Bittime - While eight Ethereum-based exchange-traded funds (ETFs) have received historic approval from the US Securities and Exchange Commission (SEC), Ethereum's price has yet to reach the $4,000 level.
The price of Ethereum experienced an increase after the approval of the Ethereum ETF
The price of Ethereum (ETH) saw a significant spike, rising to nearly $3,900. However, this increase did not last long and the price fell quickly to around $3,720. Currently, the price has stabilized around $3,700.
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Ethereum Crawls Up, But Hasn't Breached the $4,000 Barrier Yet
Ethereum (ETH) is the second largest crypto asset by market capitalization, registering a slight decline of -1.67% in the last 24 hours.
Although the increase is relatively small, Ethereum performed quite well in the past week, with the price surging more than 28%. This reflects market optimism towards this digital currency.
However, despite the positive trend, Ethereum has not managed to break the important psychological barrier of $4,000. Market players are still waiting for a strong new push for Ethereum to surpass this level.
Expert Opinion Looking at Current Ethereum Price
One crypto analyst named Jason Pizzino said that even though the Ethereum ETF approval had officially taken effect, this had not yet pushed up the price of Ethereum enough to break the $4,000 barrier. The price increase in the ETH/BTC pair was also more moderate than initial predictions.
Traders' caution in responding to the latest news indicates that they may view it as selling news momentum.
This phenomenon is common, where prices experience a decline after a big announcement because investors take advantage of the price increase triggered by the news.
Also Read How to Buy Crypto:
Ethereum ETF: News Selling Phenomenon Turns Out Not Selling
The news selling phenomenon repeated itself, this time after SEC approval of a spot Bitcoin ETF. Bitcoin price underwent a sharp correction post-announcement, plunging more than 20% and hitting a low of around $38,000 before recovering.
The SEC's approval marks a significant shift from its previous hesitant stance. Amid rumors of impending approval, fund managers rushed to revise their filings and make key amendments, anticipating a favorable decision.
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Conclusion
Investing has become easier for ordinary people with the presence of ETFs. Investors can buy shares on the stock exchange whose value follows the price of the underlying asset.
For traditional investors, ETFs open the door to easy and controlled access to the crypto market, without needing to understand the complex processes of buying, selling and holding crypto assets directly.
How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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