Ethereum Is 'Ticking Bomb,' Analyst Explains What It Means

The cryptocurrency market is an ever-evolving landscape, with each asset having its own dynamics. Ethereum, the leading altcoin, is currently generating considerable attention, with analysts referring to it as a "ticking bomb.

Timeline of Ethereum

Six financial entities, including Volatility Shares, Bitwise, Roundhill, VanEck, Proshares, and Grayscale, are reportedly seeking approval to offer Ethereum futures exchange-traded funds (ETFs). This discovery was uncovered by James Seyffart, a research analyst within Bloomberg Intelligence.

Ethereum price is struggling to keep support at $1,830 intact, while the entire crypto market continues with its longstanding lull. Since the rejection from $2,000 around mid-July, recovery attempts have been minimal, with the least resistance path mainly downward.

The plot thickens in the narrative surrounding the Securities and Exchange Commission (SEC) and potential conflicts of interest in its cryptocurrency enforcement. Twitter user Digitalassetinvestor.xrp raises provocative questions after analyzing the documents obtained by Empower Oversight from the SEC.

Ether ETF filings are pouring into the SEC, with ProShares submitting its 11th application. The rush of Ether-focused applications follows several filings from major firms to launch spot Bitcoin ETFs.

The number of Ethereum exchange-traded fund (ETF) applications is increasing by the day, with ProShares adding another. However, according to experts, the likelihood of any of them getting approved by the Securities and Exchange Commission is slim.

Ethereum price is currently still below $2,000 but this could quickly change if some things were to come to pass. Some of the most notable things that have been going on for the cryptocurrency include the multiple exchange-traded funds (ETFs) filings that have been made to the United States Securities and Exchange Commission (SEC).

In an unusual turn of events, a developer who was experimenting with their first test token on the online forum 4chan mistakenly locked away five Ether (CRYPTO: ETH) (valued at approximately $9,000) for a century, under the impression they were utilizing testing funds on the Ethereum testnet, as per their forum posts. The peculiar incident quickly gained attention in the cryptocurrency community, causing the test token's market cap to skyrocket to $6 million before experiencing a 70% drop, The Block reported.

Top US-based crypto exchange platform Coinbase is announcing the launch of a bridge for its Ethereum (ETH) layer-2 scaling solution. The project, called Base, is powered by the blockchain-scaling solution Optimism (OP) and is also slated to launch its mainnet on August 9th.

A quant has explained how the indicators like taker buy/sell ratio and Coinbase premium index can influence the price of Ethereum. Ethereum's Relationship With Taker Buy/Sell Ratio & Coinbase Premium Index In a new CryptoQuant quicktake post, an analyst has discussed some metrics that could hold relevance for the ETH price.

The performance of Ethereum (ETH), the second largest cryptocurrency by market capitalization, is currently raising some serious questions. ETH has recently fallen below the $1,850 price level, which has triggered a further downfall, presenting a potentially gloomy picture for the near future.