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Ethereum Price Prediction: As JPMorgan Sees Only A 50% Chance Of ETH ETF Approvals By May, Analysts Say This GameFi Presale Might Be The Best Crypto To Buy Now

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Ethereum ETF
Ethereum ETF

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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.

“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.”

May is the first deadline for ETH ETF approvals. VanEck, Ark 21Shares, Hashdex, Grayscale, and Invesco Galaxy are already in the queue.

Ethereum ETF

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.

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.

Ethereum price

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.”

Meme Kombat offers MK holders a chance to battle their issues out in the arena, represented by meme characters of their choice.

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.

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.

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