🔥🔥🔥 #ETHBTC Ratio #Skyrockets 🚀🚀🚀 From Three-Year Low As Open Interest Records $14.68 Billion! What’s Next For $ETH Price?

Ether Surges Over 20% Amidst ETF Speculation

- Eric Balchunas' bullish remarks from Bloomberg propelled Ether's price up by over 20%, shifting the likelihood of an Ethereum exchange-traded fund (ETF) approval from 25% to 75%. This news also rejuvenated the ETHBTC ratio, bouncing back from a three-year low. Simultaneously, Ethereum futures open interest soared to a remarkable $14.68 billion, suggesting potential further upticks in the near future.

Record-Breaking Open Interest

- Ether (ETH) futures have surged in popularity due to optimism about potential U.S. spot ETH ETF approval. Notional open interest jumped 25% to $14.6 billion, indicating significant bullish capital influx. Ether's price rose by 17.5% to $3,700, confirming the upward trend.

#ETFApproval Optimism

- Bloomberg's ETF analysts raised the likelihood of SEC approval for spot ETH ETFs from 25% to 75%. The SEC's call for expedited updates to 19b-4 filings suggests a faster approval process, fueling hopes in the crypto community.

Market Analysis and Outlook

- Crypto analyst Van De Poppe suggests a bullish reversal for Ethereum as the ETHBTC ratio rebounds, indicating weakening bearish momentum. Attention is on ETH options expiries with $3.22 billion open interest by May 31 on Deribit. The SEC's decision on the VanEck spot ether ETF by May 23 is pivotal for the market.

What's Next for ETH Price?

- Ether faces resistance at $3,720, yet remains supported above the 20-day EMA at $3,300. #Bulls aim to breach resistance to confirm an uptrend, targeting $4,100 and possibly $4,500. Bears seek to push below the 20-day EMA and $3,000 support, risking a decline towards the channel's support line.

- As of writing, ETH price trades at $3,665, reflecting an 18% surge in the last 24 hours. Bulls and bears are poised for a decisive battle, shaping Ethereum's short-term trajectory.

Source - blockchainreporter.net