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Analyst Forecasts Ethereum’s Imminent Bounce On the Horizon, Here’s When

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Ethereum’s recent performance has been catching the eye of market observers as it teeters on the brink of an upward surge. After dipping to $2,815, ETH staged a robust recovery, reaching $3,220. However, this momentum was short-lived, leading to a subsequent decline. Despite this setback, crypto analysts remain bullish on Ethereum’s prospects, identifying pivotal factors that could shape its future price trajectory.

Moreover, a significant event is looming on the horizon. The Securities and Exchange Commission (SEC) is poised to make critical decisions regarding three Ethereum Exchange-Traded Fund (ETF) applications by May 25th. This development holds immense significance for the Ethereum community and the ETH market. 

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As of the current moment, the price of Ethereum stands at $2,972.28, accompanied by a 24-hour trading volume of $11.96 billion and a market capitalization of $357.01 billion. Over the past 24 hours, the price of ETH has experienced a 1.17% increase.

Analyst Predicts Imminent Bounce For Ethereum

Crypto analyst Titan Of Crypto shared insights regarding Ethereum’s price trajectory, indicating an impending bounce in its value. Highlighting the successful execution of the Bullish Cypher Pattern, all projected targets were met.

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Presently, Ethereum finds itself at the pivotal 38.2% Fibonacci retrace level, often dubbed the “1st stop,” which historically serves as a crucial marker in bullish markets. An optimistic outlook anticipates a rebound from this juncture.

Furthermore, the sentiments echoed by analyst JACKIS underscored a reassuring stance, dismissing prospects of a colossal crash for ETH. Emphasizing Ethereum’s current expansive high timeframe (HTF) range, particularly noting its breakthrough to $4K in March, signifies a significant paradigm shift in market structure towards the upside.

Furthermore, a deeper probe into the local Weekly Market Structure (MS) shows sustained bullish momentum. Such a trend has been identified by Higher Lows (HL) and Higher Highs (HH), indicative of its dynamic nature as market swings. The ongoing corrective phase represents a natural pullback within the broader bullish trajectory. On the other hand, a bearish retreat on March 22, represented by the yellow highlight, brought about a further decline.

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However, the reasonable course of action is to stick with the ongoing trend while it lasts. Trading upon breakouts based on mere wants can never be profitable. All Time High (ATH) is another major HTF level, achievable for those who exercise patience.

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Ethereum Spot ETF Approval: Divergent Views Emerge As SEC Decision Looms

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The fate of the Ethereum (ETH) spot exchange-traded fund (ETF) approval remains a hot topic, with conflicting opinions from various parties. FoxBusiness journalist Eleanor Terrett recently provided insights into the divergent views surrounding the potential approval of an Ethereum spot ETF. Terrett highlighted the contrasting perspectives from ETF issuers, investment management firms, and sources close to the U.S. Securities and Exchange Commission.

According to Terrett’s reporting, one issuer, who already has a Bitcoin (BTC) spot ETF in the pipeline, expressed confidence that the approval and successful launch of the BTC spot ETF would exert pressure on the SEC to greenlight the ETH counterpart. This optimistic outlook hinges on the belief that a positive decision for BTC would set a precedent for ETH.

On the flip side, another source painted a less favorable picture, suggesting that the atmosphere within the SEC is currently leaning towards a “hard no.” The insider mentioned the presence of “some internal resistance” within the commission, indicating a potential hurdle for ETH’s approval.

Ethereum ETF Launch Possible by Summer

However, a third perspective provided a glimmer of hope for ETH enthusiasts. This source pointed to the recent approval of Ethereum futures ETFs and cited BlackRock’s track record of successfully navigating the regulatory landscape for ETF approvals. According to this viewpoint, these factors contribute to the expectation that ETH spot ETFs could see the light of day by the end of the summer.

When questioned about SEC Chair Gary Gensler’s stance on Ethereum’s status as a potential security, the source downplayed concerns. They argued that the Commodity Futures Trading Commission recognizes ETH as a commodity, and recent legal developments, such as Ripple’s partial victory with XRP not being deemed a security during secondary market transactions, could make it challenging for Gensler to classify most digital assets as securities.

SEC Commissioner Hester Peirce weighed in on the matter, emphasizing the importance of avoiding delays in the approval process for ETH ETFs. She highlighted the need for a “regular way” consideration, similar to the approach taken with comparable products.

However, Terrett emphasized that the decision ultimately rests in the hands of the SEC. Clues about the regulatory stance on ETH ETFs are expected to emerge in the coming months as SEC staff delve into the S-1 filings, mirroring the scrutiny applied to BTC spot ETFs. 

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