Ethereum Prediction:Is the ETH ETF Craze Losing Its Momentum

SEC approved eight spot Ethereum ETFs on May 23rd

• #Ethereum failed to exceed $4,000 even after the SEC approved eight Ethereum-based ETFs.

• Ethereum's price dropped sharply after rallying towards $3,948.

• Immediately after the approvals, Ethereum's price briefly hit $3,900, then fell back and is now trading near below $3,700.

• Following a 25% rally, bulls failed to breach the $4,000 psychological resistance and the 78.60% Fibonacci retracement level.

• Yesterday, there was a rejection indicated by the printing of a long upper wick.

• According to Coingabbar Prediction, If $ETH breaches the $4,000 resistance, which is the previous February peak, it can quickly rise to $5,000.

• Conversely, if ETH faces resistance at the $4,000 level and drops below $3,500, short-term profit-taking may ensue.

KEY LEVELS :

RESISTANCE LEVEL : $3,740-$3,830

SUPPORT LEVEL : $3,550-$3,460

Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.