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The Ethereum (ETH) price is currently undergoing a correction, with the price approaching significant Fibonacci support levels. Whether Ethereum will break this support bearishly or not remains uncertain.

The possibility of Ethereum reaching a new annual low largely depends on market dynamics and investor sentiment. While theres always the possibility of further downside, its also plausible that Ethereum could reverse its trend and move upward again in the near future.

The Ethereum price has experienced a decline of approximately 31.3% since reaching a recent peak of around $4,094 the month before last. This substantial corrective movement has coincided with a bearish trend in the Moving Average Convergence/Divergence (MACD) histogram since last month.

Despite these bearish indicators, the MACD lines are currently still crossed in a bullish manner, while the Relative Strength Index (RSI) remains neutral. Ethereum is presently encountering significant Fibonacci support at approximately $2,866.

Should Ethereum break below this support level, the subsequent significant Fibonacci support is expected around $2,100. However, maintaining a position above this level would likely sustain the bullish momentum in the medium term.

Read More:Ethereum ETF Explained: What It Is and How It Works

Additionally, the 50-month EMA at around $1,900 provides supplementary support to the Ethereum price.

If Ethereum were to break below the current Fibonacci support level, the subsequent significant support is anticipated at the 50-week EMA around $2,520. Notably, the MACD exhibits a clear bearish trend in the weekly chart.

This is evidenced by the MACD histogram, which has been steadily declining in a bearish manner over the past few weeks. Moreover, the MACD lines have crossed bearishly.

In contrast, the RSI remains neutral, and the EMAs continue to maintain a golden crossover, indicative of a bullish trend in the medium term.

Ethereum seems poised to revisit the .382 Fibonacci support level at approximately $2,866, with further support anticipated around the 200-day EMA at roughly $2,814.

Observing the MACD, the lines are approaching a potential bearish crossover, while the MACD histogram has displayed a downward trend over recent days, indicative of bearish sentiment.

In contrast, the RSI remains neutral, offering no clear indications of bullish or bearish momentum. At the same time, the EMAs maintain a golden crossover, signaling a bullish trend in the short to medium term. Thus, the corrective phase appears to persist at present.

To nullify the ongoing corrective phase, Ethereums price must surpass the 0.382 Fibonacci resistance level at approximately $3,303, followed by the golden ratio at around $3,700, signaling a return to the upward trajectory. However, the indicators on the 4-hour chart predominantly exhibit bearish signals.

The EMAs have formed a death cross, affirming the current bearish trend in the short term. Furthermore, the MACD lines crossed bearishly, accompanied by a downward trend in the MACD histogram, while the RSI maintained a neutral stance.

Ethereums downward trajectory against BTC persists, with Ethereum encountering substantial support at approximately 0.043 BTC, a level it is in close proximity to. The MACD lines have crossed into bearish territory, with the histogram displaying a downward trend since the previous week. Despite this, the RSI remains neutral.

Read more:Ethereum (ETH) Price Prediction 2024 / 2025 / 2030

Moreover, the EMAs are on the verge of forming a bearish crossover, signaling a potentially prolonged bearish trend in the medium term. Ethereums stance against BTC evidently leans bearish.

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In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that ourTerms and Conditions,Privacy Policy, andDisclaimershave been updated.

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Forecasting Ethereum: Expect Lower Prices as Correction Persists - BeInCrypto

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Grayscale, a leading crypto asset manager, has withdrawn its rule change application to the Securities and Exchange Commission (SEC) for an Ethereum futures exchange-traded fund (ETF), citing multiple delays by the federal regulator since the initial filing in September 2023.

The notice of withdrawal, submitted on Tuesday, did not provide specific reasons for Grayscales decision to abandon its plan for the Grayscale Ethereum Futures Trust ETF. The SEC had invoked several delays in reviewing the proposal, most recently on March 22, after previously extending the review period on November 15 and December 18.

