Breaking News: Ethereum ETFs Get Green Light from SEC ‼️

In a landmark move, the US Securities and Exchange Commission (SEC) has given the final thumbs up for the first spot Ethereum (ETH) exchange-traded funds (ETFs) to start trading on July 23. This comes after the SEC approved the securities filings of eight issuers, including big names like Fidelity, Blackrock, and VanEck.

But what does this mean for the price of ETH? Well, analysts are divided. Some say the launch of spot ETFs could be a bullish sign for wider adoption, while others point out that the demand for futures-based ETH ETFs was "underwhelming" when they launched last year.

Meanwhile, the price of ETH has dropped about 2.5% in the past 24 hours and is currently trading near $3,400. Analysts say the Ethereum price faces critical resistance around $3,500 levels.

So, what's next? Will the launch of spot ETH ETFs boost the price of ETH or will it be a damp squib? Only time will tell. But one thing's for sure - this is a big moment for the crypto world!

And if you're wondering how this affects Bitcoin, well, spot BTC ETFs were approved for trading in the US in January and have seen record inflows since then. The price of Bitcoin has increased almost 50% since then and is currently trading near $67,700.

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