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The Ethereum price is down 0.26% in the last 24 hours to trade for $2,210 as of 1:15 a.m. EST time, with trading volume dropping 45%.
It comes as the US Securities and Exchange Commission delayed a decision on the BlackRock Ethereum exchange-traded fund (ETF) until March.
BREAKING 🚨🇺🇸 SEC DELAYS BLACKROCK ETHEREUM ETF pic.twitter.com/VTCSdZXM34
— That Martini Guy (@MartiniGuyYT) January 24, 2024
In a filing on Wednesday, the financial regulator delayed its decision on the spot Ether ETF filing from BlackRock, which is among the few firms that have filed for the ETH investment product. Others include VanEck, Ark 21Shares, Hashdex, Grayscale, and Invesco Galaxy.
Bloomberg’s ETF specialist James Seyffart believes the delays will continue to happen sporadically over the next few months.
Spot Ethereum ETF Delays will continue to happen sporadically over the next few months. Next date that matters is May 23rd https://t.co/2zBBvHkrVk
— James Seyffart (@JSeyff) January 24, 2024
Notably, only days ago, investment banking giant JPMorgan said there is 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. He added, “This is far from given. I wouldn’t put more than a 50% chance to the SEC classifying Ethereum as a commodity before May.”
Despite the skepticism, there are a few optimists like ARK Invest’s President and COO Tom Staudt, who said 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
SEC Commissioner Hester Pierce, alias Crypto Mom, also inspired hope for ETH enthusiasts, saying 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
The Ethereum price is attempting to consolidate horizontally after a steep nosedive, trading below the lower boundary of an ascending parallel channel. As momentum continues to fall, as seen with the Relative Strength Index (RSI), the value of ETH is dropping.
Furthermore, it faces overhead pressure coming from the 50-day Simple Moving Average (SMA) at $2,335. This, coupled with the resistance due to the lower boundary of the channel, could see the Ethereum price extend the fall, potentially testing the support confluence between the 100-day SMA and the horizontal line around the $2,135 region.
An extended fall could see the Ethereum price slump to the $2,000 psychological level. This would denote a 10% fall below the current price.
In the dire case, Ethereum price could slip below this level to test the $1,935 critical support. A break and close below this level would invalidate the prevailing bullish outlook.
TradingView: ETH/USDT 1-day chart
Converse Case
On the other hand, if the bulls seize the opportunity to buy the dip, the Ethereum price could push north, potentially reclaiming the support offered by the lower boundary of the ascending channel. Further north, it could confront the 50-day SMA at $2,335.
In a highly bullish case, the Ethereum price could tag the $2,388 resistance level. A breach of this blockade would send Ether to tag the midline of the channel around the $2,600 psychological level.
Enhanced buyer momentum among the bulls could see the Ethereum price reclaim the range high at $42,717, or extend a neck higher to the $3,000 psychological level. Such a move would constitute a 35% ascent from the current price.
Nevertheless, while the Ethereum price works out its next directional bias, many investors are turning to new ICO eTuktuk, a new green crypto focusing on electric vehicles that analysts say might 10X on launch.
Promising New ICO
eTuktuk is one of analysts’ top choices for the best ICOs to buy in 2024. It is presented as a revolutionary cryptocurrency project set to help Tuk Tuk drivers adopt a more energy-efficient mode of transportation.
1/ eTukTuk Times is back! 📰🌍
Our weekly round-up of two things we love: #EVs and a #sustainable future 🚀
Explore breakthrough technologies, global initiatives, and the latest developments shaping the future of sustainable transportation and combating climate change.
— eTukTuk (@eTukTukio) January 17, 2024
The project focuses on developing economies, with the $TUK token helping to establish Electric Vehicle Charging Stations (EVSEs). It also offers staking rewards to investors, while at the same time reducing drivers’ costs.
The staking annual percentage yields (APY) are decreasing with time, meaning now is the best time to enter. The presale discounts are also structured to benefit the early investment community.
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
At the heart of the project is setting up proprietary zero-emission vehicles (ZEVs) and EVSEs in multiple developing economies within their urban and suburban areas. Investors can now buy the token for attractive discounts at the presale. Buy now before a price hike in less than six days.
Also Read:
- 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
- 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
- eTukTuk Strives to Bring Sustainable Transport to Developing Nations With Its Innovative Three-Wheeler EV and Charging Infrastructure
- eTukTuk Continues to Impress As Traders Rush to New Electric Vehicle Revolution in Developing Nations With Over $310k Raised Already
Most Searched Crypto Launch - Pepe Unchained
- Layer 2 Meme Coin Ecosystem
- Featured in Cointelegraph
- SolidProof & Coinsult Audited
- Staking Rewards - pepeunchained.com
- $10+ Million Raised at ICO - Ends Soon
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