TL;DR
- The SEC’s approval of ETH ETFs has increased volatility, with analysts predicting potential rallies and significant future growth.
- Positive on-chain metrics, like rising TVL and negative exchange netflow, indicate a possible bull run for Ethereum.
ETH’s Next Possible Step
Ethereum made the headlines last week after the US Securities and Exchange Commission (SEC) officially greenlighted the launch of ETH ETFs in the world’s largest economy. The approval happened on May 24, and somewhat expectedly, it caused enhanced volatility for the asset.
Its price passed through severe ups and downs in the range of $3,650-$3,950 before settling to its current level of around $3,800 (per CoinGecko’s data).
The X user Jelle argued that ETH is consolidating above “the key support area” of approximately $3,750, expecting “the market to chop around this area for a while, at least until Monday.” The analyst…
