$ETH : Ethereum Broad Market Analysis 🚨

1. With the SEC’s full pivot on the ETH ETF, approval was granted for the ETFs’ listings.

They could come as early as Tuesday when the stock market opens. ETH reacted

accordingly by fully breaking the range it was in and pumping over 25% this week.

2. This coming week will be interesting to see ETH strength continue as ETHBTC reclaims

major levels and the narrative for ETH comes back.

3. Keep in mind once the ETFs are listed, Grayscale will go through selling pressure as the

ETFs rebalance due to fee differences. This will lead to a corrective period during June.

4. The large wedge did succeed.. Such a large move was present within the chart.

5. My main scenarios for this week:

1) Look for a continuation past the most recent highs around $3950, this should give

way to break $4000. ETH could reach new highs within this range before

entering that rebalancing period. Some interesting levels past $4k are $4080 and

$4160.

Just like the BTC ETF listing, a local high could be formed on the listing.

2) Look for ETH to begin correcting as it rebalances, this will be more of an event

based trade rather than level based trade. Price could top out a little higher than

the local highs from March. Once a reversal comes in, look for acceptance below

$4000 and for price to correct down to important supports at $3720 or $3580.

#ETHETFsApproved #ETHETFsApproved #FIT21 #altcoins #btc70k

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