Cryptocurrency Price Forecast: After rising on Monday, Bitcoin’s price has fluctuated for four days, at risk of a major decline over the weekend. The approval of ETFs initially promised a market turnaround but the outlook in the wake of their debut was bleak. A report by Chinese reporter Wu Blockchain revealed that tThe U.S. Securities and Exchange Commission (SEC) has approved Form 19b-4 filings for eight prominent exchange-traded funds (ETFs).
The reason the SEC passed the Ethereum spot ETF was mainly due to the connection between CME Ethereum futures and some Ethereum spot trading platforms. Most SEC documents provide data evidence of CME’s high correlation, monitoring and sharing agreements and… pic.twitter.com/iozZA1OSQn
— Wu Blockchain (@WuBlockchain) May 24, 2024
The ETFs, led by industry giants such as BlackRock, Fidelity, Grayscale, Bitwise, VanEck, Ark, Invesco Galaxy, and Franklin Templeton, have yet to activate their S-1 registration data before starting trading. Although the timeline for the final approval phase remains uncertain, Bloomberg analyst James Seyphart estimates that the process could extend for several weeks. This development represents an important step forward in the integration of cryptocurrencies into mainstream financial services.
Thus, the price of ETH shows remarkable resilience; The $3,650 level for other altcoins like Pepe Coin (PEPE) and Lido DAO (LDO) indicates an opportunity for a prolonged rally.
Read also: Risks of Ethereum Price Dropping to $3.4K Despite ETF Optimism, Here’s Why
1) Cryptocurrency Price Prediction – Ethereum (ETH)
Ethereum is an open source decentralized blockchain system that features its own cryptocurrency, Ether (ETH). It stands out as an essential platform in the blockchain ecosystem due to its leadership in smart contracts – self-executing contracts with the terms of the agreement written directly in code.
Last week, Ethereum (ETH) began a recovery phase after a strong bounce from the $2,860 monthly support level. This bullish reversal has seen its value increase by more than 30%, with the coin now trading at around $3,696. Meanwhile, Ethereum’s market capitalization rose to $443.6 billion.
This recovery gained notable momentum following developments around the Spot ETH ETF. While the broader market showed notable selling this week, ETH price held above $3,650 indicating active buying pressure from below.
The mentioned level could serve as suitable support for ETH to push the next recovery jump to $4,090, followed by $4,430.
Read also: Price analysis of Ethereum (ETH) and Polygon (MATIC); 5thScape sees gains as fifth round of presale ends
2) Baby Queen (PEPE)
Pepe Coin (PEPE) is a cryptocurrency that capitalizes on the ubiquitous internet character Pepe the Frog, positioning itself in the category of meme currencies alongside others like Dogecoin and Shiba Inu. PEPE operates as an ERC-20 token on the Ethereum blockchain, known for its security provided by the proof-of-stake consensus mechanism.
PEPE price has seen a steady rise over the past six weeks under the influence of an ascending trend line. A recent reversal off this support on May 20 pushed the asset 54% to trade at $0.0000138 currently.
According to CoinMarketcap, the market cap of Pepe is $5.93 billion, while its 24-hour trading volume is $3.9 billion.
Support/Resistance Indicator – Pivot Level shows that a rise in PEPE price may see an overall bid at $0.0000165 and $0.0000189, while support levels are at $0.0000108 and $0.00000109.
Read Also: 4 PEPE Alternatives to Buy for 100X Gains in May and April 2024
3) Uniswap (UNI)
Uniswap (UNI) is a leading decentralized finance (DeFi) protocol known for facilitating automated trading of decentralized tokens on the Ethereum blockchain. It differentiates itself by using a unique trading model called the Automated Liquidity Protocol, where users pool their assets to form liquidity pools.
Over the past five weeks, UNI’s price has mostly fluctuated within a narrow range between $8.35 and $6.6. This sideways movement occurs at a critical support juncture, marked by the 78.6% Fibonacci retracement level and an uptrend line (shown by the blue line), indicating a large accumulation zone.
On May 20, buyers made a decisive breakout of the pattern’s upper resistance signaling a major trend reversal. Uniswap coin is currently trading at $9.44 and has a market capitalization of $5.65 billion.
If the breakout continues, coin buyers could lead the rally to $10.3 followed by $13.3.
Read also: Uniswap price analysis points to a rise above $10 as buyers break 6-week consolidation
Key takeaways
The altcoin market remains remarkably resilient amid Bitcoin’s correction, supported by progress in the development of the Spot Ethereum ETF, which has maintained upward momentum. Ethereum price stabilization above $3,650 confirms continued strong buying interest in the market.
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