This is major news! Ethereum ETFs are officially accepted as of May 23, 2024. However, ETF trading will not begin for a minimum of two weeks. But now what will the price of
ETHUSDT
following this announcement of ETFs?
Will we have a “sell the news” event? A gradual build up to launch then a “sell the news”?
Several possibilities... In our opinion, the Ethereum ETF will also be purchased by several banks and investment funds in the coming months. By the end of summer, we can well imagine seeing the price of Ethereum double and surpass its former all-time high. But for short-term speculation, it's difficult to say.
We can observe a buy signal on Magic Bands (PMB) following the cloud trend which becomes bullish again. Be careful though of the very high volatility reported by this same indicator. Support from the Pivot Identifier (BPI) is also there in support at $3,500 if the price still needs to breathe following the last very strong rise.
In any case, all this seems very positive for altcoins which should gain a good boost for the rest of the cycle.
