On May 20, 2024 Ethereum rose very significantly by around 20%. This is related to the positive progress of the ETF's approval by the SEC, although it has not yet been approved to start trading.
If we look at the price action in the Daily TF after the pump on May 20, it can be seen that ETH experienced a decline. But it's clear this wasn't an impulsive drop but more like a healthy correction.
On May 24, ETH rebounded quite well at Fibo 0.618. This is a positive sign that this coin will start to continue its rise again.
The supporting reason is the possibility that the SEC will approve Ethereum ETF trading on July 4 as reported by Reuter.
The closest target is FVG which was formed on June 7 2024. If there is rejection here a lower high will be formed but if it is successful in breaking it then we can hope that ETH will test the price of 4000 dollars.
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