Bloomberg analyst James Seyffart described the move as interesting, suggesting that the filing was essentially a trojan horse designed to create similar circumstances to Grayscales successful lawsuit against the SEC over its Bitcoin trust (GBTC).

In August, a federal appeals court sided with Grayscale after the firm accused the agency of approving Bitcoin futures ETFs while denying Bitcoin spot ETFs.

Seyffart speculateds that Grayscale wanted the SEC to approve futures, deny spot again, potentially setting up another legal showdown. However, he noted that the withdrawal could be a sign that Grayscale is not pursuing a lawsuit this time around.

Notably, however, Seffart did not dismiss the possiblity of Grayscale re-filing an amended application, which would be less work for the SEC but would eliminate the opportunity for a lawsuit.

The move comes amid growing skepticism about the SECs willingness to authorize Ethereum spot ETFs, despite the agencys approval of Bitcoin spot ETFs in January, which sparked a bull run for the top cryptocurrency.

The odds of approval for Ethereum spot ETFs have continued to decline, further diminished by recent revelations that the SEC allegedly classified Ethereum as a regulated security last year, contrary to public statements indicating that no decision had been made.

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Grayscale backs off from its Ethereum futures ETF application - Crypto Briefing

Technical experts forecasts and analysis are frequently quite reliable in guiding investors through the choppy trading environment. An analyst who gained notoriety for correctly predicting the all-time high (ATH) of Ethereum has now shifted their focus to Ripple (XRP) and the popular meme currency Hump. Even with the outstanding success of Ethereum, the analyst is still not satisfied with XRPs 2024 price trend. But their prediction for Hump points to an astounding 2000% increase, which has investors looking for the next big opportunity intrigued.

Despite being one of the top cryptocurrencies by market capitalization, Ripples XRP has faced challenges in 2024. The technical analyst, renowned for their accurate predictions, expressed disappointment in XRPs price performance. In their assessment, XRP has failed to impress, facing strong rejection from key resistance levels and struggling to regain bullish momentum. The analyst highlighted XRPs recent price action, noting significant volatility and a lack of sustained upward movement. Despite occasional spikes, XRP has failed to maintain its bullish trajectory, facing strong selling pressure and struggling to establish solid support levels.

Drawing insights from technical indicators, the analyst emphasized the prevailing bearish sentiment surrounding XRP. Key resistance levels have proven formidable barriers, thwarting attempts at sustained upward movement. Furthermore, the failure of XRP to find solid support has exacerbated selling pressure, leading to further downside potential. The analyst cautioned investors against underestimating the significance of these technical signals, highlighting the potential for continued downward pressure on the price of XRP. While short-term fluctuations may offer trading opportunities, the overall outlook remains bearish unless significant positive catalysts emerge.

Based on their analysis, the technical analyst offered a cautious outlook for the future price of XRP action. While short-term rallies are possible, sustained bullish momentum appears unlikely without significant fundamental developments or market catalysts. Investors in XRP are advised to closely monitor key support and resistance levels, as well as broader market trends, to gauge the cryptocurrencys trajectory. Prudent risk management and a long-term perspective are essential in navigating XRPs volatile price movements.

While Ripples XRP struggles to gain momentum, the technical analyst has set their sights on a different digital asset: Hump Token (HUMP). Recognizing the growing popularity of meme coins and the potential for outsized gains, the analyst predicts a remarkable 2000% jump for HUMP in the near future.

Hump Token (HUMP) has rapidly emerged as a standout performer in the meme coin space, fueled by its unique features and strong community support. The technical analyst points to the impressive price performance of HUMP and growing market acceptance as key indicators of its bullish potential. Unlike traditional cryptocurrencies, HUMP distinguishes itself with innovative features such as tax-free transactions, fostering a more vibrant trading environment, and attracting a diverse range of investors. Coupled with its listing on popular decentralized exchanges and tier-1 centralized exchanges, HUMP is well-positioned for further growth and adoption.

