- ETH’s supply on exchanges hiked over the last few days
- A metric revealed that ETH was undervalued, hinting at a price uptick on the charts
It has been only two days since the much-anticipated spot Ethereum [ETH] ETFs were approved by the U.S Securities and Exchange Commission (SEC). However, the outcome of this approval didn’t turn out to be as expected, with ETH soon turning bearish on the charts. Hence, it’s worth taking a closer look at what’s going on.
Ethereum ETF approval goes wrong
AMBCrypto reported previously that the U.S SEC approved eight applications for spot Ethereum [ETH] exchange-traded funds (ETFs) on 23 May. The regulator approved 19b-4 forms for the ETF applications filed by BlackRock, Fidelity, Grayscale, Bitwise, VanEck, Ark, Invesco Galaxy, and Franklin Templeton.
Now, although many expected ETH’s price to boom after that, the opposite happened. According to CoinMarketCap, ETH’s week-long bull rally came to an end as its price dropped by almost 2% in the last 24 hours. At press time, it was trading at $3,766.04 with a market capitalization of over $452 billion.
Ali, a popular crypto-analyst, recently shared a tweet stating that there were quite a few possible reasons behind this bearish price action. As per the same, ETH registered a significant sell-off soon after the approval, one which could have been a profit-taking move by investors. For instance, Jeffrey Wilke, one of the co-founders of Ethereum, transferred 10,000 ETH, worth around $37.38 million.
Additionally, the king of altcoins’ supply on exchanges also spiked, further establishing the fact that selling pressure on the token has been high. Apart from this, a key indicator, TD sequential, also flashed a sell signal on ETH’s price chart.
However, the bearish price trend might change under one condition. According to Ali, ETH has a resistance level between $3,940 and $4,054. As per the tweet, if ETH manages to record a daily candlestick and close above $4,170, the bearish trend might come to an end.
Are bears willing to let go?
AMBCrypto then analyzed ETH’s on-chain metrics to see whether they support the possibility of ETH going above the aforementioned resistance zone. As per our analysis of Glassnode’s data, ETH’s NVT ratio registered a sharp decline. A drop in the metric means that an asset is undervalued, hinting at a price uptick on the charts.
Source: Glassnode
However, ETH’s fear and greed index had a value of 67% at press time, meaning that the market was in a “greed” phase. Whenever the metric reaches that level, it indicates that the chances of a price correction are high. To better understand what to expect, AMBCrypto then checked Ethereum’s daily chart.
Is your portfolio green? Check out the ETH Profit Calculator
We found that ETH’s Chaikin Money Flow (CMF) took a sideways route over the last few days. A similar trend was also noted by the Relative Strength Index’s (RSI) chart.
These indicators suggested that investors might witness a few more slow-moving days.
Source: TradingView
- ETH’s supply on exchanges hiked over the last few days
- A metric revealed that ETH was undervalued, hinting at a price uptick on the charts
It has been only two days since the much-anticipated spot Ethereum [ETH] ETFs were approved by the U.S Securities and Exchange Commission (SEC). However, the outcome of this approval didn’t turn out to be as expected, with ETH soon turning bearish on the charts. Hence, it’s worth taking a closer look at what’s going on.
Ethereum ETF approval goes wrong
AMBCrypto reported previously that the U.S SEC approved eight applications for spot Ethereum [ETH] exchange-traded funds (ETFs) on 23 May. The regulator approved 19b-4 forms for the ETF applications filed by BlackRock, Fidelity, Grayscale, Bitwise, VanEck, Ark, Invesco Galaxy, and Franklin Templeton.
Now, although many expected ETH’s price to boom after that, the opposite happened. According to CoinMarketCap, ETH’s week-long bull rally came to an end as its price dropped by almost 2% in the last 24 hours. At press time, it was trading at $3,766.04 with a market capitalization of over $452 billion.
Ali, a popular crypto-analyst, recently shared a tweet stating that there were quite a few possible reasons behind this bearish price action. As per the same, ETH registered a significant sell-off soon after the approval, one which could have been a profit-taking move by investors. For instance, Jeffrey Wilke, one of the co-founders of Ethereum, transferred 10,000 ETH, worth around $37.38 million.
