Altcoins Poised for Growth as Hopes for Ethereum ETF Approval Fade
A prominent crypto analyst is suggesting that altcoins may see a surge in value as expectations for the approval of an Ethereum (ETH) exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC) diminish this month.
Michaël van de Poppe, a well-known crypto trader, shared his thoughts with his 717,300 followers on the social media platform X, stating that altcoins are starting to gain momentum as Bitcoin (BTC) remains stable around the $61,000 mark.
“After bouncing back from the crucial support level at $61,000, altcoins are showing signs of awakening. We are currently in the final phase of accumulation before a major surge.”
At the time of writing, BTC is valued at $60,933, experiencing a 2% decline for the day.
In regard to the altcoin Arbitrum (ARB), van de Poppe believes that the ETH layer-2 protocol is nearing the end of its corrective phase.
“ARB has undergone a complete correction and is now in the final stages of this process. In the past few weeks, there has been significant price volatility, which often leads to a price rebound in the following weeks. Therefore, we are approaching the end of the correction.”
Currently, ARB is trading at $1.01, down 2% for the day.
Furthermore, van de Poppe expressed skepticism about the SEC approving an ETH ETF before July or August of this year.
“We shouldn’t expect an Ethereum ETF this month. There is likely to be a delay or a 60-day extension, which means that July/August will be crucial for the market. In terms of expectations, the market will hit bottom in the next 1-2 weeks and then rebound based on this news.”
ETH is currently valued at $2,914, experiencing a 5% decline for the week.
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Featured Image: Shutterstock/Salamahin/Kiselev Andrey Valerevich
