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The Ethereum price rose more than 1% over the past 24 hours to trade at $2,333.70 as of 2:15 am EST as speculation over the approval of spot Ethereum ETF (exchange-traded fund) products grows.
Standard Chartered Confident A Spot ETH ETF Will Be Approved In May
Standard Chartered Bank believes the U.S. Securities and Exchange Commission (SEC) will approve spot Ethereum ETFs in May this year.
“We expect pending applications for ETH U.S. spot ETFs to be approved on May 23, the final deadline for the first of the ETFs under consideration — the equivalent date to Jan. 10 for BTC ETFs,“ said Geoffrey Kendrick, head of Standard Chartered Bank’s forex and digital assets research, in a Jan. 30 note.
This could push the Ethereum price to as high as $4,000 if “ETH prices perform similarly to how BTC prices performed in the lead-up to BTC ETF approval,” he said.
Adding to Kendrick’s belief that spot Ethereum ETFs will be approved in May is the fact that the SEC has not categorized Ethereum as a security. The listing of ETH as a regulated futures contract on the Chicago Mercantile Exchange adds further support to the analyst’s prediction.
The Ethereum Price Re-Enters A Key Channel
Daily chart for ETH/USDT (Source: TradingView)
The Ethereum price broke above the middle level of a medium-term descending price channel over the last 24 hours. This was after it rebounded from a positive trend line in the last couple of days. Should this bullish momentum continue, ETH may finally rise above the negative channel. A path to the $2,440 resistance level will subsequently be opened up.
The Ethereum price closing a daily candle above $2,440 through the course of the coming week may give the altcoin leader the foundation needed to continue rising in the short term. In this bullish scenario, the crypto could rise to as high as $2,685 in the following few days.
This bullish thesis may, however, be invalidated if the Ethereum price falls below the $2,295 support level in the next 72 hours. In this alternative scenario, ETH may retest the positive trend line. If this level fails to hold, the Ethereum price will most likely drop to the subsequent support level at $2,130.
Ethereum Price May Continue To Rise As Technicals Align
Technical indicators on ETH’s daily chart suggest the Ethereum price’s climb may carry on in the upcoming 48 hours. The Moving Average Convergence Divergence (MACD) is flagging bullish. Not only is the MACD line rising towards the MACD Signal line, the slope of the MACD Histogram is also positive. These technical flags could signal that ETH is starting to enter a short-term positive cycle.
In addition to this, the Relative Strength Index (RSI) is also flagging bullish. In the last 48 hours, the RSI line crossed above its Simple Moving Average (SMA) line, indicating that buyers have gained the upper hand against sellers. As a result, it may be easier for bulls to boost the Ethereum price in the next couple of days than it will be for bears to pull it down during the same period. The RSI is still positioned above the SMA line, which shows that bulls are currently still stronger than bears. If these technical flags are validated, the Ethereum price may soon flip the $2,440 threshold into support.
As the Ethereum price attempts to continue its bullish move, investors eager to diversify their portfolios may want to take a look at the green AI coin, eTukTuk, on Binance Smart Chain.
More Than $600,000 Raised
The eTukTuk presale has surpassed $600,000 as investors are betting big on the AI project’s future. Through decentralization and innovative electric vehicles (EVs), the project aims to drastically reduce carbon emissions globally.
1/ Ready for a game-changer?
Let's talk about how shifting to renewable energy isn't just crucial for our planet, but it might just pay for itself within six years. 🔄🧵 pic.twitter.com/TZXK8dse5M
— eTukTuk (@eTukTukio) October 6, 2023
The first step towards eTukTuk achieving its goal includes the roll out of its nifty electric TukTuk in developing nations. This mini taxi is a popular mode of transportation in third-world countries with large populations such as Sri Lanka and India. Each of these vehicles can be built using no more than 200 parts. In addition to this, eTukTuk has formed strategic partnerships with local manufacturers, which will drastically reduce the production costs, and subsequently lower the adoption cost associated with these vehicles.
Capitalizing On The Growing Gaming Industry
Not only is eTukTuk poised to benefit from the booming AI field, it will also expand into other sectors such as the rapidly-growing blockchain gaming sector. The project’s team plans to launch a play-to-earn game called Crazy Taxi. In this game, players will have to navigate the busy streets of Pakistan and transport passengers to various locations. Each completed mission in the game will reward players with eTukTuk’s native token, TUK. Players will also level up and unlock new global cities as they progress.
TUK can be purchased here.
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