Ethereum ($ETH), Meme Moguls ($MGLS)

• Ethereum and Meme Moguls price forecast as SEC delays Fidelity’s spot ETF.
• $ETH: Analyst says $2,450 key to bulls and market could see sharp bounce.
• Meme Moguls ($MGLS) price has reached $0.0027 in stage 4, showing a 42% upside as potential 100x toke gathers presale pace.

Amid the crypto market’s bid to bounce from recent declines, Ethereum ($ETH) price is battling to hold above $2,400. While most altcoins mirror Ethereum’s downside move, some with double-digit losses over the past 24 hours, new token Meme Moguls ($MGLS) is defying the turbulence.

Here’s what analysts are saying about Ethereum and Meme Moguls.

SEC delays decision on Fidelity’s spot ETF

After recently approving several spot Bitcoin ETFs, the US Securities and Exchange Commission (SEC) has postponed its decision on Fidelity’s proposal to list a spot Ethereum ETF. 

A SEC filing on Thursday pushed the decision on whether to allow or reject the application to March 5, 2024.

According to Bloomberg ETF analyst James Seyffart, SEC’s move to delay aligns with market expectations. He opines that the regulator could push the final resolution to late May. There are other Ethereum ETF applications before the SEC, including by BlackRock and Grayscale.

Meme Moguls ($MGLS): Strong presale suggests market confidence

$MGLS is the native token of the Meme Moguls platform, a new meme-backed trading exchange currently in presale.

The project offers an ecosystem where traders can tap into the opportunities available across the meme-inspired assets’ marketplace. It means viral performances for meme tokens is a chance to make a profitable trade on Meme Moguls.

By holding $MGLS, a trader can also participate in stake and earn as well as take advantage of a play-to-earn (P2E) environment to accrue earnings as they showcase their skills.

With the crypto trading landscape growing amid further adoption, Meme Moguls makes this an inclusive community platform. There’s an opportunity for everyone, including beginner traders who can climb leaderboards as they learn from moguls within the community.

Currently in presale, the Meme Moguls token’s price has risen to $0.0027 as massive interest continues amid predictions that this could be the next 100x token. 

The project has raised over $1.7 million in stage 4 of the token sale. What’s on show is the kind of attention that could fuel $MGLS momentum when the token lists on exchanges after the presale. 

Ethereum ($ETH): $2,450 key to bulls

Crypto prices reacted higher when asset manager’s first filed for the ETH spot ETFs, just like when it happened following Grayscale’s victory over the SEC in the fight to convert GBTC to a spot ETF.

Prices also rallied as the US securities regulator finally approved the first spot Bitcoin ETFs for the US market, with BTC rallying to highs of $49,000 and ETH retesting multi-month highs above $2,700.

Ethereum price is currently looking to hold the critical $2,450 support area. It’s a key level given the liquidations witnessed in the past 24 hours.

Commenting on the price outlook, MAC.D, an analyst at on-chain analytics provider CryptoQuant, noted: “If a large number of long positions are liquidated, causing volatility to the downside, market sentiment has the potential to shift sharply, while if the price holds and bounces back, investors are likely to be reassured and return to buying.”

Ethereum and Meme Moguls price prediction conclusion

While headwinds abound from a regulatory perspective, the crypto market appears to be confident in the eventual approval of ETH spot ETFs. The reflection is in the resilience currently on display despite the hit on broader sentiment.

Analysts expect Ethereum price to retest its all-time high above $4,800 if the bull market holds, and an ETF approval in March, or May, could help catalyse this growth. 

Meanwhile, Meme Moguls could explode as the token makes an entry into the market amid overall upside trajectory for crypto, including meme coins.

If you’d like to learn more about Meme Moguls or buy the $MGLS token, visit their website.