Tanju Akbıyık 
There has been an intense period of market turbulence over the past few days, and consequently, Ether, the second most valuable cryptocurrency by market capitalization, is now standing at a very critical stage. Grayscale Investments’ attempt to renounce the Ethereum futures exchange-traded fund (ETF) application has only fueled debate and confusion among the executors and investors.
Grayscale ETF Withdraws Poises Market To Discernment
Grayscale’s abrupt decision to withdraw its ETF application from the SEC three weeks before the anticipated approval had investors holding their breath in confusion. The abrupt withdrawal has raised questions about the future regulatory environment for Ethereum (as well as the financial products derived from this cryptocurrency).
Market Dynamics and Pessimistic Analysts
As the decision date approaches, analysts’ sentiment has shifted from the positivity that preceded the month of decision to extreme rationality. Ethereum is currently at around the $3000 support level, and liquidation maps do not indicate any major risk for short positions; however, the market is looking murkier. Analysts are skeptical about Ethereum due to concerns about its classification as a security and the potential impact on Globally Exchange Traded Funds.
The Traders’ Predictions are Combined with Technical Analysis
Nevertheless, they study economic data and historical statistics to predict the market’s direction. Some analysts suggest a cautious optimism based on technical analysis and historical data. Prominent anonymous traders disseminate their trading forecasts through various social media platforms, and some of them predict that there will be a sharp increase in the price of Ethereum in the following month.
With Ether’s movement awaiting certain market sentiment and regulatory developments, the interplay between investors’ expecting the worst from the skeptical analysts and the risk-taking traders might very well decide on its way in the next few days.