Why is Ethereum price falling? Will the approval of ETH ETF bring about a reversal?

Currently, Ethereum is in trouble. Its price has fallen to a severe low of $2,875. In the past 24 hours alone, it has fallen by more than 10.2%. This month is crucial for Ethereum. There are reports that the spot Ethereum ETF will be launched in July 2024.

The SEC approved nearly 8 Ethereum spot ETF applications in May. At this juncture, can this issuance be the antidote to the continued decline in the price of Ether?

A few days ago, the price of ETH was around $3,439. This week, the price has fluctuated violently. The price has mainly fluctuated between $3,500 and $2,700.

This week it has fallen by nearly 16.3%. It is worth noting that on June 5 last month, the price was around $3,864. In the past 30 days, the price has fallen by more than 24.1%. Ethereum’s annual peak of about $4,065 was reached in mid-March.  

Prices had begun to rise sharply a week before the U.S. Securities and Exchange Commission approved the spot ETH ETF application on May 23. That week, at least three long green candlesticks formed on Ethereum’s daily chart.

There are enough reasons to believe that the launch of an Ethereum spot ETF could help the market significantly. However, it may take at least a month for clear momentum to form in the chart.   #美国6月非农数据高于预期 #德国政府转移比特币 #以太坊ETF通过 #ETH🔥🔥🔥🔥