ETH Price Drops Despite Ethereum ETF Approval 📉
Ethereum's (ETH) price remains steady at $3,800 even after the U.S. SEC approved eight spot Ethereum ETFs on May 23. Despite this approval, the price hasn't seen a significant rise, which has left investors cautious. 📊
Whale Activity and Liquidations
Amid the ETH price swings before the ETF approval, a major Ethereum whale sold 7,900 ETH worth $29 million. This came as liquidations of leveraged positions hit over $350 million in one day, with $132 million in ETH longs alone. This volatility caught many traders off guard, especially those expecting price increases. 💥
Looking Ahead
Analysts predict the Ethereum ETF approval could bring in over $500 million in inflows, potentially driving the price up to $5,000-$6,000 by August. However, this might take some time to materialize. Ethereum could establish a base above $4,000 soon. 🚀
Stay tuned for more crypto insights! 👍
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