CryptoQuant: If the Ethereum spot ETF is not approved as expected, the ETH price may experience significant adjustments

2024-05-23 11:53:58

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ChainCatcher news, according to CryptoSlate, on-chain analytics company CryptoQuant warns that if the pending Ethereum spot ETF encounters uncertainty, the price of Ethereum may fluctuate.

It warns that if the U.S. SEC rejects its ETF application or delays the approval process, ETH may experience "significant price adjustments."

Additionally, high exchange traffic may lead to ETH price fluctuations in the coming days. Amid rumors of the Ethereum spot ETF awaiting approval, exchange traffic reached 62,000 ETH, the highest level since March.

CryptoQuant stated that traders are actively opening long positions in the futures market in anticipation of an ETH price increase, creating upward price pressure, which has pushed the open interest in ETH from 2.8 million ETH to 3.2 million ETH, reaching the highest level since January 2023.

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