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The Ethereum price has soared 14% in two weeks but is down 1.2% in the last 24 hours to trade for $3,479 as of 00:12 a.m. EST.
It comes following another landmark decision by the US Securities and Exchange Commission (SEC) on Monday, allowing Ethereum spot ETFs (exchange-traded funds) to begin trading on Tuesday, July 23.
[🌲] SEC SIGNS OFF SPOT ETHEREUM ETFS FOR TRADING TOMORROW: FILING
— Tree News (@News_Of_Alpha) July 22, 2024
The regulator green-lit the S-1 registration forms of applicants, statements requisite for the launch of respective Ether-based ETFs on their respective stock exchanges, including the NASDAQ, New York Stock Exchange, and Chicago Board Options Exchange (Cboe).
It’s official: Spot Eth ETFs have been made effective by the SEC. The 424(b) forms are rolling in now, the last step = all systems go for tomorrow’s 930am launch. Game on. pic.twitter.com/9MaBDBA8co
— Eric Balchunas (@EricBalchunas) July 22, 2024
The issuers of the launched spot Ether ETFs include BlackRock, Fidelity, 21Shares, Bitwise, Franklin Templeton, VanEck, and Invesco Galaxy. The decision comes two months after the regulator approved the eight applicants’ 19b-4 applications.
Based on analysts’ recent predictions, the spot ETH ETFs could attract between $3 billion and $4 billion in inflows within the first six months of launch.
Some traders are anticipating a rally in the Ethereum price to a new all-time high of around $5,627, fueled by new capital inflows.
📉📊 Wintermute’s recent report suggests that demand for Ethereum (ETH) spot ETFs may fall short of market expectations. Projected fund inflows range from $3.2-4 billion, only 15-20% of Bitcoin spot ETF inflows. Key obstacles include the exclusion of staking options and the lack…
— BitcoinWorld Media (@ItsBitcoinWorld) July 22, 2024
Ethereum Price Prediction As Spot Ether ETFs Go Live
The Ethereum price underperformed on news that the eight spot ETH ETFs will begin trading today. To some, it was a ‘buy the rumor sell the news’ situation, which explains the slight drop in the Ethereum price.
Nevertheless, not all is lost, given the Ethereum price continues to hold well above the 50% Fibonacci placeholder of $3,395. As long as this support level holds, the Ethereum price could make a move north. The Relative Strength Index (RSI) is also well above the mean level of 50, suggesting the bulls have the upper hand and are leading the ETH market.
Moreover, the Moving Average Convergence Divergence (MACD) is also in positive territory, holding well above the signal line (orange band). This shows buying pressure is more than selling pressure.
If the buyers have their way, the Ethereum price could break above the upper boundary of the wedge, which connects the lower highs. Such a move would inspire more buyers, potentially driving the Ethereum price further north.
In a highly bullish case, the gains could extrapolate for the Ethereum price to reclaim the peak of the market range at $3,965. This level was last tested on May 27.
GeckoTerminal: ETH/USD 1-day chart
Conversely, the Ethereum price could extend the fall if the 50% Fibonacci placeholder gives way as a support floor. Nevertheless, the bullish thesis would only be invalidated upon a candlestick close below $2,826.
Meanwhile, as the Ethereum price works out the next directional bias, crypto YouTuber Jacob Bury is recommending that investors consider The Meme Games (MGME), a new presale that’s raised more than $224k in less than a week.
Bury says the token could explode 10X after its launch.
Promising Alternative To Ethereum
The Meme Games is a gamified meme token comprising popular crypto meme coin characters who reward presale buyers with bonuses for winning events. The project aims to capitalize on the hype surrounding the upcoming Olympic Games in Paris.
Meeting users where Degen meme coin mania meets the spirit of the 2024 Olympics, the project brings an exhilarating fusion of the competitive spirit of the Olympics and the vibrant, fun-filled world of meme coin culture.
As a token holder, you can pick your favorite meme characters and watch them compete for gold to multiply your holdings. The native token, $MGME, is your ticket to glory in the meme coin ecosystem.
Participants in The Meme Games presale can choose between Dogecoin, Pepe, DogWifHat, Brett, and Turbo and watch them race for a chance to claim a 25% bonus on their initial purchase.
Additionally, you stand to earn passive income from the project’s staking mechanism. You can easily purchase and stake $MGME to earn a stratospheric annual percentage yield (APY) of 1,144%.
You can buy $MGME tokens for $0.00905 each. With a price hike coming in just over three days, buy soon to lock in the best deal. Buy now to win a 25% bonus on your investment.
Visit and buy The Meme Games here.
Also Read:
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- 2D Virtual Doge Pet
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- SolidProof Audited – playdoge.io
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