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The Ethereum price is down 5% in the last 24 hours to trade for $2,222 as of 1:10 a.m. EST time, with trading volume rising 26%.
Trading volume is surging amid chatter about spot ETH ETFs (exchange-traded funds) as investment banking giant JPMorgan says there’s only a 50% chance of Ether ETFs being approved by May.
.@jpmorgan says the chances of a spot $ETH ETF getting approved by May is 50:50. @willcanny99 reports.https://t.co/eXIcghfJNG
— CoinDesk (@CoinDesk) January 19, 2024
“For the SEC to approve spot Ethereum ETFs in May, it would need to classify Ethereum as a commodity (similar to Bitcoin) rather than a security,” said JPMorgan’s Nikolaos Panigirtzoglou. “This is far from given. I wouldn’t put more than a 50% chance to the SEC classifying Ethereum as a commodity before May.”
Elsewhere, ARKInvest’s President and COO Tom Staudt says an Ether ETF could come “soon.”
When are we getting a Spot $ETH ETF? @ARKInvest’s President and COO Tom Staudt says “soon.”
Full discussion: https://t.co/hbeY4TTr4f https://t.co/gjZghlre4M pic.twitter.com/NWNOtldp1T
— Eleanor Terrett (@EleanorTerrett) January 24, 2024
May is the first deadline for ETH ETF approvals. VanEck, Ark 21Shares, Hashdex, Grayscale, and Invesco Galaxy are already in the queue.
When the ETH ETF narrative was still new, the largest altcoin by market capitalization enjoyed a supply shock. This came as capital rushed into the Ether market. It was the result of investors front-running a possible spot ETH ETF.
Nevertheless, despite JPMorgan’s skepticism, SEC commissioner Hester Pierce, alias Crypto Mom, says that she hopes ETH ETFs could get a better deal than their Bitcoin counterparts did.
NEW: SEC Commissioner Hester Peirce tells me the SEC won't repeat the same mistakes with ETH ETFs after fumbling Bitcoin ETFs:
"That's not how we're going to do our approvals … I think that kind of a lesson will certainly stick with us.pic.twitter.com/QNu52Gmr3H
— Zack Guzmán (@zGuz) January 23, 2024
Ethereum Price Outlook As ETH ETF Narrative Gains Steam
The Ethereum price remains on a steep nosedive as it trades below the confines of an ascending parallel channel. The ETH market value is falling as a consequence of falling momentum, which is steadily dropping as seen with the Relative Strength Index (RSI).
Overhead pressure still abounds, seen with the resistance due to the 50-day Simple Moving Average (SMA) at $2,335. Enhanced seller momentum could see the Ethereum price extend the fall to test the support confluence between the 100-day SMA and the horizontal line around $2,135.
An extended fall could see the Ethereum price slump to the $2,000 psychological level, a move that would constitute a 10% fall from the current price. In the dire case, the Ether price could slip below this level to test the $1,935 critical support, below which the big-picture bullish outlook would be invalidated.
TradingView: ETH/USDT 1-day chart
Converse Case
On the flip side, should bulls seize the opportunity to buy the dip, Ethereum price could recover. It could reclaim the support offered by the lower boundary of the ascending channel before confronting the 50-day SMA at $2,335.
In a highly bullish case, Ethereum price could tag the $2,388 resistance level, with a clear shatter above this blockade sending Ether to hit the midline of the channel around the $2,600 psychological level.
The highly ambitious case could see the Ethereum price extend a neck higher to the $3,000 psychological level, in a move that would sum up to approximately 35% climb above the current price.
Meanwhile, many investors are turning to new ICO MK, a GameFi token that analysts say is a top pick for exponential gains.
Promising Alternative To Ethereum
MK is the powering token for the Meme Kombat ecosystem, advertised on the website as “an innovative gaming platform designed for enthusiasts.”
$MK is soaring to new heights, making waves in the #memecoin world. Join the presale now: https://t.co/2x2FvsuR61
— Meme Kombat (@Meme_Kombat) January 23, 2024
Meme Kombat offers MK holders a chance to battle their issues out in the arena, represented by meme characters of their choice.
You get to play any one of them right now. Which one are you picking? pic.twitter.com/zp8Zi6IRJK
— Meme Kombat (@Meme_Kombat) January 23, 2024
The project is gaining massive attention, with solid support across social media platforms. X is nearing the 17K mark in followers even as MK holders continue to stake their holdings for remarkable annual percentage yields (APY).
The project is in the presale stage with sales now recording upwards of $7.369 million out of the $8 million target objective.
$7.3 million raised and one step closer to our goal🥊
How are you feeling this Monday? pic.twitter.com/rn1LNcqsKv
— Meme Kombat (@Meme_Kombat) January 22, 2024
Investors looking to buy MK can do so on the website now, where each Meme Kombat token is selling for $0.279. Buy now as the token will list soon.
Visit Meme Kombat to buy MK in the presale here.
Also Read:
- How To Buy Meme Kombat On Presale – Alessandro De Crypto Video Review
- New Play-to-Earn Meme Coin Aiming to Become the Next GambleFi Gem
- New Stake-to-Earn Gaming Meme Coin Presale Surpasses $7 Million Milestone
Newest Meme Coin ICO - Wall Street Pepe
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- Staking Pool - High Dynamic APY
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