The technical analyst identifies several factors driving HUMPs meteoric rise, including:

With its strong momentum and growing market acceptance, the technical analyst predicts a substantial 2000% jump for HUMP in the near future. This bullish outlook is supported by the innovative features, strong community support, and favourable market conditions of HUMP.

In conclusion, the technical analyst who accurately predicted Ethereums all-time high have turned their attention towards Ripple (XRP) and a trending meme coin known as Hump. While XRPs lackluster performance in 2024 may have dampened investor enthusiasm, Hump presents an intriguing opportunity for those seeking high-growth investments in the cryptocurrency market. With a projected 2000% jump on the horizon, Hump has captured the imagination of investors and analysts alike, signalling the potential for significant gains in the months ahead. As the crypto landscape continues to evolve, seizing the opportunity with Hump could prove to be a lucrative decision for savvy investors looking to ride the next meme coin sensation to success.

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Disclaimer: The statements, views and opinions expressed in this article are solely those of the content provider and do not necessarily represent those of Crypto Reporter. Crypto Reporter is not responsible for the trustworthiness, quality, accuracy of any materials in this article. This article is provided for educational purposes only. Crypto Reporter is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Do your research and invest at your own risk.

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Technical Analyst Who Called Ethereum's (ETH) ATH Not Impressed by Ripple (XRP) Price Performance in 2024 ... - Crypto Reporter

Grayscale Investment, an American cryptocurrency asset management giant, recently announced a surprising move. The company has withdrawn its application for an Ethereum (ETH) futures exchange-traded fund (ETF).

The decision came just weeks before a mandatory ruling by the securities regulator. It has also sparked considerable discussion within financial and crypto circles.

Grayscale filed the notice to withdraw the Grayscale Ethereum Futures Trust with the United States Securities and Exchange Commission (SEC) on May 7, 2024. The company initially submitted its application on September 19, 2023, aiming for a New York Stock Exchange (NYSE) listing.

This abrupt decision has raised speculation about potential private discussions between the company and the SEC. While unsure about the withdrawals motives, James Seyffart, an ETF analyst at Bloomberg Intelligence, suggested the filing might have been a strategic move.

Read more: Ethereum ETF Explained: What It Is and How It Works

This is interesting [] [Ethereum Futures ETF] was essentially a trojan horse filing in my view, in order to create the same circumstances that allowed Grayscale to win the GBTC lawsuit (approve futures deny spot). I dont know why theyd do this honestly. In my mind might as well make the SEC write up an approval or denial for an ETH futures ETF and go from there? Maybe the SEC spoke with Grayscale about this And whatever was said convinced Grayscale to withdraw? (This is a complete guess), Seyffart speculated.

Speculations also come from a crypto community member who suggested that Grayscales withdrawal was due to the likelihood of the SEC approving the spot Ethereum ETFs on May 23. However, Seyffart humorously dismissed it.

Hahaha. 1. I do not think thats gonna happen (though odds arent zero). So, I do think it was something else. 2. That saidhonestlythats one of the very few reasons that Id voluntarily withdraw this if I were Grayscale, he explained.

Despite cryptocurrencies becoming increasingly recognized as viable investment assets, the likelihood of an SEC approval for spot Ethereum ETFs is viewed pessimistically. Analysts like Seyffart and Eric Balchunas, along with industry figures like Jan van Eck and MicroStrategys Michael Saylor, share this pessimistic view.

Read more: How to Invest in Ethereum ETFs?

The SECs recent decision to delay the review of Galaxy Invescos Ethereum ETF application reinforces this sentiment. The delay of an additional 60 days extends the uncertainty in the market until at least July 5. Nonetheless, there is keen anticipation for the SECs decisions on the spot Ethereum ETF filings from VanEck and ARK, set for May 23 and May 24, respectively.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that ourTerms and Conditions,Privacy Policy, andDisclaimershave been updated.

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Grayscale Reverses Course on Ethereum ETF, Stirs Crypto Debate - BeInCrypto