Is Ethereum Spot ETF Approaching Critical Deadline, ETH to Correct Towards $2,500 Level?
The US consumer confidence index fell to a six-month low yesterday, with Bitcoin briefly dropping to $60,187 and Ether falling to $2,878. As the Ethereum spot ETF approaches an important “deadline” with the SEC, most analysts are not optimistic about its approval in May. 10X Research predicts that Ether may correct to $2,500.
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Consumer Confidence Index Declines
10X Research: ETH Correction to $2,500
Top 10 Cryptocurrencies, Only TON Rises
Due to expectations of continued short-term inflation and growing concerns about the job market, the University of Michigan’s consumer confidence index, released on Friday, dropped to 67.4, the lowest level in six months and well below the market’s expected 76.2.
Bitcoin briefly dropped to $60,187 last night, while Ether fell to $2,878. The Ethereum spot ETF is approaching an important “deadline” with the SEC, but due to the lack of intensive meetings and discussions like the approval process for the previous Bitcoin spot ETF, Bloomberg ETF analysts James Seyffart and Eric Balchunas are not optimistic about its approval in May.
Markus Thielen, an analyst at 10X Research, is even more pessimistic, believing that Ether may correct to $2,500.
Yesterday, the top 10 cryptocurrencies experienced a general decline, with only TON rising. Pantera Capital, a cryptocurrency venture capital firm managing over $5 billion in assets, recently announced an investment in The Open Network (TON) blockchain, hoping to popularize cryptocurrencies among the masses by leveraging Telegram’s extensive user base.
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Cryptocurrency venture capital firm Pantera strategically invests in TON, focusing on Telegram’s influence
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10X Research
ETH
Ethereum spot ETF
University of Michigan consumer confidence index
Further Reading:
The US Presidential Election is Key, Ethereum Spot ETF Not Expected Until Late 2025!
Ark 21Shares Removes Pledge Process, Ethereum Spot ETF Fights Hard Before Deadline.
