Days after hitting a month-high of $3,943, Ethereum (ETH) has started to correct. The initial surge followed the SEC’s approval of applications from NASDAQ and NYSE to list Ethereum exchange-traded funds (ETFs). While final approval is still pending before these products can launch, the SEC’s May 23 decision marked a significant and unexpected victory for both the firms involved and the broader crypto industry.
Until recently, many anticipated that regulators would reject the filings. However, nine issuers, including VanEck, ARK Investments/21Shares, and BlackRock, are now poised to launch ETFs linked to Ethereum. This follows the SEC’s January approval of Bitcoin ETFs, which was another landmark moment for the sector.
Despite the initial jump following the ETF approval, the price of Ethereum, the second-largest cryptocurrency by market capitalization, has since dropped over 4% and is now trading at $3,760. This marks a very modest 0.9% uptick in the last 24 hours and a more significant 20.7% increase over seven days. Moreover, the current price reflects a 28.5% improvement from where ETH was trading two weeks ago and a 19% jump over the past 30 days, according to data from CoinGecko.
In the past 24 hours, Ethereum’s price has been consolidating, fluctuating between $3,776 and $3,710. This price behavior typically indicates a buildup of momentum that could lead to a breakout, either above or below the current consolidation range. At this juncture, the next direction for ETH remains uncertain.
However, analysts at trading firm QCP Capital suggest that the SEC’s approval of spot Ethereum ETFs could drive ETH prices to $5,000 by the end of the year.
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