Ethereum (ETH) is above $3,000. It is listed at $3,086.75, down 0.89% in the last 24 hours. The market expects prices to fluctuate several times before reaching a peak. The US SEC could issue a ruling on the Spot Ether ETF this week. However, this is just speculation, and the US SEC is likely to issue an actual ruling sometime later this year.
One advancement the Ether ETF has made is that it now has a chance at being approved by the SEC. 19b-4. However, there is still a lack of engagement between agencies and applicants for ETF products, which is likely to delay S-1 approval. The SEC must agree to both forms. Only then will the Spot Ether ETF be listed on exchange platforms and available for trading by interested investors.
Early rumors suggest a ruling could be handed down this week. Therefore, Ethereum will remain in the public eye until the end of the week.
Aether is not the only candidate. Advances in DeFi are putting the entire sector in the spotlight. For example, Nvidia will likely report earnings on May 22, 2024. This could spark renewed interest among market investors. This will be a follow-up to the Chiliz Dragon8 hard fork event scheduled to be held on May 21, 2024.
There are two ETF approval deadlines this week. May 23rd is reserved for VanEck approval and the following day is the Ark 21Shares approval deadline. If it is favorable, it will simultaneously trigger a significant rally across altcoin markets, especially those based on Ethereum. These include Ethereum Classic, Polygon, and Mantle, among others.
Ethereum price has been falling over the past 24 hours, but at the time of writing, it has surged 5.77% over the past 7 days and 0.93% over the past 30 days. The 24-hour trading volume also increased by 30.73%, and the market capitalization fell by 0.75%.
Bitcoin is currently trading at $66,796.35 at the time of writing, surpassing $66,000. This means it is down 0.66% in the last 24 hours, but up 8.49% in the last 7 days and up 4.26% in the last 30 days. ETH is testing resistance at $3,100 and BTC is testing $66,000. A further decline in these values is likely to lead to a long-term downward trend.
The Ether community is keeping an eye on BTC trends, as evidenced by ETF application approvals. If any hints arise, ETH is set to follow an upward trajectory. However, there may be price adjustments initially.