Ethereum ETF Have A 50/50 Chance Of Getting Approved – How Will this Affect The ETH Price?

The highly anticipated spot Ethereum Exchange-Traded Funds (ETFs) in May appears to have a 50-50 chance of getting a regulatory approval. How will this affect the ETH price?

In a panel discussion held last February 13, leaders from Grayscale, Galaxy Asset Management, and Bitwise Asset Management has shared their thoughts on Ethereum ETFs, highlighting the significance of cryptocurrency investment products. 

However, Matt Hougan from Bitwise Asset Managemet stated that there will be a 50-50 chance that ETH ETFs will be approved by May. Steve Kurz from Galaxy Asset agreed and added that there will be a 75% possibility that it will be approved by the end of this year. 

The panel’s thoughts on ETH ETFs chance of approval aligns with reports from other industry experts. Analysts from JP Morgan, Polymarket, and Bloomberg ETF  thinks that ETH ETFs will have an estimate of between 48% to 60% chance of approval by the end of May.

Meanwhile, Ethereum (ETH) price is struggling to move past its recent $3,030 mark, just like what’s happening with Bitcoin (BTC), it’s a bit stuck within its resistance level and it might even go lower than the $2,930 support level.

Currently. Ethereum (ETH) is trading at $2,929, showing a 1.64% decrease in its price in the last 24 hours. Despite the dip in ETH price, the chart still shows a bullish trend that coincides closely with both the 100-hourly Simple Moving Average and the 61.8% Fibonacci retracement level of earlier’s upward move. 

Furthermore, Ethereum will be facing resistance levels at $2,980 to $3,035. If it goes beyond that, ETH could aim for $3,080 and possible $3,200 if the bullish trend continues.