🌎 Ethereum Price Dips After ETF Approval, Consolidates Around $3,760

Days after reaching a month-high of $3,943, the price of Ethereum (ETH) has started to correct.

The initial rise came after the U.S. Securities and Exchange Commission (SEC) approved applications from NASDAQ and the NYSE to list Ethereum exchange-traded funds (ETFs). Although ETF issuers still need final approval before their products can launch, the SEC’s decision on May 23 signaled a significant win for the firms that had applied and for the broader cryptocurrency sector.

Before Monday, many had anticipated that regulators would reject the filings. Nine issuers, including VanEck, ARK Investments/21Shares, and BlackRock, are looking to launch ETFs linked to Ethereum. This follows the SEC’s January approval of Bitcoin ETFs, another important milestone for the industry.

However, after the initial surge following the ETF approval, the price of Ethereum, the second-largest cryptocurrency by market capitalization, has dropped more than 4% from its peak and is now trading at $3,760.

Still, the new price shows a modest 0.9% increase in the last 24 hours and a more significant 20.7% rise over the past seven days. Additionally, the current price reflects a 28.5% improvement from where ETH was trading two weeks ago and a 19% increase over the last 30 days, according to available data.

In the past 24 hours, Ethereum’s price has been consolidating, fluctuating between $3,776 and $3,710. Such price behavior typically indicates a buildup of momentum that could lead to a breakout, either above or below the current consolidation range. At this point, the next direction for ETH remains uncertain.