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The Ethereum price is up 5% in the last 24 hours to trade for $3,072 as of 03:10 a.m. EST on trading volume that surged 45%.
It comes amid reports that VanEck and 21Shares submitted amended S-1 filings on Monday for their Ethereum ETF products, completing the list of all prospective issuers submitting their updated forms.
All spot Ethereum ETF applicants filed updated S-1s
• Fidelity
• VanEck
• Franklin
• 21Shares
• Grayscale
• BlackRockThey are eagerly waiting to eat all the food in the bowl. You guys can calculate the worth accordingly! pic.twitter.com/AJPqXerkW1
— CryptoMutant (@CryptoMutant) July 9, 2024
Based on this development, Bloomberg ETF analyst Eric Balchunas anticipates a potential approval for an ETH ETF by July 18.
We don't have a new over/under launch date yet because we haven't heard what the SEC's game plan is. Hope to hear soon. But if you forced me gun to head style to give my best guess for date I'd go with July 18th.
— Eric Balchunas (@EricBalchunas) July 8, 2024
In a separate development, President of ETFStore Nate Geraci announced that Cboe submitted 19b-4s proposed rule change to list and trade VanEck and 21Shares’ spot Solana (SOL) ETFs. The update does not affect VanEck’s Solana S-1 registration, which it submitted on June 27.
Cboe files 19b-4s for both VanEck & 21Shares Solana ETFs…
Once SEC acknowledges these filings, the decision clock starts ticking. https://t.co/JsRBLjudyT pic.twitter.com/94RLLEiwbU
— Nate Geraci (@NateGeraci) July 8, 2024
Ethereum Price Prediction
The Ethereum price is attempting a recovery after what looks like a bottoming out at $2,796. It is confronting resistance due to the 78.6% Fibonacci retracement level of $3,070. A stable candlestick close above this level would encourage more buy orders, invigorating the recovery for the largest altcoin by market capitalization metrics.
Nevertheless, the Ethereum price remains in the thicket with the Relative Strength Index (RSI) subdued below the mean level of 50. Similarly, the Moving Average Convergence Divergence (MACD) is also below the signal line (orange band) indicating seller momentum is stronger than buying pressure.
Traders looking to open new long positions for the Ethereum price should consider waiting for a stable flip of the $3,070 roadblock into a support floor. Until then, ETH price could face a rejection, potentially descending to test the bottom of the market range at $2,796.
GeckoTerminal: ETH/USD 1-day chart
On the other hand, if bullish momentum increases and the Ethereum price breaches the $0.3070 level, the uptrend could continue. In such a case, the Fibonacci Golden Zone would be a formidable blockade. Only a daily candlestick close above this zone beyond the 38.2% Fibonacci retracement level of $3,587 would vindicate the altcoin.
Meanwhile, some traders are accumulating eTukTuk (TUK) tokens after its presale blasted past $3.5 million in funds raised.
In an analysis of the project, crypto YouTuber Jacob Bury hails TUK as a new 10X potential cryptocurrency.
Promising Alternative To Ethereum
TUK powers the eTukTuk ecosystem, a project combining electric vehicles, blockchain technology, and Artificial Intelligence. This unique mix helps deliver AI-powered Tuk Tuks committed to improving not only traffic conditions but also minimizes the user’s carbon footprint.
From horse-drawn carriages to gas guzzlers, we've come a long way.
Now, it's time for #eTukTuk to lead the way into a sustainable future. 🌍🚖 pic.twitter.com/Wb0H45Df8Z
— eTukTuk (@eTukTukio) May 29, 2024
The project recently launched a new and thrilling mobile Play-to-Earn (P2E) game called Crazy TukTuk Taxi. Participants explore Sri Lanka’s lively streets, picking up and droping off customers at different locations.
They earn the native token $TUK in return. The game is downloadable on both the App Store and Google Play Store.
TukTribe, are you ready to customize, race, and earn with your virtual eTuktuks in the most eco-friendly and exhilarating game ever? 🛺💚
Every race you win helps us drive sustainability, innovation, and carry us through the end of the presale and $TUK listing on a major… pic.twitter.com/kM1OVfp75i
— eTukTuk (@eTukTukio) June 4, 2024
Beyond the P2E offering, the eTukTuk project is also focused on delivering an eco-friendly future of transportation. To this end, it uniquely merges AI, crypto/blockchain, and electric vehicles.
At eTukTuk, we're committed to a cleaner, greener world by driving the shift towards electric mobility. 🌱🌍
Join us in making a positive impact on the environment and open the way for a #SustainableFuture! 🔋 pic.twitter.com/X0lRZikHRb
— eTukTuk (@eTukTukio) May 31, 2024
The TUK token has multiple use cases, including making purchases, upgrading, and accessing exclusive content. And the project’s smart contract is fully audited by SolidProof, assuring users of its integrity and security.
The project continues to support value growth for the tokens with a burn mechanism that reduces supply. Two token burn events happened recently, on July 4 and 5, where 400 million and 200 million TUK tokens were burned respectively. This totaled up to 30% of the total $TUK supply being removed.
Another 200M $TUK tokens have been burned today! 🔥🔥🔥🔥
Hey TukTribe, stay tuned for even more burns, exciting partnerships, and amazing news in the coming days!
In total, we've burned 600M $TUK tokens so far. Big things are on the horizon! Have a great weekend!🚀… pic.twitter.com/cBjlWXrrLH
— eTukTuk (@eTukTukio) July 5, 2024
Apart from the $TUK token’s potential for growth, you can also stake your acquired tokens for an impressive 80% APY.
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
To participate in the presale, you can buy $TUK at $0.0345 per token before the price increases in a little less than six days.
Also Read:
- Green AI Revolution in Web3 – Here’s How You Can Seize the 100X Opportunity With eTukTuk
- eTukTuk Strives to Bring Sustainable Transport to Developing Nations With Its Innovative Three-Wheeler EV and Charging Infrastructure
- Best AI Crypto Coin Projects: Top Picks for 2023
- Is P2E Game eTukTuk Next Notcoin After Massive $TUK Token Burn? ICO Ends In 7 Days
- New P2E Game eTukTuk Races Towards A $3.5 Million Presale
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