Ethereum Price Slumps 3% As The SEC Delays Galaxy ETH ETF Decision To July And This AR/VR Crypto Closes On $6 Million

The Ethereum price has dipped 3% in the past 24 hours to trade for $3,096 as of 06:33 a.m. EST on trading volume that soared 46%.

One bearish fundamental for the Ethereum price is the move by the US Securities and Exchange Commission (SEC) to delay a decision on the Invesco Galaxy Ethereum spot ETF application until July 5.

JUST IN: SEC DELAYS DECISION ON INVESCO & GALAXY SPOT $ETH ETF

— BSCN Headlines (@BSCNheadlines) May 6, 2024

The delay is a reminder of remarks by MicroStrategy founder Michael Saylor in a webinar on May 2, when the Bitcoin advocate and major investor said that XRP, ETH, BNB, SOL, and ADA will never be wrapped by a spot ETF accepted by Wall Street or mainstream institutional investors as crypto assets

#Bitcoin – There is No Second Best pic.twitter.com/PLDgwGwF9J

— Michael Saylor⚡️ (@saylor) May 2, 2024

The webinar attracted a backlash in the community as some said Saylor only cares about his company’s bottom line.

Ethereum Price Prediction

The Ethereum price is trading with a bearish bias but has a bullish reversal pattern up its sleeve as it consolidates within a falling wedge pattern. This technical formation is characterized by a contracting range in prices coupled with an upward trend in prices.

As long as the $2,900 level continues to hold as a support floor, the bullish reversal pattern remains valid. With the Relative Strength Index (RSI) showing a steady sequence of higher lows, the upside potential is viable. Increased buying pressure could see the Ethereum price make a 26% climb to the target objective of the pattern at $4,083.

Traders looking to take long positions on ETH should probably wait for a candlestick close above $3,406, as this would confirm the breakout.

TradingView: ETH/USDT 1-day chart

On the other hand, with the Awesome Oscillator (AO) still in negative territory, the market could lean toward the bears. If seller momentum increases to plunge ETH below the $2,900 support, it would invalidate the bullish thesis.

With ETH’s bearish bias, some investors might want to consider investing in 5SCAPE, an AR/VR crypto that is closing on $6 million in its ICO. Analysts and Crypto YouTubers such as Michael Wrubel are bullish about this token.

Promising Alternative To Ethereum

5SCAPE is the blockchain token for the 5th Scape ecosystem, a gateway to the next big thing of the decade. Cognizant that Virtual Reality (VR) is the future, with institutions of higher learning recognizing this fact, this project looks to unlock the limitless potential of the virtual realm.

? Unlock new dimensions with 5th Scape! Dive into adrenaline-pumping battles, precision archery, and high-speed racing—all within the limitless virtual realm. Holding 5SCAPE tokens unlocks exclusive benefits like free games, discounts, and seamless in-world transactions.
The… pic.twitter.com/LNO30KXRPW

— 5th Scape (@5th_scape) April 20, 2024

Token holders enjoy a hyper-realistic game world of virtual reality, diving into a diverse array of gaming experiences. The wealth of offerings range from adrenaline-pumping battles to precision archery, high-speed racing, and immersive sports.

? Calling all VR and MMA aficionados! Get ready to be blown away as 5thScape is about to redefine virtual combat with “MMA Cage Conquest” – a game that thrusts you into the heart-pounding world of MMA in VR. ?

? Brace yourselves for the “MMA Cage Conquest” launch on the Meta… pic.twitter.com/MHbKgKHIxb

— 5th Scape (@5th_scape) May 3, 2024

The 5th Scape VR ecosystem allows the Web3 sector to step into tomorrow by unleashing the next wave of gaming innovation in the VR sector. This is the industry’s first AR and VR ecosystem designed to connect the smartest minds.

The platform is committed to becoming the architect of alternative realities by creating an integrated system complete with hardware and software. Experts such as Decrypt Crypto say it has the potential to become the next 100X crypto after launch.

The 5th Scape VR ecosystem also has a developer center. This team works to give builders access to the right resources to bring their worlds to life and unleash a new wave of gaming innovation. You can become an early adopter in this budding ecosystem with the presale still active.

Hey #5thScape fam! ? Just dropping by to share some epic news: our dedicated team has been tirelessly leveling up the thrill factor in our latest project!

? Stay tuned for the most cutting-edge updates and enhancements as we continue to redefine what’s possible in gaming.… pic.twitter.com/qwrDZH5p4a

— 5th Scape (@5th_scape) April 30, 2024

Buy 5SCAPE In The Presale

So far, funds raised have reached upwards of $5.8 million out of a target objective of $6.250 million.

? 5th Scape Presale Stage 5 is Now Live! ?

? Dive into the virtual frontier with 5SCAPE – the gateway to limitless experiences. ?

? Hyper-Realistic VR Gaming
? Unlock Premium Content#Cryptocurency#5thScape pic.twitter.com/EFIJ4MgIs4

— 5th Scape (@5th_scape) April 12, 2024

If you are interested to buy 5SCAPE, the ticker for the 5thScape ecosystem, you can do so for $0.00327 per token and get ahead of the 15% increase that is coming soon.

Visit and buy 5SCAPE here.

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