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Ethereum price is down 2% in the last 24 hours to trade for $2,177 as of 2:10 a.m. EST time.
Despite the drop, trading volume is up 22%, with the outlook showing that the second largest cryptocurrency by market capitalization is taking its cues from Bitcoin (BTC) price.
Ether has resorted to a positive correlation with Bitcoin, amid ongoing debates between the Ethereum and Solana blockchains.
BREAKING: @solana THREATENS TO RE-FLIP @ethereum IN 24H DEX VOLUME pic.twitter.com/jrBMExVdV5
— DEGEN NEWS 🗞️ (@DegenerateNews) December 18, 2023
The bone of contention among crypto community members is that Ethereum gas fees are too high.
To do a swap on Uniswap right now on Ethereum costs $32.
To do a swap on Jupiter on Solana costs $0.0014.
I wonder where retail traders are going to flock to?
— Lark Davis (@TheCryptoLark) December 18, 2023
Prospect Of A Spot Ether ETF As Soon As May, Bloomberg Analyst Says
Meanwhile, Bloomberg Intelligence exchange-traded fund (ETF) analyst James Seyffart says ETH ETFs could launch as early as May.
In Seyffart’s view, the SEC has acknowledged ETH as a commodity, a move that makes the odds of a spot Ether ETF approval “more likely than not” by the end of May. The timeline comes as the deadline for some ETH ETF applicants like Ark, 21Shares, and VanEck is set for between May 23 and 24.
He says the SEC and chair Garry Gensler could argue that BTC and ETH ETFs are very different beasts. Seyffart says the futures market is not as robust or institutionalized as Bitcoin’s, with key differences between BTC proof-of-work (PoW) model and ETH proof-of-stake (PoS). With this, if the financial regulator intended to stop the approval process, it could delay decision-making or insist that Ethereum is a security.
Nevertheless, Seyffart underscores that this does not make an approval automatic, but holds that a spot BTC ETF approval would be a 100% positive sign of an incoming spot ETH ETF.
Ethereum Price Outlook
Meanwhile, amid falling momentum, Ethereum price has broken below the ascending parallel channel, a bullish technical formation that had set up ETH holders for more gains.
Ethereum Price Prediction With ETH Bullish Outlook Threatened
Ethereum price has dropped almost 7% following a rejection from the upper boundary of the ascending parallel channel at $2,403 during the December 9 trading session. The Relative Strength Index (RSI) is subdued, moving horizontally with the possibility of slipping below the 50 midline.
The histogram bars of the Awesome Oscillator (AO) are also flashing red and inching toward the negative territory, pointing to the bears solidifying their presence in the ETH market. In the same way, the Moving Average Convergence Divergence (MACD) indicator is dropping, as more bears flock to the scene.
Increased seller momentum could see Ethereum price extend the fall below the critical support at $2,147. Further south, it could foray into the supply zone turned bullish breaker, which extends from $2,049 to $2,107. A break below the midline of this order block, which coincides with the 50-day Simple Moving Average (SMA) at$20,74 would confirm the continuation of the downtrend. It would also mark the invalidation of the big-picture bullish outlook.
On the other hand, a re-entry by the bulls could see Ethereum price restore back into the fold of the ascending parallel channel, flipping the lower boundary back into support above the $2,293 level. Further north, ETH could shatter the midline of the channel marked by the range high at $2,403.
In a highly bullish case, the gains could extrapolate for the Ethereum price to break out above the upper boundary to record a new local top.
Meanwhile, amid the uncertainty in the ETH market, investors may want to consider looking at a Telegram Casino project called TG.Casino, which is currently in presale.
Promising Alternative To Ethereum
TGC, the ticker for the TG.Casino ecosystem, is among the most promising alternatives to ETH. Offering players an exclusive place for online crypto gambling, the project is fully licensed and 100% safe. The project has raised upwards of $4.380 million already, constituting almost 88% of the $5 million target objective.
We have raised more than $4.3 million in the $TGC presale💎
Steadily on our way to $5 million!
Can we get it done this week? pic.twitter.com/ifI0ZOe4eU
— TG Casino (@TGCasino_) December 18, 2023
Interested investors can buy TGC tokens for $0.19, a price tag that is due to change in a little less than four days.
$0.185 -> $0.19
The price of $TGC has officially been bumped up🎰 pic.twitter.com/APOAj8gJOj
— TG Casino (@TGCasino_) December 17, 2023
Token holders can also stake their TGC for Annual Percentage Yields (APY) as high as 149.5%, now that the staking dashboard is live.
$TGC is now available in our ongoing presale before we hit our FINAL milestone of $5 million raised.
Buy it here: https://t.co/20PB5qO2Ku
— TG Casino (@TGCasino_) December 16, 2023
Visit TG.Casino website to buy TGC in the presale here.
Also Read:
- How To Buy TG.Casino On Presale – Alessandro De Crypto Video Review
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- Staking Rewards - pepeunchained.com
- $10+ Million Raised at ICO - Ends Soon
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