Dear Readers,
At the time of writing this article, the global crypto market cap value stands at $2.44 trillion which is just a 0.15% increase from yesterday.
The crypto market leaders BTC is trading at $ 67050 (+0.17%) and ETH trades at $3120 (+0.55%).
The fear greed index is at 62, which is at greed.
As we have witnessed there was around 10% bull run both in BTC and ETH in the last one week.
All the eyes are with the ETH price as it is moving closer to its long time resistance at $ 3200.
The coin’s Chaikin Money Flow (CMF) has also risen above the zero line indicator which shows the inflow of additional liquidity.
This shows that there is a decrease in selling pressure and an increase in buying interest among the investors.
We will all be notified with the ETH ETF application by May 23 which is just four days away from now.
Among the various applicants, The first Ethererum ETF applicant VanEck ETH ETF's final deadline is 23rd May 2024 which increases the expectation a lot from all the sections of the crypto community.
Then it comes ARK 21 Shares ETH ETF's final deadline is 24 May 2024.
The deadlines of other ETH ETFs are following in the forthcoming months.
While there are so much debacles on the ETH ETF approval as SEC considers ETH as a security unlike in the case of BTC, I think that the ETH ETF may go through a positive nod most likely. But we can also prepare the situation where the ETH ETF applications fail this time.
If it goes through, there will be a big boost in the crypto market and ETH price may go up. It will surely may surpass the resistance at $ 3200.
ETH's price movement in the past 1 week
This will help to decrease the BTC dominance in the crypto market which help the ALT coins to pump ahead.
Currently the BTC dominance is at 54.3% and ETH dominance is at 15.4% in the crypto market.
It it not gets through, there will be a dump in the crypto markets. We all need to prepare the two scenarios by this week.
Santiment’s data shows that a 40% rise in ETH’s daily trading volume over the past week.
The Directional Movement Index (DMI) of ETH shows bullish signals, with the positive directional index crossing above the negative index on May 17.
Additionally, the Elder-Ray Index confirms stronger buyer presence in the market.
At this point in time, the ETH founder Vitalik Buterin has also revealed a comprehensive plan to improve the decentralization and permissionlessness of the network. This will help all the nod operators and the L1 & L2 operations would experience a seamless and enhanced experience.
The Ethereum Gas Fee is continuously coming down and it currently stands at 4 Gwei at present.
As the US General election is going to happen later this year, we anticipate all will go positive and cryptos are going to be key thing in the general election for the first time now.
