Ethereum eyes ETF verdict, DeFi events, amidst market swings

Ethereum (ETH) is above $3,000; it is listed at $3,086.75, down by 0.89% in the last 24 hours. The market expects the price to fluctuate several times before reaching its peak. The US SEC could deliver a verdict on Spot Ether ETF this week. However, this is merely speculation, and the US SEC is likely to deliver an actual verdict at any point later this year.

One advancement that Ether ETF has made is that there are now chances for the SEC to give a green light to 19b-4. However, there is still a lack of engagement between the agency and the applicants for the ETF product, raising the possibility of an S-1 approval delay. The SEC must give a nod to both forms; only then can Spot Ether ETF be listed on the exchange platforms and traded by interested investors.

Early rumors indicate that the verdict may be rendered this week; therefore, Ethereum will remain in the public eye until the weekend.

Ether is not the only candidate. Developments in DeFi keep the entire segment under the spotlight. For instance, Nvidia is likely to publish its earnings on May 22, 2024. This could trigger renewed interest among investors in the market. It will follow the Chiliz Dragon8 hard fork event, which is scheduled to happen on May 21, 2024.

ETF approval has two deadlines this week. May 23 is reserved for VanEck approval, and the next day is for Ark 21Shares approval deadlines. If favorable, it will simultaneously cause a significant rally throughout the altcoin market, especially those that are based on Ethereum. This includes Ethereum Classic, Polygon, and Mantle, among others.

The price of Ethereum has dipped in the last 24 hours, but it has surged by 5.77% in the last 7 days and 0.93% in the last 30 days at the time of writing this article. There is also an uptick of 30.73% in 24-hour trading volume, with a decline of 0.75% in the market cap.

Bitcoin is now above the $66,000 milestone, exchanging hands at $66,796.35 at the time of this article. This represents a drop of 0.66% in the last 24 hours but a rise of 8.49% in the last 7 days and 4.26% in the last 30 days. ETH is testing the resistance at $3,100, and BTC is testing the $66,000 mark. Any further decline in these values will potentially open the door to a long-term bearish stance.

The Ether community has its sights on BTC trends, as evidenced by the approval of ETF applications. ETH is slated to follow an upward trajectory if a hint comes into the picture; however, it could come with a price correction in the initial days.