's Future: A Compelling Case for Long-Term Investment

Wells Fargo Dips Toes into Bitcoin with ETF Investments

Why is Crypto License in UAE (Dubai) important for the proper organization of payment business?

AVAX Price Decline Continues

Join our free newsletter for daily crypto updates!