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Home CRYPTO

Ethereum ETH Dips 5% Post ETF Approval, but Holders are Still Bullish

Michael Juanico by Michael Juanico
May 24, 2024
in CRYPTO
Reading Time: 3 mins read
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• Ethereum’s price dropped 4% immediately after the historic US approval of spot Ethereum exchange-traded funds (ETFs)
• This price action mirrored what happened with Bitcoin after the approval of spot Bitcoin ETFs, where BTC initially plunged before eventually rallying to new highs
• Standard Chartered predicted that both ETH and BTC will hit new all-time highs amid the ETH ETF approval

Ethereum’s price dropped 4% immediately following the historic US approval of spot Ethereum exchange traded funds (ETFs) yesterday. Many believed that the passing of spot ETFs in the US would be a bullish event for the second largest crypto currency in the world. And it still might be. But in the hours that followed the approval by the US Securities and Exchange Commission (SEC), Ethereum’s price barely budged, moving up just 1%.

Ethereum $ETH is down 5% after its ETF approval announcement

Where do we go from here?

— BlockNews.com (@blocknewsdotcom) May 24, 2024

Price Action After ETF Approval

At the time of the approval, Ethereum was sitting at $3840, but is now down 3.6% to $3701, according to CoinGecko. This drop is even more pronounced over the past 24 hours, dropping 6% from $3926 as news of the approval began to circulate.

This is a typical display of “buy the rumor, sell the news” as Ethereum’s price spiked 9% in the minutes that followed rumors that an ETF approval was imminent. Now the news has been confirmed, the market has begun to sell off.

Bitcoin saw similar action after the approval of spot Bitcoin ETFs in January. The morning after the approval, Bitcoin plunged about 6% and then dived 12% over the coming week. All told, BTC didn’t make it back to the price it was on the day the ETFs were approved until after a full month of volatility.

Predictions on Price Impact

But when it did, it started a steady hike to a new all-time high as volume from the 10 spot Bitcoin ETFs flowed into the market.

British multinational bank Standard Chartered predicted that both ETH and BTC will rocket upwards after Ethereum ETFs were approved.

An ETH ETF approval will further legitimize the sector and therefore be BTC-positive as well, Geoff Kendrick, digital assets researcher at Standard Chartered said, adding that he would expect a fresh all-time high in BTC by the weekend.

If it’s going to happen for Bitcoin, it might not be any time soon. BTC is currently down 3.5% over the past 24 hours.

Conclusion

The historic arrival of Ethereum ETFs has crypto enthusiasts excited about the impact on price and adoption. However, history shows there may be some short-term volatility before any sustained upside move. Either way, this approval marks another milestone in the maturation of the crypto asset class.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: CoinGeckoethereumsecSpot Ethereum ETF
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Michael Juanico

Michael Juanico

Michael is a BSBA Management graduate from Mindanao State University and has been a professional content writer since 2019. He began exploring cryptocurrency in 2021 and has since made blockchain and digital assets his primary focus. For nearly four years, Michael has contributed research and editorial content at Aiur Labs and BlockNews, producing clear and accessible coverage of market trends, trading strategies, and project developments. He is transparent about his personal holdings in Bitcoin, TRON, and select meme tokens, combining writing expertise with hands-on market experience to deliver trustworthy insights to readers.

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