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The Ethereum price is up 2% in the past 24 hours to trade for $3,747 as of 01:34 a.m. EST.
It comes amid anticipation of a possible approval of spot ETH ETFs (exchange-traded funds) by the US Securities and Exchange Commission (SEC). Optimism accelerated after Bloomberg ETF analysts increased the odds of approval to 75%, from 25% previously.
A Polymarket contract put the odds of approval at above 61% on May 21 and those odds have since improved to 69%.
CoinDesk reported that exchanges that would list and trade ETH ETFS were suddenly asked by the SEC’s division of trading and markets to update their filings. This development hinted at the regulator possibly preparing to approve applications ahead of Thursday, when it’s expected to decide on an application to launch an Ethereum ETF by fund manager VanEck.
Meanwhile, reports indicate that five prospective spot ETH ETF issuers have already submitted amended filings. These are Fidelity, VanEck, Invesco/Galaxy, Ark/21Shares, and Franklin, who submitted their amended 19b-4s to the SEC on Tuesday.
UPDATE: It's happening. We have at least 5 of the potential #Ethereum ETF issuers that have submitted their Amended 19b-4's in the last ~25 min.
Fidelity, VanEck, Invesco/Galaxy, Ark/21Shares, & Franklin all submitted via CBOE. pic.twitter.com/pHGt8iRWi8— James Seyffart (@JSeyff) May 21, 2024
Fidelity removed all words related to staking and staking rewards in its amended filing. ETF specialist Eric Balchunas from Bloomberg Intelligence says Fidelity’s amendment is a sign that the SEC will not allow the staking of assets within spot ETH ETFs if approved.
Looks like you got a final answer as to whether SEC will allow staking: No. As this is first amendment of any document to roll in post-SEC 180 and their comments to issuers yesterday. https://t.co/HUUYQHtxsh
— Eric Balchunas (@EricBalchunas) May 21, 2024
Possible ETH ETF Approvals Amid Speculation Of Political Pressure
There is speculation that the SEC’s change of stance could be because of political pressure. After a more pro-crypto speech by presidential aspirant Donald Trump recently, some say President Joe Biden is trying to tilt the balance in his favor by getting ahead of an ETH ETF approval.
My view/guess is in-line with whoever these anons are in this piece from @ForTheWynn_
"It is a completely unprecedented situation, which means it's entirely political,"
&
"They're not even internally coordinated yet, which is why this is most likely a political decision," https://t.co/LQCUlhJZxH
— James Seyffart (@JSeyff) May 21, 2024
Nevertheless, the President of ETF Store, Nate Geraci, thinks otherwise.
“Heavy lifting was already done via the approval process for ETH futures ETF and spot Bitcoin ETFs,” he said.
“The updates are relatively light”…
Because most of the heavy lifting was already done via approval process for eth futures ETFs & spot btc ETFs.
Nothing political about that. pic.twitter.com/55MTjRC9yD
— Nate Geraci (@NateGeraci) May 21, 2024
Ethereum Price Prediction
The Ethereum price is trading with a bullish bias, trying to extend gains after the Monday god candle. The market is leaning in favor of a further upside, despite resistance due to the trendline of the Fibonacci retracement indicator.
With the Relative Strength Index (RSI) still inclined north, buyer momentum is still rising and the Ethereum price could extend the climb. The Moving Average Convergence Divergence (MACD) indicator is also well above its signal line. This typically signifies a bullish momentum in the ETH price movement.
It also points to a solid uptrend given the short-term moving average is higher than the long-term moving average. Increased buying pressure above current levels could see the Ethereum price reclaim the $4,076 range high. This level was last tested on March 11 and stands nearly 10% above current levels.
GeckoTerminal: ETH/USDT 1-day chart
On the other hand, considering the position of the RSI above the mean level of 70, ETH is already massively overbought. This often precipitates a correction. If this happens, the Ethereum price could provide another buying opportunity around the 38.2% Fibonacci retracement level of $3,596.
However, if the downtrend extends below the 50% Fibonacci placeholder of $3,449, the bullish thesis would be invalidated.
While the Ethereum price moves higher, a growing number of investors are diversifying their portfolios with a DePIN alternative called eTukTuk (TUK). Jacob Bury, a prominent crypto analyst on YouTube, has expressed optimism in the project, suggesting that $TUK could potentially surge 10x after launch.
Promising Alternative To Ethereum
TUK is the powering token for the eTukTuk ecosystem, which has already raised upwards of $3.3 million in preasle as it hurtles toward its interim target of $3.6 million.
The project combines electric vehicles, blockchain technology, and artificial intelligence (AI) as it delivers AI-powered electric Tuk Tuks aimed at improving traffic conditions and reducing carbon emissions in developing countries from South Asia to Africa.
Did you know that carbon emissions from vehicles contribute significantly to climate change, air pollution, and global heath crises!
From extreme weather events to respiratory diseases, the impacts are profound.
By choosing #eTukTuk's, you're not just making a transportation… pic.twitter.com/zvb3lmJJyp
— eTukTuk (@eTukTukio) May 4, 2024
eTukTuk is set to deliver its product to developing nations first, starting with Sri Lanka, and then to other countries worldwide. The platform will build the charging infrastructure of tomorrow and power it with blockchain.
Apart from TUK’s potential for appreciation, you can also earn passively through the staking system, where you stand to earn 83% in annual rewards.
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
The project is also launching a play-to-earn (P2E) game called Crazy Taxi in which players race around the streets of Sri Lanka, picking up and dropping off customers.
To participate in the presale, you can buy $TUK at $0.032 per token before the price increases in a little more than eight days.
Also Read:
- Ethereum Name Service, Ethena, And ETH Meme Coins PEPE And FLOKI Among Big Winners As ETH ETF Odds Improve
- Green AI Revolution in Web3 – Here’s How You Can Seize the 100X Opportunity With eTukTuk
- eTukTuk (TUK) Storming Into 2024 With Massive Funding, Learn Why Here
- Best AI Crypto Coin Projects: Top Picks for 2023
- eTukTuk Strives to Bring Sustainable Transport to Developing Nations With Its Innovative Three-Wheeler EV and Charging Infrastructure
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