Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
ETH ETF Approved! [This Is What Happens Next For Crypto]
Read summaryThe Ethereum ETF approval has been a hot topic in the market, but the recent market pullback may leave some wondering why. The approval of the E ETFs is definitely positive news, but it's important to note that only the 19b-4 filing has been approved, not the important S1 filing that allows trading to begin. The approval was made by the division of trading markets on delegated authority, and there is still a chance for it to be challenged within the next 10 days. There is speculation that the approval is part of a political trade-off to push through ESG rules before July 1st.
It's hard to predict when the S1 filing will be approved, but based on past experiences with Bitcoin, it could take one to two weeks. In the meantime, ETH may see some pullback, with a potential support level at 3,200. It's important to have a wide range of potential entry points and to be cautious of a bearish scenario if the price goes below a key level.
Overall, the market reaction to the Ethereum ETF approval may not be as bullish as expected due to the uncertainties surrounding the approval process and potential political motivations. Investors should keep a close eye on developments and be prepared for volatility in the market. 📈🔍🤔
Hide summary
