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Ethereum Price Prediction: SEC Delays Decision On The BlackRock Ethereum ETF Until March As Investors Turn To This New Green Crypto For 10X Potential Gains

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Ethereum price
Ethereum price

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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.

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.

Notably, only days ago, investment banking giant JPMorgan said there is 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. 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.”

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.

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.

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.

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.

Visit eTuktuk website here

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