It has been only two days since the much-anticipated spot Ethereum [ETH] ETFs were approved by the U.S Securities and Exchange...
A metric revealed that ETH was undervalued, hinting at a price uptick on the chartsETFs were approved by the U.S Securities and Exchange Commission . However, the outcome of this approval didn’t turn out to be as expected, with ETH soon turning bearish on the charts. Hence, it’s worth taking a closer look at what’s going on.
that the U.S SEC approved eight applications for spot Ethereum exchange-traded funds on 23 May. The regulator approved 19b-4 forms for the ETF applications filed by BlackRock, Fidelity, Grayscale, Bitwise, VanEck, Ark, Invesco Galaxy, and Franklin Templeton., ETH’s week-long bull rally came to an end as its price dropped by almost 2% in the last 24 hours. At press time, it was trading at $3,766.04 with a market capitalization of over $452 billion.
Additionally, the king of altcoins’ supply on exchanges also spiked, further establishing the fact that selling pressure on the token has been high. Apart from this, a key indicator, TD sequential, also flashed a sell signal on ETH’s price chart. However, the bearish price trend might change under one condition. According to Ali, ETH has a resistance level between $3,940 and $4,054. As per the tweet, if ETH manages to record a daily candlestick and close above $4,170, the bearish trend might come to an end.AMBCrypto then analyzed ETH’s on-chain metrics to see whether they support the possibility of ETH going above the aforementioned resistance zone. As per our analysis of Glassnode’s data, ETH’s NVT ratio registered a sharp decline.
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