Markets
Altcoins Rise and Bitcoin Corrections
Crypto Price Prediction: After Monday’s Rally, Bitcoin Price wobbled for four days, risking a major fall over the weekend. The approval of Ethereum ETFs initially promised a market recovery, but the outlook after their debut is bleak. A report from Chinese reporter Wu Blockchain revealed that the United States Securities and Exchange Commission (SEC) has approved Form 19b-4 applications for eight notable Ethereum exchange-traded funds (ETFs).
The reason why the SEC is adopting the Ethereum spot ETF is mainly due to the correlation between CME Ethereum futures and some Ethereum spot trading platforms. Most SEC filings provide data proving strong correlation, as well as CME monitoring and sharing agreements and… pic.twitter.com/iozZA1OSQn
-Wu Blockchain (@WuBlockchain) May 24, 2024
The ETFs, led by industry giants such as BlackRock, Fidelity, Grayscale, Bitwise, VanEck, Ark, Invesco Galaxy and Franklin Templeton, have yet to activate their S-1 registration statements before trading can begin. Although the timing of this final approval phase remains uncertain, Bloomberg analyst James Seyffart estimates that the process could extend over several weeks. This development marks a significant step forward in the integration of cryptocurrencies into traditional financial services.
Thus, the price of ETH shows notable resilience; the $3,650 level of other altcoins like Pepe coin (PEPE) and Lido DAO (LDO) signals an opportunity for an extended rally.
Read also: Ethereum Price Risks Falling to $3.4K Despite ETF Optimism, Here’s Why
1) Cryptocurrency Price Prediction – Ethereum (ETH)
Ethereum is a decentralized and open source blockchain system that includes its own cryptocurrency, Ether (ETH). It stands out as a foundational platform in the blockchain ecosystem due to its pioneering of smart contracts, self-executing contracts with the terms of the agreement written directly into the code.
Ethereum (ETH)| Commercial view
Last week, Ethereum (ETH) began its recovery phase after a strong rebound from the monthly support level of $2,860. This bullish reversal resulted in its value increasing by over 30%, with the coin now trading at around $3,696. Meanwhile, Ethereum’s market capitalization reached $443.6 billion.
This recovery took on a notable magnitude following the evolution ETH Spot ETF. While the market as a whole saw a notable decline this week, the ETH Price maintained above $3,650, indicating active buying pressure from below.
The aforementioned level could provide suitable support for ETH to push its next recovery surge to $4,090, followed by $4,430.
2) Pepe Coin (PEPE)
Pepe’s piece (PEPE) is a cryptocurrency that capitalizes on the viral Internet character Pepe the Frog, positioning itself in the meme coin category alongside others like Dogecoin and Shiba Inu. PEPE functions as an ERC-20 token on the Ethereum blockchain, known for its security provided by the Proof-of-Stake consensus mechanism.
Pepe Coin (PEPE)| Commercial view
THE PEPE Price has seen a steady rally over the past six weeks under the influence of an ascending trendline. A recent reversal of this support on May 20 propelled the asset 54% to currently trade at the $0.0000138 mark.
According to CoinMarketcap, Pepe coin has a market capitalization of $5.93 billion, while the 24-hour trading volume is $3.9 billion.
Support/Resistance Indicator – Pivot Level Shows Rising PEPE the price may see a broad bid at $0.0000165 and $0.0000189, while support levels are at $0.0000108 and $0.00000109.
Read also: 4 You have to buy PEPE alternatives for 100X gains in May-April 2024
3) Uniswap (UNI)
Uniswap (UNI) is a leading decentralized finance (DeFi) protocol known for facilitating the automated trading of decentralized tokens on the Ethereum blockchain. It is distinguished by the use of a unique business model called Automated Liquidity Protocol, in which users pool their assets to form liquidity pools.
Uniswap (UNI)| Commercial view
Over the past five weeks, the UNI Price mainly fluctuated in a narrow range between $8.35 and $6.6. This sideways movement occurs at a critical support moment, marked by the 78.6% Fibonacci retracement level and an ascending trendline (shown by the blue line), signaling an area of significant accumulation.
On May 20, buyers broke through a decisive breakout of the pattern’s overhead resistance, signaling a major trend reversal. THE Uniswap coin currently trading at $9.44 and holds a market cap of $5.65 billion.
If the breakout continues, coin buyers could lead a rally to $10.3, followed by $13.3.
Read also: Uniswap price analysis hints at rally beyond $10 as buyers break 6-week consolidation
Key to remember
The altcoin market remains particularly resilient amid a Bitcoin correction, supported by progress in the development of a Spot Ethereum ETF, which has maintained bullish momentum. Ethereum price stability above $3,650 confirms the continued strong buying interest in the market.
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