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The Ethereum price dropped 1% in the last 24 hours to trade at $2,790 as of 02:56 a.m. EST on trading volume that plunged 13% to $11.7 billion.
This comes as Grayscale, a leading cryptocurrency asset manager, has unexpectedly withdrawn its application for an Ethereum futures ETF (exchange-traded fund), just weeks before the Securities and Exchange Commission (SEC) was set to decide on it.
UPDATE This is interesting. @Grayscale just withdrew their 19b-4 filing for an #Ethereum futures ETF. This was essentially a trojan horse filing in my view, in order to create the same circumstances that allowed Grayscale to win the $GBTC lawsuit (approve futures deny spot) pic.twitter.com/Kihj2dlQx1
— James Seyffart (@JSeyff) May 7, 2024
The regulatory uncertainty created by the withdrawal is influencing market sentiment, with traders taking short positions on Ethereum.
Ethereum Price Set For A Bullish Rally Over The Falling Wedge
The Ethereum price has been on a steady rise this year, rising through a markup phase in February to a resistance of around $3,744. After hitting the resistance, ETH has been down, falling within a falling wedge pattern to the $2,685 support zone.
The ETH bulls have used this support to propel the price as they aim to surpass the upper boundary of the wedge.
ETH is trading above the 200-day Simple Moving Average (SMA), confirming the bullish potential to the upside. If the bulls sustain the bullish stance, ETH will possibly soar above the 50-day SMA to surpass the resistance around $3,050.
Moreover, the Relative Strength Index (RSI) is also on a downtrend below the 50-midline level at 40 as it moves towards the oversold levels, which coincides with the current price retrace.
Ethereum Price Prediction
The Ethereum price long-term analysis indicates that ETH is set for a rebound as it aims to trade above the upper boundary of the falling wedge pattern. The ETH bulls aim to capitalize on the major indicators to push the price above its target $3,800.
Additionally, the 50-day SMA crosses above the 200-day SMA, forming a golden cross at $1,653. The RSI is also moving to the south, falling to oversold levels, which could prompt the bulls to initiate buybacks, possibly pushing the price above.
However, if the ETH bears continue exerting more pressure, ETH could retrace further to the $2,474 support zone, which coincides with the 200-day SMA.
Meanwhile, some investors are diversifying their portfolios with $99BTC, a Bitcoin derivative that has soared past $1.1 million in funds raised in its presale and that offers a staking yield of a staggering 1,531% annually.
Those are two key reasons why prominent crypto analysts like Jacob Bury believe that $99BTC has the potential to soar 10X after launch.
99Bitcoins Presale Blasts Past $1.1 Million – Best Crypto To Buy Now?
The 99Bitcoins (99BTC) platform has been a beacon of crypto education with its simplified approach and its interactive videos that make learning easy.
The educational platform has over 700,000 subscribers on its YouTube channel and more than two million people registered for the website’s courses.
With the launch of its new ICO, 99Bitcoins intends to create a decentralized platform where it paves the way for users to learn more about crypto and leverage their education to earn tokens.
99Bitcoins also intends to enhance the learning experience by gamifying Bitcoin education, with users completing challenges and lessons and earning higher rankings and $99BTC tokens as rewards.
The project also merges with BRC-20, which allows users to easily build dApps on the Bitcoin network.
Introducing $99BTC on BRC-20! 🎓
Since 2013, #99Bitcoins has been the go-to resource for learning about #Cryptocurrency.
We're launching a platform that enables the building of #dApps on top of the #Bitcoin network!💡#LearnToEarn rewards users on the Bitcoin blockchain.🙌
— 99Bitcoins (@99BitcoinsHQ) April 30, 2024
99BTC tokens are price at $0.00104 each, but a price hike is due in less than six days. To join the presale, you can buy $99BTC from the official website here. You have the option of buying the tokens using ETH, USDT, or a bank card.
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