Join Our Telegram channel to stay up to date on breaking news coverage
The Ethereum price rose 19% in the last 24 hours to trade at $3,683 as of 11:50 p.m. EST on trading volume that skyrocketed 263% to $36.6 billion.
This comes amid speculation that spot Ethereum ETFs (exchange-traded funds) could be approved this week
Ethereum surges 18% amid new hope for spot Ether ETFs approvals. pic.twitter.com/bPgKnrWSAw
— Cris.Twendee (@0xCris2163) May 21, 2024
Bloomberg’s ETF Analysts Eric Balchunas and James Seyffart raised their approval odds from 25% to 75%, with the SEC expected to make a final decision on VanEck’s spot Ether ETF application on May 23.
Hopes the SEC would approve the investment vehicles surged after CoinDesk cited three people familiar with the situation as saying that the regulator asked exchange applicants to update their so-called 19b-4 filings on an accelerated basis.
That may suggest the regulator is preparing to approve their applications ahead of Thursday, when it’s expected to decide on an application to launch an Ethereuem ETF by fund manager VanEck, CoinDesk added.
According to three insiders speaking to CoinDesk, the SEC urged the exchange to fast-track its updated #Ethereum 19b-4 filing. Bloomberg's IETF analysts, Eric Balchunas and James Seyffart, upped the odds of a spot #ETH ETF approval from 25% to a whopping 75%. As a result, ETH… pic.twitter.com/ZVOciA94v7
— Collin Brown (@CollinBrownXRP) May 21, 2024
The Ethereum price has been on a downtrend since March, trading within the falling wedge pattern to the support level around $2,843, data from GeckoTerminal shows.
Just after the news, ETH has been able to soar over the upper boundary of the falling wedge pattern, as the bulls aim to sustain its stance to record new highs.
Ethereum Price Set To Sustain The Bullish Stance Over The Falling Wedge
The major support of around $2,759, which coincides with the 200-day Simple Moving Average (SMA), has provided the bulls with enough cushion to push the price over the wedge. With the bulls breaching the immediate resistance level around $3,170, which coincides with the 50-day SMA, ETH could soar even higher from this level.
Moreover, the reading on the Relative Strength Index (RSI) shows intense buyers’ action, as the RSI trades from the 50-midline level to the 70-overbought region, indicating continued investor optimism.
The Moving Average Convergence Divergence (MACD) also forms a bullish crossover as the MACD line (blue) crosses over the signal line (orange). The green bars on the histogram are also beginning to form over the neutral line, showing that ETH is currently on a positive momentum.
Ethereum Price Prediction
Based on the chart, the Ethereum price shows a bullish bias, having breached the $3,170 resistance.
Moreover, having breached the upper boundary of the falling wedge pattern, ETH bulls will soar past the $4,000 threshold as they target $4,400. Major indicators, including the RSI and MACD, indicate investor optimism, which could sustain the bullish momentum.
However, with ETH’s dramatic price rise, investors might start booking profits, potentially causing a slight retrace to the support zone around $3,000.
As the ETH price aims for new highs, other investors are turning their attention to diversifying their portfolios via the new presale eTukTuk. According to Jacob Bury, a prominent crypto analyst on YouTube, $TUK could potentially surge 10X after launch.
eTukTuk Presale Hurtles Past $3.3 Million – Best Green Crypto To Buy Now?
The eTukTuk (TUK) presale continues to gain momentum in the crypto space, with its presale garnering $3.3 million as it closes in on its target of $3.6 million.
eTukTuk combines AI, crypto/blockchain, and electric vehicles to help build an eco-friendly future for transportation. At the core of its plan is the goal of replacing the internal combustion engine Tuk Tuk with electric ones.
Electric vehicles are at the forefront of technological innovation.
From advanced batteries and smart connectivity to autonomous driving and sleek designs, #EVs are paving the way for a smarter, more efficient future.
Embrace the technology of tomorrow with #eTukTuk! 🚗🔋 pic.twitter.com/b6ESkRzspv
— eTukTuk (@eTukTukio) May 20, 2024
TUK token holders can earn passively through the project’s staking system with an annual yield of 83%.
Introducing Buy and Stake mechanism, get $TUK tokens and instantly stake them, initiating a dynamic APY.
Early stakers enjoy higher returns as APY adjusts with participation, encouraging early adoption and a fair, enticing incentive structure for all. 💫 pic.twitter.com/pMrXEZzB3f
— eTukTuk (@eTukTukio) October 10, 2023
The team is also set to launch a play-to-earn (P2E) game called Crazy Taxi, where players race around the streets of Sri Lanka, picking up and dropping off customers.
Speed and precision are key! 🕒
Drop your passengers off on time in the #eTukTuk game and watch their happiness soar! Every joyful drop-off boosts your score. 🚗💨
Play now and master the streets! pic.twitter.com/FZLMBZbCHd
— eTukTuk (@eTukTukio) May 19, 2024
To participate in the presale, you can buy $TUK for $0.032 per token. But don’t wait too long because a price increase is coming in a little more than nine days.
You can buy $TUK tokens today by visiting the official eTukTuk website here. Swap BNB or USDT for $TUK tokens, or buy directly using your bank card.
Related News
- 🚀 Bitcoin Price Prediction: Experts Forecast Bullish Trends for 2024 📈💰
- Best Altcoins to Invest In: Unveiling Top Picks for Maximum Returns!
- 10 Best Bitcoin Wallets for Beginners – Store Crypto Safely
Most Searched Crypto Launch - Pepe Unchained
- Layer 2 Meme Coin Ecosystem
- Featured in Cointelegraph
- SolidProof & Coinsult Audited
- Staking Rewards - pepeunchained.com
- $40+ Million Raised at ICO - Ends December
Join Our Telegram channel to stay up to date on breaking news coverage
