On May 23rd, on-chain analytics firm CryptoQuant warned that the price of Ethereum could fluctuate if the pending Ethereum spot ETF encounters uncertainty.
It warned that ETH could experience a "significant price correction" if the SEC rejected its ETF application or delayed the approval process. In addition, high exchange traffic could lead to ETH price volatility in the coming days. Exchange traffic reached 62,000 ETH, the highest level since March, amid rumours that the Ethereum spot ETF was pending approval.
In addition, CryptoQuant said that traders actively opened long positions in the futures market in anticipation of an increase in the price of ETH, which created upward pressure on prices, pushing the unpositioned squaring of ETH from 2.80 million ETH to 3.20 million ETH, reaching the highest level since January 2023.
CryptoQuant: If the Ethereum Spot ETF is not approved as scheduled, ETH may experience a major price adjustment
2024-05-23 03:52:33
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