Ethereum Cost Projection: As Grayscale Pressures SEC on Ethereum ETF Staking, a Notable ICO Providing Bitcoin Gifts Surges Beyond $5 Million
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Ethereum (ETH) experienced a minor dip in the last day, trading at $1,806 as of 4:33 a.m. EST on a reduced trading volume of $10 billion. This recent decline comes as Grayscale Investments has urged the U.S. Securities and Exchange Commission (SEC) to approve the staking of Ethereum Exchange-Traded Funds (ETFs), a move that could potentially unlock millions in rewards and bolster Ethereum's network.
In a summary of a meeting held with SEC members on April 21, Grayscale outlined its intention to amend Form 19b-4 filings for both the Grayscale Ethereum Trust ETF (ETHE) and the Grayscale Ethereum Mini Trust ETF, to enable stake-related activities.
Ethereum Price Eyeing Bullish Trend Continuation
For several months, the Ethereum price has traded within a falling channel, marked by regularly decreasing highs and lows. Typically, such a pattern signifies downward pressure, but a significant change has taken place. In a bullish move, the Ethereum price has broken above the upper resistance line of this falling channel, staying above it for several consecutive days.
This breakout suggests a possible end to the previous downtrend and a potential reversal heading upwards. At the moment, the Ethereum price is hovering around $1,806.06, slightly above the 50-day Simple Moving Average (SMA) at $1,793.13. Although it's significantly below the 200-day SMA at $2,738.85 as per GeckoTerminal data, the Relative Strength Index (RSI) reading of 55.50 keeps the asset well above the neutral 50 mark, indicating buyer momentum, yet avoiding overbought levels - a good sign for sustained growth.
Moreover, the Moving Average Convergence Divergence (MACD) indicator backs the bullish outlook, with the MACD line (blue) crossing above the signal line (orange), and the histogram turning positive.
ETH Price Prediction
Thanks to the breakout from the falling channel, the bullish crossover on the MACD, and the RSI moving towards more bullish territory, the Ethereum price seems to be gearing up for an upward move in the coming weeks. Resistance is anticipated around the $2,000 psychological level, with even stronger resistance at the 200-day SMA near $2,738.85.
If ETH can maintain its position above the 50-day SMA and gather more volume and momentum, it could head towards $2,000-$2,200 in the long-term. However, without a breakthrough over the 200-day SMA, the overall trend could still technically be considered bearish. In case ETH fails to hold above the 50-day SMA, it may retest support levels around $1,476.
Meanwhile, crypto investors are turning to the promising Bitcoin-themed meme coin, BTC Bull Token (BTCBULL). YouTuber 99Bitcoins, with over 725K subscribers, anticipates 10x gains for BTCBULL holders upon its launch.
BTC Bull Token Presale Approaching $5.5 Million Milestone
Despite Bitcoin's continuous decline since it peaked at $109,487 in late January, BTC Bull Token (BTCBULL) investors have faith that Bitcoin will soar to $250,000. BTCBULL is a meme coin representing Bitcoin but with features not commonly seen in meme coins. Every time Bitcoin hits a new milestone starting at $150,000, BTCBULL holders receive real Bitcoin as airdrops based on the number of tokens they own.
Additionally, every $25k improvement in the BTC price, from $125k onwards, the project will buyback and burn BTCBULL tokens. BTCBULL token holders also have the opportunity to earn passively through the project's staking platform, offering an impressive 81% annual percentage yield (APY).
Interested investors may participate in the BTC Bull Token presale by visiting the official website to purchase BTCBULL tokens for $0.002485 each using BNB, ETH, USDT, or a bank card. Don't miss out on this opportunity before the price spikes within the next couple of days!
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- Grayscale is pushing for the SEC to approve the staking of Ethereum Exchange-Traded Funds (ETFs), which could potentially unlock millions in rewards and bolster Ethereum's network.
- 99Bitcoins, a popular YouTuber, anticipates 10x gains for BTC Bull Token (BTCBULL) holders upon its launch.
- If the Ethereum price can maintain its position above the 50-day Simple Moving Average (SMA) and gather more volume and momentum, it could head towards $2,000-$2,200 in the long-term.
- Interested investors may participate in the BTC Bull Token presale by visiting the official website to purchase BTCBULL tokens using BNB, ETH, USDT, or a bank card.
