eight spots Ethereum ETF Following the approval of ETH by the SEC last night, ETH price remained stagnant at $3,800 and showed no signs of a significant uptrend.
Despite this, ETH has experienced a significant rise of over 30% in the past week. Investors are currently taking a cautious stance and are watching to see if this development will result in a “news sell” event.
Ethereum Price Shows Huge Fluctuation
Ahead of the US SEC announcing its Ethereum ETF approval decision, ETH price witnessed some sharp fluctuations. In the tense hours before official confirmation, ETH initially fell to $3,500 during the traditional US market close.
It later approached $3,900 after initial unconfirmed reports emerged pointing to confirmation, and ultimately settled above $3,800 after confirmation. In the midst of these huge price swings, it turns out that one whale sold a staggering 7,900 ETH worth $29 million.
after $ETH dropped, a whale panic sold 7,921 $ETH at a price of 29.7M $USDT for $3,754.
The whale is a user of https://t.co/ZZPnpTmYqj, and his $ETH was withdrawn from https://t.co/ZZPnpTmYqj.https://t.co/CaE9aRb4XR pic.twitter.com/Pbjlhsw4Pi
NEWS CONTINUES BELOW— Lookonchain (@lookonchain) May 23, 2024
According to CoinGlass data, during the turbulent period, leveraged crypto- Liquidation of derivative positions exceeded $350 million throughout the day, reaching the highest figure since May 1.
The majority of these liquidated positions were long positions anticipating price increases and totaled approximately $250 million. This shows that traders who had overextended themselves with leverage were surprised by the sudden price drop. Among those affected, ETH traders bore the brunt, with $132 million in liquidations.
Is ETH Price Action Ahead?
Approval of spot Ethereum ETFs could bring inflows of more than $500 million, as analysts estimate. However, it may take some time for this to happen and the uptrend to begin.
Some on-chain indicators suggest that Ethereum could form a base above $4,000 and continue to rise to $5,000-6,000 by August this year.
Bitcoin ETFWhile the approval of ‘s has led to strong institutional inflows, it will be interesting to see whether the ETH ETF launch will lead to greater institutional adoption.
