Ethereum price forecast: The ETH price has been consolidating for nine days, indicating a struggle between bears and bulls. The price of the second largest crypto is $3,777 during European business hours, marking a 2.3% decrease in the last 24 hours. The prevailing price is identical to its value from seven days ago, which shows significant bullish resilience despite the selling pressure.
Ethereum Price Forecast: ETH Bulls Eyeing a Bounce Off This Indicator to Target $5,000
The Ethereum price prediction shows a forming trend above the 50-day simple moving average (SMA), a bullish sign. This indicator offers strong support for the price action, suggesting that investors may not see ETH drop below $3,700.
Additionally, the $3,700 level has proven to be robust support, having been tested three times in the past nine days. Although the Ethereum price briefly touched the 50% Fibonacci (fib) retracement level (blue circle), it quickly rebounded.
The ETH price action is currently ranging between the 0 and 0.23 Fibonacci retracement levels, and a breakout above this range could propel the asset towards the 0.27 Fibonacci extension level, setting the price around $4,260.
Conversely, in a downside scenario, the 200-day moving average offers strong support around $3,390, aligning with the 0.5 Fibonacci retracement level. Furthermore, the current range is part of a larger chart structure on the Ethereum 4-hour chart—the bullish pennant.
If this market structure remains intact, a breakout could lead to a rally of up to $5,052, representing a 27% increase.
BlackRock Files S-1 Registration for Spot Ethereum ETF
BlackRock, the world’s largest asset management firm, has filed an S-1 registration statement for its Spot Ethereum ETF with the SEC. Initially, the United States Securities and Exchange Commission approved the 19-4b form, which, while bullish, remains contestable.
BlackRock has a track record of success with ETF applications to the SEC, including the highly controversial one for Bitcoin. It is anticipated that this winning streak will continue with Ethereum.
Ethereum ETF Update: Late filing of amendment 1 to @BlackRock S-1 #Ethereum ETF application just came in.
Trading symbol “ETHA”https://t.co/glazF5l8Dm pic.twitter.com/78PAi7KytQ
— MartyParty (@martypartymusic) May 29, 2024
Conversely, Vanguard, another major asset management firm, has explicitly chosen not to pursue Bitcoin or Ethereum ETFs, citing a conflict of interest.
As Ethereum’s price consolidates, it awaits the potential approval of BlackRock’s S-1, which could significantly impact the broader crypto market. If approved, the BlackRock Ethereum Spot ETF will trade under the ticker ‘ETHA’.
Bottom Line
Relying on BlackRock’s impressive winning streak with the SEC, the markets anticipate an S-1 approval and ETH ETF trading by the end of June or early July. As the news unfolds, investors are closely monitoring ETH price charts to identify the best entry opportunities for maximum gains.
The post Ethereum Price Forecast: $5,000 Target Impeding as BlackRock Submits S-1 Statement for Spot Ethereum ETF? appeared first on CoinGape.
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