DonAlt, a well-known crypto strategist, has stated that the approval of a spot market Ethereum exchange-traded fund (ETF) will greatly benefit a particular group of altcoins. In a message to his followers on social media platform X, DonAlt explains that while an Ethereum ETF might negatively impact Bitcoin inflows, it will have a positive effect on Ethereum and certain altcoins that have yet to experience significant rallies. DonAlt believes that this news is particularly significant for these altcoins, as they have been undervalued for a long period of time.
Ethereum ETF Approval Expected
Yesterday, it was reported that there is a 75% chance of an Ethereum ETF gaining approval from the U.S. Securities and Exchange Commission (SEC). DonAlt suggests that this development will provide a significant boost to the crypto market as a whole.
“Anyway if we get an ETH ETF all bets are off. Retardation can go to new ATH (all-time high) levels and we’ll all be friends again. Shit would be wild in my opinion and would change my mind on a lot of things short term.”
Furthermore, DonAlt identifies one specific altcoin that is likely to experience a breakout rally if the Ethereum ETF is approved. The altcoin, known as Pepe (PEPE), is currently trading above DonAlt’s resistance level at $0.0000111.
Overall, the potential approval of an Ethereum ETF is considered to be a significant development in the crypto market. It is expected to have an impact on Bitcoin and altcoin valuation, particularly benefiting those altcoins that have been undervalued for a prolonged period of time.
- A possible Ethereum ETF approval has been identified as a major development in the crypto market.
- The approval is expected to positively impact altcoins that have yet to experience significant rallies.
- DonAlt specifically mentions Pepe as an altcoin likely to witness a breakout rally.
- At the time of writing, Pepe is trading above DonAlt’s resistance level.
