💥💥💥 #Lido ($LDO ) Takes The Lead With 13% Surge Post #EthereumETF Approval – Key Levels To Watch

Lido (LDO), the liquid staking protocol for Ethereum (ETH) and Polygon ($MATIC ), has surged in the last 24 hours following the approval of spot Ethereum ETFs by the US Securities and Exchange Commission (SEC).

Reclaiming the $2.30 level, LDO looks poised to break out of its one-month downtrend structure since April's market correction.

Ethereum ETF Approval and Market Impact

- The SEC's approval of Ethereum ETFs, including proposals from major entities like #BlackRock and Grayscale, signals a significant win for the #cryptocurrency sector. Analysts note that Liquid Staking Derivatives (LSD) coins, with Lido leading the pack, stand to benefit greatly from this development.

- Lido provides staking support for Ethereum without the need to lock tokens, making it an attractive option for investors looking to engage in on-chain activities like lending and farming.

LDO's Key Levels and Outlook

- LDO surged to $2.49 before retracing to $2.35, indicating investor interest. Spot On Chain data shows significant withdrawals from #Binance , suggesting growing interest in holding LDO. This sentiment aligns with expectations of price increases once the newly approved Ethereum index funds enter the market.

- Despite trading volume reaching $350 million in the last 24 hours, LDO remains 68% below its all-time high of $7.30 from the 2021 bull market.

- Bullish investors are eyeing the $2.55 resistance level on the LDO/USD daily chart, a crucial point for breaking the downtrend. Breaking this level could lead to retests at $2.70 and $2.90.

- On the downside, the $2.21 zone acts as significant support, having previously served as a strong barrier for Lido in recent weeks.

Source - newsbtc.com