Additionally, the king of altcoins’ supply on exchanges also spiked, further establishing the fact that selling pressure on the token has been high. Apart from this, a key indicator, TD sequential, also flashed a sell signal on ETH’s price chart.
However, the bearish price trend might change under one condition. According to Ali, ETH has a resistance level between $3,940 and $4,054. As per the tweet, if ETH manages to record a daily candlestick and close above $4,170, the bearish trend might come to an end.
Are bears willing to let go?
AMBCrypto then analyzed ETH’s on-chain metrics to see whether they support the possibility of ETH going above the aforementioned resistance zone. As per our analysis of Glassnode’s data, ETH’s NVT ratio registered a sharp decline. A drop in the metric means that an asset is undervalued, hinting at a price uptick on the charts.
Source: Glassnode
However, ETH’s fear and greed index had a value of 67% at press time, meaning that the market was in a “greed” phase. Whenever the metric reaches that level, it indicates that the chances of a price correction are high. To better understand what to expect, AMBCrypto then checked Ethereum’s daily chart.
Is your portfolio green? Check out the ETH Profit Calculator
We found that ETH’s Chaikin Money Flow (CMF) took a sideways route over the last few days. A similar trend was also noted by the Relative Strength Index’s (RSI) chart.
These indicators suggested that investors might witness a few more slow-moving days.
Source: TradingView
clomid medication buying generic clomid without prescription clomid 50mg for sale where to get cheap clomid without prescription where can i get cheap clomid without dr prescription order cheap clomid tablets cost generic clomid prices
I couldn’t weather commenting. Profoundly written!
The vividness in this piece is exceptional.
buy azithromycin generic – buy tetracycline generic order metronidazole 200mg generic
rybelsus medication – buy semaglutide buy cheap cyproheptadine
order motilium sale – cyclobenzaprine 15mg brand cyclobenzaprine 15mg brand
inderal 10mg cheap – methotrexate 2.5mg over the counter methotrexate 10mg oral
buy amoxicillin pill – ipratropium 100 mcg cost where to buy ipratropium without a prescription
buy zithromax without a prescription – order generic zithromax nebivolol medication
order augmentin 625mg pills – atbioinfo brand ampicillin
buy esomeprazole 20mg pills – https://anexamate.com/ brand nexium
order coumadin 5mg pills – anticoagulant losartan for sale
mobic online – moboxsin cost mobic
deltasone over the counter – https://apreplson.com/ prednisone 40mg generic
buy ed pills online usa – buy ed pills uk ed pills that really work
buy amoxicillin paypal – comba moxi cheap amoxicillin
fluconazole cost – diflucan order purchase diflucan pill
escitalopram 20mg tablet – https://escitapro.com/ order generic escitalopram
cheap cenforce 100mg – fast cenforce rs cenforce canada
buying cheap cialis online – https://ciltadgn.com/# buy cialis/canada
ranitidine 150mg cheap – this order zantac 300mg for sale
viagra for sale in the philippines – on this site viagra prices
More articles like this would frame the blogosphere richer. cenforce 100 mg mejor sitio seguro
Palatable blog you possess here.. It’s hard to espy strong calibre article like yours these days. I honestly comprehend individuals like you! Take care!! https://ursxdol.com/prednisone-5mg-tablets/
More text pieces like this would make the интернет better. https://prohnrg.com/product/diltiazem-online/
I am in truth enchant‚e ‘ to gleam at this blog posts which consists of tons of profitable facts, thanks for providing such data. https://ondactone.com/simvastatin/
The thoroughness in this section is noteworthy.
cost of tetracycline
Thanks recompense sharing. It’s outstrip quality. http://www.gtcm.info/home.php?mod=space&uid=1158214
dapagliflozin order online – dapagliflozin 10 mg us buy generic dapagliflozin over the counter
order orlistat online – https://asacostat.com/# how to buy orlistat