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Ethereum price has failed to keep up with market expectations despite the approval of spot Ethereum ETFs by the SEC. On Friday, the price of the smart contract cryptocurrency slid 2.02%, impacting the overall market sentiment in the crypto markets.
In a landmark feat for digital assets in general and altcoins in particular, the US Securities and Exchange Commission approved all the pending ETH ETF applications. This was in line with the market expectations, which drastically pivoted at the start of this week.
However, while the regulator has approved the 19b-4 forms filed by the regulators, the S-1 filings are yet to be approved. The SEC must also approve the latter before they can be offered to customers on the NYSE and Nasdaq exchanges.
Shortly after the SEC approved 8 spot Ethereum ETFs, the crypto markets experienced a strong spike in volume. However, many traders took the opportunity to take hefty profits after a very volatile week. Consequently, Ethereum and Bitcoin prices tumbled, and both assets are trading in the red on Friday.
A similar price action was observed in Solana as its native asset SOL fell 5.46% on Friday. This was surprising for many investors as some were hoping for the Solana ETFs to be the next in line after Ethereum ETF approval. At press time, SOL price stood at $166.2 after a slight rebound from the daily low of $162.42. A 4-hour closure below $166 support will flip the outlook very bearish.
Due to the speculation around spot ETFs, Ethereum has emerged as one of the best performing assets this week. The king of the altcoin recorded its biggest daily gain in terms of US dollars on Monday as the price increased by a whopping $590.5 in a single day.
As a result, the Ethereum price prediction looks very bullish in the higher timeframe. The token is currently experiencing a pullback due to profit-taking on the lower timeframe. However, as long as the $3,653 support holds, there will always be a high likelihood of a move toward $4,000.
Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
