No ETH ETF after all? SEC Pushes for Rejection of Crypto ETF

From discussions between applicants for the Ethereum ETF and the Securities & Exchange Commission (SEC), there appears to be a high chance that the crypto ETF application will be rejected. The Ethereum price fell yesterday after this news was first announced.

In this article we look at the current Ethereum price, the possible influence of this news on the altcoin and whether it is still possible for the Ethereum ETF to receive approval.

High chance of rejection of ETH ETF – what will Ethereum do?

The Ethereum price rose by 1.6% at the beginning of the afternoon to $ 3,151 in the past 24 hours. This while the crypto market has risen by 0.8% during this period, which means that Ethereum is performing quite well today.

However, Ethereum is still close to its bottom of $ 3,000, which has not yet been breached after the price rose above this in February. This means that the $3,000 is a very strong support and Ethereum cannot fall much from here.

The price is still below its 30-day average (yellow) of $3,300, which serves as strong resistance that also makes further increases difficult.

With the likelihood of a rejection of the Ethereum ETF looking higher in May, it seems unlikely that ETH can build enough momentum to break above $3,300. As it turns out information from Reuters that the applicants for the ETF have not yet had any proper discussions with the SEC about the crypto ETFs.

It is for this reason and the fact that the SEC has also delayed approval of the spot Bitcoin ETF multiple times, that the likelihood of the spot Ethereum ETF receiving approval in May seems very slim.

Still, the crypto community remains hopeful and thinks that there will definitely be a spot Ethereum ETF, maybe not in May, but sometime this year.

When @RichardHeartWin says that “#Ethereum is likely to get an ETF”, you know it’s coming

This would basically make it impossible for the SEC to deem #PulseChain a security, as it is a fork of Ethereum

Feels like we already won $HEX #PulseX $INC pic.twitter.com/94lp30xtmT

— HviidHEX (@HviidHEX) April 25, 2024

Ethereum currently appears to have more upside than downside risk. With the help of strong support near $3,000, Ethereum could be a good investment today. In the event that an ETH ETF does materialize later this year, Ethereum could reach a new All-Time High above $5,000.

Which altcoins will explode while Ethereum’s price falls?

Although the spot Ethereum ETF will likely be rejected or postponed, Ethereum remains a crypto with potential to rise even further. But because it is also the #1 largest altcoin, it won’t go x10 in value anytime soon, as it would need a market cap of over $3 billion to do so.

Many investors use Bitcoin and Ethereum for indication only, without investing in them directly. This is because the best altcoins with a lower market cap can rise faster, especially if these altcoins are still unknown and later go viral.

In this article we look at 2 alternatives to Ethereum that could rise much faster in the coming months.

99 Bitcoins (99BTC)

A promising alternative that uses the Ethereum blockchain is 99Bitcoins (99BTC), a Learn-to-Earn platform with a community of almost 3 million users. The new 99BTC is available in presale and has already raised over $800,000 for the project.

99Bitcoins could become very popular in the near future as new crypto users flood into the market. These users can learn about crypto, the blockchain, exchanges and more in a fun way, earning 99BTC tokens as a reward.

📰 #CryptoNews

The #SEC has delayed decisions on #Bitcoin ETF options trading and looks likely to deny #Ethereum #ETF proposals.

This move reflects the regulatory hesitancy towards #Cryptocurrency ETFs. 👎

Learn more: 👉 https://t.co/fcRrMaJ1jO#Executive #ETHGATE #ETH

— 99Bitcoins (@99BitcoinsHQ) April 26, 2024

You can buy 99BTC for $0.00102 each in the presale, this price will soon increase to $0.00103 per token. Using Ethereum smart contracts, it is possible to stake 99BTC tokens and earn additional tokens. After the presale, the token will be listed and the new Learn-to-Earn platform can go live.

Mega Dice token (DICE)

Solana is expected to grow faster than Ethereum this year, as Solana’s network is many times faster and cheaper to use. That is why the casino Mega Dice will launch its new utility token Mega Dice token (DICE) on the Solana blockchain.

Mega Dice’s casino has $50m+ monthly turnover and 10,000+ active users and thanks to the DICE token it is possible to earn part of this turnover as passive income. By staking the tokens you get a piece of the pie and the more turnover the casino makes, the more you can earn as an investor.

$DICE has raised over $500,000 in presale so far! 🔥

Thank you to each and every one of you for being part of our journey! 🙏❤️

Next up, $1 million! 🚀 pic.twitter.com/N94CDeHBOh

— Mega Dice Casino (@megadice) April 25, 2024

You can purchase the Mega Dice token for a fixed price of $0.069 each during the presale and can claim these tokens with your Ethereum wallet after the presale. After the token is launched on its first exchange and can be used in the casino, its price could increase significantly.

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.