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Ethereum spot ETF approaching key deadline, ETH correcting towards $2,500 price?

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Ethereum spot ETF approaching key deadline, ETH correcting towards $2,500 price?

Yesterday, the US consumer confidence index was announced to have dropped to a six-month low, causing Bitcoin to briefly fall to $60,187 and Ethereum to drop to $2,878. With the Ethereum spot ETF nearing an important "deadline" with the SEC, most analysts are not optimistic about the probability of approval in May. 10X Research even predicts that Ethereum may correct to $2,500.

Consumer Confidence Index Declines

Due to rising expectations of short-term inflation and concerns about the job market, the University of Michigan's Consumer Confidence Index fell to 67.4 on Friday, its lowest level in six months, well below the market's expectation of 76.2.

10X Research: ETH Correction to $2,500

Bitcoin fell to 60,187 last night, while Ether dropped 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 those before the approval of the Bitcoin spot ETF, Bloomberg ETF analysts James Seyffart and Eric Balchunas are not very optimistic about the probability of approval in May.

Markus Thielen, an analyst at 10X Research, is even more pessimistic, suggesting that Ether may correct to $2,500.

Top 10 Cryptocurrencies by Market Capitalization Only TON Rises

Yesterday, the top 10 cryptocurrencies by market capitalization generally fell, 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, aiming to leverage Telegram's extensive user base to popularize cryptocurrencies among the general public.

Crypto venture firm Pantera strategically invests in TON, recognizing Telegram's influence