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ETH Price Prediction Ahead of Spot Ethereum ETF Decision

ETH Price Prediction Ahead of Spot Ethereum ETF Decision

Investors are still considering securing the approval of the Ethereum ETF before the Securities and Exchange Commission’s (SEC) deadline. In recent weeks, Ethereum and the broader cryptocurrency market have seen inflows. The market’s mood has shifted as money pours into particular assets, leading to these increases. 

The expected approval of the spot Ethereum ETF, predicted to swing the market in the asset’s favour, is a significant rising point for ETH. Several institutional investors have emphasized that this year’s inflows are similar to the success of spot Bitcoin ETFs. 

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What Direction Will The Market Go? 

This month, the SEC has two critical deadlines for ETF approvals. When the Commission considers the petitions from VanEck and ArkInvest on May 23 and 24, respectively, stakeholders carefully monitor the Commission’s decisions.

As of this writing, ETH is trading at $3,129, up 3% over the previous day and 7% this week. The asset experienced consistent inflows throughout Q1, but subsequent market turbulence and severe corrections caused a decline. Bulls keep driving inflows into the asset since the approval of an Ethereum ETF would result in a price surge

The majority of market observers anticipate sideways trading if the applications are rejected. Given the market’s positive mentality as inflation declines, this may not produce significant corrections. With a market capitalization of $2.43 trillion, cryptocurrencies have seen growth over the past few quarters.

Possibilities for a Spot Ethereum ETF 

An expert at cryptocurrency exchange Coinbase estimates that the 2018 U.S. elections and other variables will contribute to a 30- 40% approval rate. According to David Han, the market may undervalue spot Ethereum ETFs’ prospective approval and timing.

Ether may yet have the potential to surprise to the upside in the coming months [and] does not appear to have major sources of supply-side overhangs such as token unlocks or miner sell pressure.”

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