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The Ethereum price dropped 2% in the past 24 hours to trade for $3,662 as of 05:50 a.m. EST on trading volume that soared 90%.
The fall came despite euphoria in the crypto industry triggered by the landmark approval of spot ETH ETFs (exchange-traded funds) on Thursday.
BOOM!! APPROVED! There it is. The SEC just approved spot #Ethereum ETFs. What a turn of events. It's really happening.
h/t @PhoenixTrades_ pic.twitter.com/KQ39mDyCbT
— James Seyffart (@JSeyff) May 23, 2024
The plunge in the Ethereum price shows that the approval by the Securities and Exchange Commission was already priced in by markets.
The US Securities and Exchange Commission (SEC) approved 19b-4 forms for ETF applications filed by Ark, Bitwise, BlackRock, Fidelity, Franklin Templeton, Grayscale, VanEck, and Invesco Galaxy “on an accelerated basis.” However, the funds will not be able to trade until the SEC approves S-1 filings from the applicants.
“If they work extremely hard it can be done within a couple of weeks but there are plenty of examples of this process taking 3+ months historically,” said Bloomberg Intelligence ETF analyst James Seyffart in a post on X.
Yea. I think that if they work extremely hard it can be done within a couple weeks but there are plenty of examples of this process taking 3+ months historically
(obviously this situation is nothing like anything that's happened historically IMO)
— James Seyffart (@JSeyff) May 22, 2024
Nevertheless, despite the muted reaction in the Ethereum price, the general opinion is that with the SEC green lighting spot Ethereum ETFs, a large amount of new institutional capital is likely to flow into ETH, possibly kickstarting an altcoin season.
Ethereum Price Prediction
The Ethereum price is trading with a bullish bias, defending the god candle recorded on May 20. Ahead of the approval, the Proof-of-Stake (PoS) token took to a range-bound movement, chopping horizontally with the 23.6% Fibonacci retracement level holding as resistance at $3,780.
The higher highs on the Relative Strength Index (RSI) supports the bullish outlook, pointing to prevailing bullish sentiment in the ETH market. If the 38.2% Fibonacci retracement level holds as a support base, the Ethereum price could use it as an inflection point amid an ongoing correction, to continue its initial uptrend.
If ETH bulls manage a stable candlestick close above the 23.6% Fibonacci retracement level, it would provide a good entry for skeptics and late bulls. The highly bullish case would see the Ethereum price reclaim the $4,076 peak recorded on March 11.
The spikes on the volume profile tilt the odds further in favor of the upside, suggesting a strong price trend.
Converse Case
On the other hand, if the bears recover the market amid ongoing profit booking, the Ethereum price could extend the fall. A leg down below the 38.2% Fibonacci retracement level of $3,597, and effectively back into the Golden Zone, would plunge the Ethereum price back into shaky ground.
If the Ethereum price slips below the 50% Fibonacci placeholder of $3,449, it would trigger panic selling. The ensuing seller momentum could plunge ETH market value below the critical 61.8% Fibonacci retracement level of $3,301, below which the bullish thesis would be invalidated.
Based on IntoTheBlock’s In/Out of the Money Around Price (IOMAP) metric, the region extending from $3,696 to $3,806 offers strong resistance for the Ethereum price. Efforts to push past this resistance order block would be countered by strong selling pressure from 1.81 million addresses that hold approximately 2 million ETH tokens purchased at an average price of $3,747.
ETH IOMAP
The Global In/Out of the Money (GIOM) metric also supports the outlook, showing that $3,867 to $4,811 zone will be a critical area in the Ethereum price’s northbound directional bias. Here, 7.53 million addresses hold 3.5 million ETH tokens acquired at an average price of $4,209.
ETH GIOM
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In a major milestone, the U.S. SEC has approved spot #EthereumETF's for the first time this year. 🚀
This decision comes amid ongoing discussions about whether $ETH should be classified as a security.
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Also Read:
- 99Bitcoins Price Prediction – $99BTC Profit Potential in 2024
- 99Bitcoins Launches New Learn-to-Earn Airdrop Presale – TodayTrader Video Review
- Best Penny Crypto Investments: Top Picks for Explosive Growth in 2024!
- SEC Approves Ethereum ETFs For Fund Management Titans Including BlackRock In Landmark Breakthrough For Crypto
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