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

The initial rise followed the U.S. Securities and Exchange Commission (SEC) approving applications from NASDAQ and the NYSE to list Ethereum exchange-traded funds.

Although ETF issuers still need final approval before their products can launch, the SEC’s May 23 decision marked a significant and unexpected victory for firms that had made applications and the broader crypto industry.

Until Monday, many had anticipated regulators would reject the filings. Nine issuers, including VanEck, ARK Investments/21Shares, and BlackRock, hope to launch ETFs linked to Ethereum, following the SEC’s January approval of Bitcoin ETFs, which was another landmark moment for the sector.

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

Get to know Trustleak

Trustleak crypto signal is a  service which provide profitable crypto and forex signals. Trustleak tried to provide you signals of best crypto channels in the world.

It means that you don’t need to buy individual crypto signal vip channels that have expensive prices. We bought all for you and provide you the signals with bot on telegram without even a second of delay.

Trustleak crypto leak service have multiple advantages in comparision with other services:

•  Providing signal of +100 best crypto vip channels in the world
• Using high tech bot to forward signals
• Without even a second of delay
• Joining in +160 separated channels on telegram
• 1 month, 3 months , 6 months and yearly plans
• Also we have trial to test our services before you pay for anything

For joining Trustleak and get more information about us only need to follow trustleak bot on telegram and can have access to our free vip channels. click on link bellow and press start button to see all features

Join for Free

☟☟☟☟☟

https://t.me/Trustleakbot

Also you can check the list of available vip signal channels in the bot. by pressing Channels button.

Still, the new price reflects a very modest 0.9% uptick in the last 24 hours and a more significant 20.7% increase over seven days. Likewise, the current price is a 28.5% improvement from where ETH was trading a fortnight ago and a 19% jump over 30 days, according to data from CoinGecko.

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 juncture, the next direction for ETH remains uncertain.

However, analysts at trading firm QCP Capital suggest that the SEC’s approval of spot Ethereum ETFs could drive ETH prices to $5,000 by the end of the year.