After reaching the support level of $2870-$3030 , #Ethereum price grew by more than 30% and was able to easily exit the bullish flag.
The price started to decrease yesterday following the news of the approval of #Ether ETFs like #Bitcoin ETFs . the days who followed BTC approval price dropped around 17%, probably in this case it could be more.
if price of ethereum breaks below yesterday's daily candle low, a move down to $2650 should be anticipated. the market would likely consolidate until mid-June.
The price started to decrease yesterday following the news of the approval of #Ether ETFs like #Bitcoin ETFs . the days who followed BTC approval price dropped around 17%, probably in this case it could be more.
if price of ethereum breaks below yesterday's daily candle low, a move down to $2650 should be anticipated. the market would likely consolidate until mid-June.
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#Bitcoin🪙 , the leading cryptocurrency by market value, fell over 2% to $67,900, extending the retreat from recent highs near $72,000. #Ether🔹 , the second-largest coin, followed suit, dipping below $3,550 at one point.
The losses followed $64.9 million in cumulative outflows from the U.S.-listed spot bitcoin exchange-traded funds (ETFs) .
The losses followed $64.9 million in cumulative outflows from the U.S.-listed spot bitcoin exchange-traded funds (ETFs) .
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Altcoin prices can benefit indirectly
When #Bitcoin price surges, it creates a lift-up effect for the entire crypto market. Similarly, this occurs in the altcoin market when #Ether surges.
The SEC halting its investigation may be relevant to other altcoins the agency has accused of being securities.
The SEC has opened cases against crypto exchanges Binance and Coinbase for a variety of securities law violations. The SEC has named several altcoins as securities, including #SOL , #ADA , #MATIC
projects such as Aave or Chainlink from the decentralized finance (DeFi) sector or layer-2 chains such as #Arbitrum,#Optimism could benefit from the SEC’s retreat.
When #Bitcoin price surges, it creates a lift-up effect for the entire crypto market. Similarly, this occurs in the altcoin market when #Ether surges.
The SEC halting its investigation may be relevant to other altcoins the agency has accused of being securities.
The SEC has opened cases against crypto exchanges Binance and Coinbase for a variety of securities law violations. The SEC has named several altcoins as securities, including #SOL , #ADA , #MATIC
projects such as Aave or Chainlink from the decentralized finance (DeFi) sector or layer-2 chains such as #Arbitrum,#Optimism could benefit from the SEC’s retreat.
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