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Analysts Anticipate Short Squeeze Ahead of Ethereum ETF Deadline, According to Experts at Cryptochronicle.xyz

Analysts from QCP Capital have noted a lack of market interest, suggesting that this may change with the potential approval of a spot Ethereum ETF by the U.S. Securities and Exchange Commission (SEC). The approval of such an ETF could quickly push Ethereum back to its previous high prices. The latest analysis reveals that the ETH/BTC ratio has dropped to its lowest level since February 2021, indicating a market expectation of rejection.
Despite market expectations, Ethereum has shown strong support at the $2,900 level, maintaining this value through various market tests this year. If the SEC were to approve the ETF unexpectedly, it could trigger a short squeeze, potentially pushing Ethereum’s price back to recent peak levels. While Ethereum reached a price of $4,066 earlier this year, it has yet to surpass its all-time high of $4,891 from November 2021.
Anticipation for Ethereum’s Future
Bloomberg’s Eric Balchunas suggests that the SEC’s consideration of Ethereum as a security could complicate the ETF approval process. However, David Han from Coinbase believes that the market may be underestimating the likelihood of approval, suggesting that Ethereum could surprise investors positively in the coming months.
The decision regarding VanEck’s application for a spot Ethereum ETF is expected by May 23 and could significantly impact Ethereum’s market dynamics. Analysts and investors are closely watching the SEC’s actions, as an approval could potentially drive Ethereum’s price to higher levels once again.

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