Coinbase analysts say there are currently no pressure factors on the price of ether, such as unblocking coins or selling cryptocurrency by mining companies:
“Ether could surprise with unexpected growth in the coming months.”
The expected May 23 decision by the US Securities and Exchange Commission (SEC) on an application from asset manager VanEck is one of the main factors of pressure on the ether price. There is a high probability that the first application will be rejected, according to Coinbase experts. However, subsequent legal proceedings could overturn the ban, thereby paving the way for the launch of exchange-traded funds on ETH.
Even without approval for the launch of exchange-traded funds, the need for ether in decentralized services and applications will still contribute to the growth of cryptocurrency in the medium term, crypto exchange experts believe.
Previously, CryptoQuant analysts said that the update of the Dencun Ethereum blockchain led to the fact that transaction fees on the network decreased by about four times – and this returned ETH to the status of an inflationary asset.
Source: Bits
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