Ethereum Makes History: Why Is ETH Price So Boring Below $3,500?
Ethereum is stable, a day after the United States SEC approved the trading of spot ETFs. Issuers, including BlackRock and Fidelity, have listed their assets to clients through NYSE and Cboe. It is historic, considering that no one expected the product to see the light of day, at least not this year. However, with the change of tune by the strict regulator, experts now predict ETH will attract institutional interest. If ETH finds the billions that Bitcoin benefited from, the coin could easily glide above $4,000.
At press time, Ethereum is stable over the last day and week. However, because of the added institutional demand, the average trading volume is up, rising to over $23 billion. In the days ahead, it will be crucial to see how prices react. A close above $3,500 could draw more traders, lifting ETH towards the $3,700 resistance level.
Traders are watching the following trending Ethereum news:
- Yesterday, the United States SEC approved multiple spot Ethereum ETFs. According to public data, these products are now available for trading at various bourses, including Cboe, NYSE, and NASDAQ.
- According to experts, the approval of spot Ethereum ETFs means the coin has turned the corner on the regulatory front. Since the shift from proof-of-work to staking, regulators in the United States have failed to publicly clarify the status of ETH.
Ethereum Price Analysis
ETH/USD is moving horizontally at press time but bullish.
However, if past price action in BTC after the approval of spot Bitcoin ETFs guide, the coin could cool off.
If that happens, ETH should stay steady above $3,300 and $2,800.
Even so, considering the general optimism, every low might offer opportunities for traders to accumulate on dips.
A close above $3,500 might see Ethereum lift off, rallying to $3,700.
On the other hand, a decisive breach of $4,100 may see bulls flow back, setting eyes on $4,900.
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