Crypto Market Status - 22nd May
The crypto market has taken a breath after the #Ethereum news, the massive pump of $ETH and many altcoins.
Although everything is possible now, I assume we won't see another bigger move before Thursday.
We will have the first #ETHETF deadline on Thursday, with VanEck's proposal up first.
In case the ETF gets approved, I am convinced that we will see another rally instead of a sell-the-news event. The difference to the $BTC ETF is that nobody expected approval until a couple of days ago. Therefore, Ethereum's price didn't rally and hasn't priced in the approval yet, in my opinion.
Looking at trade signals, the daily chart shows many bullish signals. However, I don't think it's a good time for trading since volatility will be high, and the ETH ETF is still unpredictable.
If you open orders and want to benefit from a potential move, make sure to use a tight stop loss.
