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- 1 SEC postponed decisions on Ethereum ETFs, causing a decrease in hope for approval.
- 2 Institutional investors are seen offloading ETH, with significant coin transfers from wallet to exchanges, as noted on social platform X.
The Ethereum network has recently experienced significant changes, with ETH prices showing notable fluctuations in line with the larger crypto market.
After the Dencun upgrade, the value of Ethereum (ETH) dropped considerably, reaching the $3,000 price threshold.
Despite the descending wedge pattern and price action making lower lows in a short-term time frame, ETH’s price saw a slight rise recently, with a 0.48% increase over the last day.
ETH is priced at $3,077.5 per TradingView data as of the time of writing. ETH has experienced a 34.07% increase since the beginning of the year, as well as a 28.96% rise in the past three months, and has recently surpassed the $3,000 mark again.
Based on the analysis, ETH is projected to hit a target of $3,240 and a higher target of $3,370, depending on buyer backing. Not rising could benefit bears, resulting in price declines to $2,895 and $2,740, respectively.
ETH Price Overview | By TradingView
Moreover, the ETH price has shown bullish strength in the long term as it is above the 200-day EMA and declining potential in the short term as it stays below the major 50-day EMA.
Similarly, the ETH asset is in a bearish domain, as MACD is below the zero line. Still, the MACD line is above the signal line, and the RSI shows no significant activity on the daily chart and highlights a lack of momentum, as it is at 44.99.
SEC Postpones Invesco Galaxy Ethereum ETF
According to a recent tweet from UBK investments on the X platform, the SEC in the United States has postponed its decision regarding the future plans for the Invesco Galaxy Ethereum ETF. On Monday, the agency announced that it will decide on the proposed spot ether ETF by July 5, 2024.
SEC DELAYS INVESCO & GALAXY SPOT ETHEREUM ETF🌍#EthereumETF pic.twitter.com/ZXskCPfTHb
— UBK 🔺 (@UBKinvestment) May 6, 2024
Tweet By UBK | By X platform
The SEC had previously postponed a decision on the Invesco Galaxy Ethereum ETF and requested public feedback in February. Similarly, the agency has recently postponed deadlines for other proposed Ethereum ETFs from Grayscale, Franklin Templeton, VanEck, and BlackRock.
The underlying hope for the SEC to approve seems to have decreased recently. One tweet made on the X platform earlier by ETF analyst Eric Balchunas reduced his prediction of a spot Ethereum ETF approval by late May from roughly 70% to 25%.
Getting tagged in tweets about this filing, the Eth corr study, and other eth etf hopium. I respect it all but our odds for Eth ETF approval in May remain a pessimistic 25% (I’d go lower if I could tbh). There’s 7 wks till deadline and radio silence from SEC = bleak. (Again,… https://t.co/fc8elrYm64
— Eric Balchunas (@EricBalchunas) March 28, 2024
Tweet By Eric Balchunas | By X platform
Ethereum Whales Active: Short-term Pullback Incoming?
Large holders of Ethereum have been actively transferring assets from their wallets to exchanges, which indicates a rise in selling pressure that may result in a temporary price drop. Similarly, numerous tweets from the ‘Whale Alert’ account on platform X exhibit that certain institutional investors are prepared to offload ETH.
🚨 7,173 #ETH (22,038,155 USD) transferred from Coinbase Institutional to unknown wallethttps://t.co/MGfdTxkJfe
— Whale Alert (@whale_alert) May 6, 2024
Tweet By Whale Alert | By X platform
In the meantime, 7,173 coins valued at $22 million were moved from Coinbase institutional to an undisclosed wallet on May 6, 2024.
🚨 🚨 10,000 #ETH (30,749,497 USD) transferred from unknown wallet to #Robinhoodhttps://t.co/WjpcFWfjNG
— Whale Alert (@whale_alert) May 7, 2024
Tweet By Whale Alert | By X platform
🚨 🚨 11,118 #ETH (34,119,338 USD) transferred from unknown wallet to #Coinbasehttps://t.co/hnn1r1O3fr
— Whale Alert (@whale_alert) May 7, 2024
Tweet By Whale Alert | By X platform
Nonetheless, two additional transactions took place on May 7, totaling $64.8 million, involving the transfer of 21,118 coins from a wallet to exchanges.
Where to Next for ETH Price?
Recently, the Ethereum network changed, including the Cancun-Deneb upgrade, aimed at improving network functionality. Despite this, ETH value dropped nearly $3,000 but has since experienced growth.
Moreover, the SEC postponed decisions on Ethereum ETFs, causing a decrease in the hope for approval. Large holders transferring assets to exchanges may lead to price drops. Institutional investors are seen offloading ETH, with significant coin transfers noted from social platform X.
ETH’s immediate short-term support level at writing was $2,895. At the same time, the $3,240 level is the next resistance level. A price rise can be expected if ETH can surpass the upper resistance level. Likewise, a drop below the above-mentioned support level can lead to a price pullback to the lower support levels.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
