Ethereum looks set to resume consolidation as SEC may not approve spot ETH ETFs

Ethereum (ETH) appears to have returned to its consolidating move on Thursday, canceling rally expectations.

Ethereum longs could suffer a hit as inside sources have told Reuters that the SEC will likely deny a spot ETH ETF. Issuers may go to court to force SEC's hand. Whales remain positive on Ethereum despite recent price setbacks. Ethereum appears to have returned to its consolidating move on Thursday, canceling rally expectations. This comes after insider sources informed Reuters of the unlikelihood of the Securities & Exchange Commission approving a spot ETH ETF in May.

com/fLbWyLDJ3I — Spot On Chain April 25, 2024 Technical analysis: ETH to resume consolidation Ethereum seems to be returning to consolidation on Thursday after declining in the past 24 hours. Long liquidations began increasing again, hitting $35.1 million in the past 24 hours. Read more:Ethereum continues hinting at rally following reduced long liquidations The $2,852 to $3,300 range appears very strong—both on the upper and lower level—as ETH has been trading inside it for the past 13 days.

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