Ethereum 1-hour candle more valuable than Solana

Ethereum's hour candle surged by $82+ billion, slightly more than Solana's market valuation

Olumide Adesina•Tuesday, May 21, 2024•2 min read

Ethereum’s value increased by about a fifth of its value amid reports that the U.S. Securities and Exchange Commission (SEC) might approve some spot ether exchange-traded funds (ETFs). At about Monday midnight the hour, Ethereum’s hour candle surged by $82+ billion, slightly more than Solana’s market valuation

The mega altcoin broke $3,700 per token amidst circulating reports on social media and forums regarding the possible SEC approval of multiple spot Ethereum ETFs, Exchanges were reportedly given orders by the SEC to amend their 19b-4 filings “on an accelerated basis.

There has been no official confirmation from the regulator, but it is alleged that the SEC asked exchanges such as the NYSE and Nasdaq to alter their disclosures. However, according to Nate Geraci, president of the ETF Store and co-founder of the ETF Institute, the final decision about requiring individual funds (S-1s) to register is still pending.

Interest in the weekly and monthly Ethereum options expiries has increased dramatically due to the approaching decision on the spot Ethereum ETF. Ether options open interest at the top derivatives exchange, Deribit, is $867 million on May 24 and a staggering $3.22 billion on May 31. By contrast, the monthly open interest for ETH options on CME is a mere $259 million, while that of OKX is $229 million.
This month’s breakout rally is anticipated to pick more steam due to the elevated likelihood of ETF approval. Furthermore, the odds of an uptrend are increased by the wider market rebound, which may easily breach the $4000 levels

On the other hand, Ethereum might drop below $2,800 if it cannot maintain above the $3,000 mark, resulting in further losses and driving ETH closer to $2,500. Ethereum’s price might enter a bear market and experience additional drops if it drops below $2,500.

The attitude displayed by the oscillators for ETH/USD is still mixed. While the amazing oscillator and momentum suggest positive signals, reflecting underlying strength, most are neutral, indicating a lack of significant momentum or overbought/oversold circumstances. Moving averages (MAs), on the other hand, are a reliable indicator of bullish sentiment throughout all timeframes since they show a strong upward trend and prevailing market optimism.

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ABOUT THE AUTHOR See More

Olumide Adesina

Financial Market Writer

Olumide Adesina is a French-born Nigerian financial writer. He tracks, analyzes, and reports changes in financial markets with over 15 years of working experience in investment trading.