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Ethereum Price Prediction: ETH Soars 5% As VanEck And 21 Shares Amend Ethereum ETF Filings As Traders Flock To This P2E Crypto After Huge Token Burn

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Ethereum Price prediction
Ethereum Price prediction

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The Ethereum price is up 5% in the last 24 hours to trade for $3,072 as of 03:10 a.m. EST on trading volume that surged 45%.

It comes amid reports that VanEck and 21Shares submitted amended S-1 filings on Monday for their Ethereum ETF products, completing the list of all prospective issuers submitting their updated forms.

Based on this development, Bloomberg ETF analyst Eric Balchunas anticipates a potential approval for an ETH ETF by July 18.

In a separate development, President of ETFStore Nate Geraci announced that Cboe submitted 19b-4s proposed rule change to list and trade VanEck and 21Shares’ spot Solana (SOL) ETFs. The update does not affect VanEck’s Solana S-1 registration, which it submitted on June 27.

Ethereum Price Prediction

The Ethereum price is attempting a recovery after what looks like a bottoming out at $2,796. It is confronting resistance due to the 78.6% Fibonacci retracement level of $3,070. A stable candlestick close above this level would encourage more buy orders, invigorating the recovery for the largest altcoin by market capitalization metrics.

Nevertheless, the Ethereum price remains in the thicket with the Relative Strength Index (RSI) subdued below the mean level of 50. Similarly, the Moving Average Convergence Divergence (MACD) is also below the signal line (orange band) indicating seller momentum is stronger than buying pressure.

Traders looking to open new long positions for the Ethereum price should consider waiting for a stable flip of the $3,070 roadblock into a support floor. Until then, ETH price could face a rejection, potentially descending to test the bottom of the market range at $2,796.

Ethereum price

GeckoTerminal: ETH/USD 1-day chart

On the other hand, if bullish momentum increases and the Ethereum price breaches the $0.3070 level, the uptrend could continue. In such a case, the Fibonacci Golden Zone would be a formidable blockade. Only a daily candlestick close above this zone beyond the 38.2% Fibonacci retracement level of $3,587 would vindicate the altcoin.

Meanwhile, some traders are accumulating eTukTuk (TUK) tokens after its presale blasted past $3.5 million in funds raised.

In an analysis of the project, crypto YouTuber Jacob Bury hails TUK as a new 10X potential cryptocurrency.

Promising Alternative To Ethereum

TUK powers the eTukTuk ecosystem, a project combining electric vehicles, blockchain technology, and Artificial Intelligence. This unique mix helps deliver AI-powered Tuk Tuks committed to improving not only traffic conditions but also minimizes the user’s carbon footprint.

The project recently launched a new and thrilling mobile Play-to-Earn (P2E) game called Crazy TukTuk Taxi. Participants explore Sri Lanka’s lively streets, picking up and droping off customers at different locations.

They earn the native token $TUK in return. The game is downloadable on both the App Store and Google Play Store.

Beyond the P2E offering, the eTukTuk project is also focused on delivering an eco-friendly future of transportation. To this end, it uniquely merges AI, crypto/blockchain, and electric vehicles.

The TUK token has multiple use cases, including making purchases, upgrading, and accessing exclusive content. And the project’s smart contract is fully audited by SolidProof, assuring users of its integrity and security.

The project continues to support value growth for the tokens with a burn mechanism that reduces supply. Two token burn events happened recently, on July 4 and 5, where 400 million and 200 million TUK tokens were burned respectively. This totaled up to 30% of the total $TUK supply being removed.

Apart from the $TUK token’s potential for growth, you can also stake your acquired tokens for an impressive 80% APY.

To participate in the presale, you can buy $TUK at $0.0345 per token before the price increases in a little less than six days.

Visit eTukTuk here.

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