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- 1 Altcoins have surpassed their supply zone and are taking support from dynamic supports of 20-day and 50-day EMAs.
- 2 5 potential ETF issuers have submitted their amended 19B-4s.
- 3 The SEC have been expected to make a decision on the first spot ETH ETF, which is Vanex ETF on May 23rd.
The James Seyffart on X tweeted about the 5 potential least ETF issuers that have submitted their amended 19B-4’s. These are VanEck, Fidelity, Invesco, Ark, and Franklin all of these have been submitted via CBOE.
UPDATE: It's happening. We have at least 5 of the potential #Ethereum ETF issuers that have submitted their Amended 19b-4's in the last ~25 min.
— James Seyffart (@JSeyff) May 21, 2024
Fidelity, VanEck, Invesco/Galaxy, Ark/21Shares, & Franklin all submitted via CBOE. pic.twitter.com/pHGt8iRWi8
In the case of an ETH ETF approval completed successfully, this could be much bigger for altcoins. As per the overall altcoin market update over the last 24 hours, many altcoins have now been responding positively to the ETH ETF.
Ethereum ETF, which many people did not think was going to get approved until 2025, now had a massive boost in its chance to be approved, with Eric Balchunas and James Seyffart increasing their odds of an Ethereum ETF approval to 75% from the previous 25%.
Update: @JSeyff and I are increasing our odds of spot Ether ETF approval to 75% (up from 25%), hearing chatter this afternoon that SEC could be doing a 180 on this (increasingly political issue), so now everyone scrambling (like us everyone else assumed they'd be denied). See… https://t.co/gcxgYHz3om
— Eric Balchunas (@EricBalchunas) May 20, 2024
Since the major probability lies in favor of an ETH ETF getting approved, the SEC to give a decision, has been expected to make a decision on the first spot ETH ETF, which is Vanex ETF, on May 23rd.
What Could Happen To Ethereum’s Price, After The Approval?
The BTC ETF was approved on January 10th, and in the 63 days following the BTC spot ETF approval it rallied nearly 75% to $73,500.
Based on BTC’s reaction to the BTC ETF approval, if the ETH ETF gets approved by the SEC, and on applying a similar possible scenario, if this playbook repeats the same percentage upside that Bitcoin exhibited after its approval, this would take Ethereum to a price at $6,446 in 63 days time.
Investors will keep an eye on Altcoins..
At press time the PEPE has traded at $0.00001373 and has gained this week a surge of 26.08%, Doge at $0.16900 with a surge of 16.03% this week, and Ethena at $0.8401 with a 21.20% this week. These assets have taken support from dynamic supports of 20-day and 50-day EMA, and other metrics are bullish, as well.
Therefore, if the ETF gets the SEC’s green light, these altcoins could rally for higher targets. Where Pepe could go for a $0.00002000 round number target, Dogecoin could reach $0.22000, and Ethena could touch the $2.00 mark.
Bitcoin ETF – APPROVED✔️
— Layergg (@layerggofficial) May 21, 2024
Ethereum ETF – SOON
The Ethereum ETF has switched from a 10% likelihood to a 75% chance overnight. If approved, the $ETH Spot ETF makes the following projects worth watching.
2024 ETH-Beta Watchlist:
• $PEPE – New King of Meme
• $PENDLE – Top… pic.twitter.com/cSexLJroDr
According to the tweet from Layergg on X platform 2024 Ethereum-Beta Watchlist includes; PENDLE, METIS, ETHFI, ALT, REZ, MKR, OP, ARB, LDO, ETC, ENS, SSV, and UNI.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
