{"id":476664,"date":"2024-01-31T10:58:38","date_gmt":"2024-01-31T10:58:38","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=476664"},"modified":"2024-01-31T10:58:38","modified_gmt":"2024-01-31T10:58:38","slug":"ethereum-price-prediction-standard-chartered-expects-eth-etf-approval-in-may-as-experts-say-this-green-ico-might-be-the-best-crypto-to-buy-now","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/ethereum-price-prediction-standard-chartered-expects-eth-etf-approval-in-may-as-experts-say-this-green-ico-might-be-the-best-crypto-to-buy-now","title":{"rendered":"Ethereum Price Prediction: Standard Chartered Expects ETH ETF Approval In May As Experts Say This Green ICO Might Be The Best Crypto To Buy Now"},"content":{"rendered":"

The Ethereum price <\/span>rose<\/span><\/a> 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.<\/span><\/p>\n

Standard Chartered Confident A Spot ETH ETF Will Be Approved In May<\/span><\/h2>\n

Standard Chartered Bank believes the U.S. Securities and Exchange Commission (SEC) will approve spot Ethereum <\/span>ETFs<\/span><\/a> in May this year.<\/span><\/p>\n

“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 Geof<\/span>frey Kendrick, head of Standard Chartered Bank’s forex and digital assets research, in a Jan. 30 note.<\/span><\/p>\n

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.<\/span><\/p>\n

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.<\/span><\/p>\n

The Ethereum Price Re-Enters A Key Channel<\/span><\/h2>\n

\"TradingView<\/p>\n

Daily chart for ETH\/USDT (Source: <\/span>TradingView<\/span><\/a>)<\/span><\/p>\n

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.<\/span><\/p>\n

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.<\/span><\/p>\n

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.<\/span><\/p>\n

Ethereum Price May Continue To Rise As Technicals Align<\/span><\/h2>\n

Technical indicators on ETH’s daily chart suggest the <\/span>Ethereum<\/span><\/a> 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.<\/span><\/p>\n

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.<\/span><\/p>\n

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.<\/span><\/p>\n

More Than $600,000 Raised<\/span><\/h2>\n

The <\/span>eTukTuk<\/span><\/a> 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.<\/span><\/p>\n

\n

1\/ Ready for a game-changer? <\/p>\n

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<\/a><\/p>\n

— eTukTuk (@eTukTukio) October 6, 2023<\/a><\/p><\/blockquote>\n