#Ethereum Faces Strong Selling Pressure as Market Awaits ETF Decision 🚀💼
Ethereum (ETH) is under pressure as potential issuers of spot ETH ETFs wait for SEC feedback. The SEC hasn't responded to the applications submitted on May 23. SEC Chairman Gary Gensler mentioned that approval might "take some time." ⏳
ETH Bears the Brunt 🐻📉
🔹 Current Price: $3,539 🔹 Weekly Decline: ~10%
Key Indicators 📊
1️⃣ Relative Strength Index (RSI): 45.40
2️⃣ Money Flow Index (MFI): 45.69
3️⃣ Chaikin Money Flow (CMF): -0.01
4️⃣ Elder-Ray Index: -209
These numbers show increased selling pressure and market weakness. If this continues, ETH could drop below $3,500 to around $3,403. If the market turns bullish, ETH might rise to $3,610.
Stay tuned for more crypto insights! 👍
Disclaimer
This post is for informational purposes only and is not financial advice. Always do your own research.
