SEC made an important decision yesterday in line with expectations and spot Ethereum ETF approved their applications.
After this approval by the SEC ETH As expectations for a rise in prices increase Bitcoin (BTC) And Ethereum Its price has fallen in the last 24 hours despite the approval news.
Evaluating this decline FxPro senior analyst Alex Kuptsikevich said: He stated that the decline in ETH price turned into a “news selling” event after the ETH ETF approval.
At this point, Kuptsikevich predicts that the price decline in ETH may continue and said that institutional investors will benefit from this withdrawal. ETH He argued that he could start saving.
“Ethereum surged following positive news at the beginning of the week, but its decline following ETF approval is a reflection of ETH selloff and a typical “buy the rumor, sell the news” response.
We should not be surprised if the price retreats back to the $3000 region and turns into a significant consolidation area.
“At these levels, large institutional investors can start building positions in ETFs.”
Pointing out that the same situation occurred after the Bitcoin ETF approval. “We saw the same following the approval of the Bitcoin ETF in January. “Bitcoin dropped 19% in price before making a spectacular comeback within two weeks of approval.” said.
Analysts expect significant institutional capital inflows if Ethereum ETFs become available for trading. At this point, Standard Chartered predicts that there could be up to $45 billion inflow into ETH ETFs in the first 12 months.
*This is not investment advice.
For exclusive news, analysis and on-chain data Telegram our group, twitter our account and YouTube Follow our channel now! Moreover Android And iOS Start live price monitoring now by downloading our applications!