Overview

On May 23, the SEC approved 19b-4 applications from financial giants such as VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy, and Bitwise. This crucial approval allows these firms to list and trade spot Ether ETFs on their respective exchanges. This decision has heightened investor expectations that traditional market participants will inject new capital into Ethereum, mirroring the surge seen with spot Bitcoin ETFs that helped BTC set a new all-time high in March at $73,750.

However, the journey isn’t over for ETF issuers. They must still secure the SEC’s approval for their S-1 registration statements before spot Ether ETFs can officially begin trading, which might take weeks or months.

Bitcoin Price Analysis

On Monday (20/05), Bitcoin experienced a notable surge, increasing by 7.8% and triggering a bullish movement in the market. However, following this significant rise, the price of Bitcoin began to gradually decrease from May 21st to May 23rd.

Despite this pullback, as long as the price remains above $65,530, Bitcoin continues to be in a bullish scenario. However, if the price falls below this critical support level, it could indicate a shift from an uptrend to a downtrend, altering the overall market sentiment.

Ethereum Price Analysis

Ethereum's price surged dramatically by 19.23% in a single day, driven by rumors of a potential Ethereum ETF approval. This bullish sentiment propelled Ethereum to break through the resistance level at $3,300 and continue its ascent to reach the next resistance at $3,500. The significant price increase highlights the strong market response to the ETF speculation.

On May 23, a decisive step was taken with the approval of several applications for Ethereum ETFs, marking a significant breakthrough for the second-largest cryptocurrency. The price was highly volatile that day, initially dropping to $3,500 before rebounding. Today, Ethereum is sitting at the $3,800 price level, demonstrating strong market confidence and positive investor sentiment following the ETF approvals.

Solana Price Analysis

On Monday (20/05), Solana's price saw a significant increase of 9.87%, reaching the $186 price level. This movement mirrored Bitcoin's pattern, with a substantial initial surge followed by a gradual decline over the next few days. However, unlike Bitcoin, Solana's price continued to decrease day by day, eventually falling below the $170 level. Despite this downtrend, Solana remains above the $156 support level.

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Disclaimer

This material is for general information and is not investment advice, a recommendation, or solicitation to buy and sell any cryptocurrencies, digital assets, securities or derivative instruments, or to make any investments. Mobee is under no obligation to update this report based on information and events that occurred after this report was created and published. Any suggestions or recommendations in this report may not be appropriate for certain users.

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