Ethereum Crypto ETF Off the Line? ETH Drops 23% After Delay

The decision on both products has now been postponed until the end of May. Ark 21Shares’ deadline is May 24, while Hashdex will have more information on May 30.

However, the first decision will take place on May 23 for the VanEck spot ETH ETF. This will be the precedent for decisions on the other products.

Lower chance of spot Ethereum ETF approval

Crypto ETF analyst James Seyffart of Bloomberg, who was closely monitoring the development, has changed his previously optimistic stance on spot Ethereum ETFs.

He announced this in a tweet. He noted that the SEC’s lack of involvement in Ethereum-specific issues stands in stark contrast to its approach to Bitcoin ETFs. This reduces the chance of approval on May 23.

My cautiously optimistic attitude for ETH ETFs has changed from recent months. We now believe these will ultimately be denied May 23rd for this round. The SEC hasn’t engaged with issuers on Ethereum specifics. Exact opposite of #Bitcoin ETFs this fall. https://t.co/TyAzAOrAC5

— James Seyffart (@JSeyff) March 19, 2024

Eric Balchunas, senior ETF analyst at Bloomberg, previously pointed out the absence of bullish signs that were present before the approval of Bitcoin ETFs. He therefore expects a 35% chance that the spot Ethereum ETFs will be approved.

Currently, there are seven companies hoping to release an Ethereum ETF. These are BlackRock, Fidelity, Invesco with Galaxy, Grayscale, VanEck, Hashdex and 21Shares with Ark.

Ultimately, Ethereum investors should keep a close eye on May 23. The decision that takes place on this day will ultimately determine whether spot Ethereum ETFs are approved.

Ethereum price forecast: What will Ethereum do?

Following the news of the possible deprecation of spot Ethereum ETFs, the price of $ETH has suffered significantly. In one week, Ethereum has fallen 23% from its $4,000 level to a low of $3,070.

Since then, Ethereum has recovered somewhat. It currently has a price of $3,353, marking an increase of 4.09% in the last 24 hours. In a week, the stock has fallen 16.27%, although it is still up 14.22% in the past 30 days.

The technical indicators of the Ethereum price are bullish in the short term. The Relative Strength Index (RSI) is recovering from its low of 22 into significantly oversold territory. Currently the indicator has a neutral value of 51.

Furthermore, the Moving Average Convergence Divergence (MACD) gives a bullish signal of 22.5. So in the short term, investors can expect a small recovery after yesterday’s dramatic decline.

In the long term, however, it remains difficult to determine what Ethereum will do. This is very dependent on the decision on its spot Ethereum ETFs on May 23. In the meantime, the Bitcoin halving can have a positive impact on the price, while Ethereum can always show off its robust fundamentals.

Altcoins Now Chance of ETH ETFs Approval Has Decreased

With Ethereum unlikely to see drastic increases in the medium term, crypto investors may be looking for promising altcoins that have more potential. Below we list three crypto projects that could explode.

Green Bitcoin – Unieke Gamified Green Staking

Green Bitcoin ($GBTC) is a brand new crypto project that introduces a new mechanism to the crypto sector. Gamified Green Staking not only allows users to earn staking rewards. In addition, it also allows them to win prizes by correctly predicting the Bitcoin price.

Compared to the original Bitcoin, this project is a lot more sustainable. The average electricity costs are significantly lower due to the Proof-of-Stake mechanism. In addition, it also pays off for private users, something that Bitcoin itself does not do.

The presale is still ongoing. Investors can purchase tokens for as little as $1.1062 each. Act quickly before all 21 million tokens are sold. The project has already raised $6.8 million.

Scotty the AI ​​– Crypto’s favorite watchdog

Scotty the AI ​​($SCOTTY) is a Scottish terrier who watches over the crypto sector. To do this, it continuously stays informed of the latest developments surrounding blockchain technology and AI. Armed with this knowledge, he maintains the confidentiality and integrity of the blockchain ecosystem.

The project was built with several goals in mind. Firstly, it offers AI solutions for better security and fraud detection within the crypto sector. The team has also developed a chatbot. Users can ask all their questions directly to Scotty.

During the presale, 30% of the 1,734,567,890 tokens will be sold. Users still have a short time to purchase tokens before they go live. So be quick.

eTukTuk – Sustainable crypto with Electric vehicles

eTukTuk ($TUK) is a new sustainable crypto project that has developed its own electric TukTuk. The TukTuk is the primary mode of transportation in developing countries. eTukTuk will therefore first release its vehicles in Colombia, the capital of Sri Lanka.

These electric TukTuks are not only more sustainable, they are also better for the drivers. Because of the lower fuel costs, they can take home up to 4x as much income. Investors with $TUK tokens also receive a percentage of drivers’ charging costs.

The project is therefore a win-win for all parties involved. So quickly buy your $TUK tokens for only $0.0285 each to benefit from a project that is good for the earth and humanity.

Disclaimer: This article contains insights from independent authors and is not part of BitcoinMagazine.nl’s editorial content. This is not investment advice, please do your own research.