Breaking Crypto News – How to Stay Optimistic in the Crypto Market Post-ETF Approval?
Breaking Crypto News – The SEC’s preliminary approval of multiple spot Ethereum ETFs has rekindled investor excitement in the cryptocurrency space. Over the past 24 hours, this development has resulted in notable gains for Ethereum and several altcoins within its ecosystem, including PEPE and Ethereum Name Service (ENS). This is a sign of high investor confidence and hope for Ethereum-based assets in the future.
With a spike to $3,936 in price, Ethereum is getting closer to the crucial $4,000 threshold. This indicates a rise of 3.32% on the previous day. Gert van Lagen, a cryptocurrency analyst, believes that Ethereum’s long-term price trajectory will be positive.
ETH (1-week chart) showing strong hidden bullish divergence too! While the price makes higher highs, the momentum indicator (RSI) makes lower lows,
Van Lagen
Altcoin Season Still Hasn’t Started
DeFi on Ethereum has also grown rapidly. As of May 27, the TVL in Ethereum’s DeFi is $66.61 billion, the highest since mid-May 2022, according to DefiLlama data. However, there is still no altcoin season (altseason) in the market, despite the growing interest. In the past ninety days, only thirty-five percent of the top fifty altcoins have outperformed Bitcoin, according to the Altcoin Season Index.
FAQ
What is the ETF Approval?
The SEC approved a spot Ethereum ETF on May 23, 2024, which first allowed some financial firms to market an Ethereum ETF.
What is RSI?
One technical indicator employed in financial market analysis is the relative strength index. Based on the closing prices of a recent trading period, it is meant to illustrate the strength or weakness of a company or market both historically and currently.
What Does It Take to Enter Altcoin Season?
The market requires 75% of cryptocurrencies to outperform Bitcoin in order to enter an altseason.
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