CryptoQuant: If the Ethereum spot ETF is not approved as scheduled, ETH may experience a major price adjustment

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Cointime2024/05/23 04:22

By:Cointime

On-chain analysis company CryptoQuant warns that if the pending Ethereum spot ETF encounters uncertainty, the Ethereum price may fluctuate.

It warns that if the US SEC rejects its ETF application or delays the approval process, ETH may experience a "significant price adjustment."

In addition, high exchange traffic may cause ETH price fluctuations in the coming days. In rumors about the pending approval of Ethereum spot ETFs, exchange traffic reached 62,000 ETH, the highest level since March.

In addition, CryptoQuant stated that traders actively opened long positions in the futures market in anticipation of an increase in ETH prices, thereby creating upward pressure on prices, pushing ETH open positions from 2.8 million ETH to 3.2 million ETH, the highest level since January 2023. (CryptoSlate)

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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Cryptopolitan•2025/02/02 19:22