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The Ethereum price is up a fraction in the past 24 hours to trade for $3,512 as of 00:45 a.m. EST on trading volume that dipped 21%.
The show of strength followed comments by Securities and Exchange Commission (SEC) Chair Gary Gensler that spot Ethereum ETFs (exchange-traded funds) will likely receive regulatory approval “over the course of the summer.”
Clarifying on details here: Gensler said “over the course of this summer” and Hagerty said “by the end of the summer.”
Gensler: “I would envision sometime over the course of this summer…”
Hagerty: “If you’re indicating to me that those applications will be approved by the end… https://t.co/zJiI3reNZT
— Eleanor Terrett (@EleanorTerrett) June 13, 2024
The SEC approved the issuers’ 19b-4 filings on May 23. But before the ETH spot ETFs can hit the market, the regulator must also approve their S-1s.
Meanwhile, ProShares Trust III filed its Ethereum Spot ETF S-1 application with the SEC on Tuesday.
Eth ETF Update: @ProShares Trust III #Ethereum Spot ETF S-1 Application filed with @SECGov yesterday.https://t.co/ffEB1eg1sl pic.twitter.com/gcmzAVmYjR
— MartyParty (@martypartymusic) June 12, 2024
The prospect of the ETH ETFs hitting the market before October is good news for the crypto industry, signifying another key regulatory breakthrough. VanEck made its first spot ETH ETF in May 2021.
“It has taken regulators 3 years and *counting* to decide whether you can buy exact same thing in regulated ETF wrapper that they’ve allowed grandma to purchase on *publicly-traded* COIN & HOOD during same time,” said Nate Geraci, president of ETFStore.
Optimism Abounds In ETH Market, Is The Ethereum Price Primed For Rally?
Optimists remain bullish, however, with the likes of Framework Ventures co-founder Vance Spencer, saying Ethereum is a “tech-style growth play” that will become the app store of finance.
“ETH is at the forefront of the tokenization movement that’s really going to define the next few decades of traditional finance,” Spencer said, adding, “People are going to be really surprised at the uniqueness of the scale of business Ethereum is going to generate from the tokenization wave.”
Ethereum Price Prediction
The Ethereum price could recover after a 10% crash beginning June 6. ETH bulls are defending against further downside, seen with the Relative Strength Index (RSI), which is defending against further downside. If this momentum indicator is able to restore above the mean level of 50, a bullish wave could ensue.
This could see the 50% Fibonacci placeholder hold as a support level at $3,451, with the potential for an extended move north. A candlestick close above the 61.8% Fibonacci retracement level, which is the most significant retracement level, would confirm a further move north. Traders looking to take long positions on ETH should consider waiting for a stable candlestick close above the aforementioned level in the one-day timeframe.
Once this happens, the Ethereum price could reclaim the 78.6% Fibonacci retracement level of $3,808. In a highly bullish case, ETH market value could extend to the $4,076 threshold, levels last tested in March.
GeckoTerminal: ETH/USD 1-day chart
Conversely, with the lower highs on the RSI and its position below the 50 mean level, the bears could have their way. The position of the Moving Average Convergence Divergence (MACD) below the signal line (orange band) reinforces the bullish outlook.
If the 50% Fibonacci placeholder of $3,451 breaks, the downtrend could extrapolate. A candlestick close below the 38.2% Fibonacci retracement level of $3,304 would invalidate the bullish thesis.
Meanwhile, investors are piling into DICE, a new Solana GameFi coin that’s racing towards $2 million in funds raised in its presale. According to Crypto analyst and YouTuber 99Bitcoins, this presale gem could explode 100X at launch.
Promising Alternative To Ethereum
DICE is the powering token for the Mega Dice ecosystem, a Solana-based online casino that rewards players with crypto. The platform allows users to play games, bet on sports, and earn rewards using the native token, $DICE.
Time to claim your share of a 20,000 #USDT Prize Pool! 💰
Join the #MegaDice MASSIVE football tournament and daily sports streaks to elevate your #Euro2024 and #CopaAmerica experience! ⚽
MEGA Rewards are up for grabs, including a jaw-dropping USDT 10k cash prize.
Here’s… pic.twitter.com/vLF682mwWb
— Mega Dice Casino (@megadice) June 13, 2024
The Mega Dice platform has been a sensation since its launch last year and is one of the most popular crypto-oriented online casino and betting platforms. With the launch of the new crypto ICO, the project is set to extend its offerings.
Games Night Thursdays at 5 PM UTC live on our TG channel!
We’ll be starting off with a $1300 balance and whatever is won will be shared among the contributors on the call! 🤑
Join here 👇https://t.co/pzizhtZ2pS pic.twitter.com/u5tihwSn5E
— Mega Dice Casino (@megadice) June 13, 2024
The project is the first GameFi project on the Solana blockchain, and its aim is to challenge the casino sector titan Rollbit Coin.
The platform has a user base exceeding 50,000 and more than 10,000 active players who wager about $50 million every month. It offers over 4000 games from top providers and over 50 sports and eSports.
DICE holders can also earn through the platform’s staking option, with the team setting aside 10% of its total 420 million token supply as rewards.
Refer & Earn with $DICE! 🚀💰
Exciting news! You can still refer users to the Mega Dice presale and earn a generous 10% commission on all referral purchases. Here’s a simple guide on how to get started:
1. Visit: https://t.co/E5WFsXQhfQ.
2. Connect: Connect your wallet.
3.… pic.twitter.com/D0wBtHX5nj— Mega Dice Casino (@megadice) June 12, 2024
$DICE tokens cost $0.075 each and can be bought with BNB, ETH, or SOL. You can also earn 10% on any purchases made by investors you refer.
Visit and buy Mega Dice tokens here.
Also Read:
Mega Dice – Newest GambleFi Token
- Established Crypto Betting Brand
- Featured In Cointelegraph – First Licensed Telegram Casino
- Presale Live Now – megadicetoken.com
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