Ethereum Price at Risk as Critical ETF Decision Approaches: What Next For ETH Price?

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Ethereum (ETH) price continued with the two-month market correction after closing last week around $2,927. The web3 behemoth has been under heavy bearish sentiment as the final ruling, May 23, for spot Ether ETFs in the United States draws closer. According to the latest market data, Ethereum’s price slipped over 1 percent in the last 24 hours to trade around $2,891 on Monday during the early London session.

Bitcoin Freight

As the altcoin industry continues to register heightened volatility, more traders have been taking shelter in Bitcoin (BTC). In the past 24 hours, Bitcoin price had gained around 0.3 percent to trade around $61,200. 

Most of the altcoins – led by Solana (SOL), Dogecoin (DOGE), and XRP – dropped nearly 5 percent in the past 24 hours.

According to a popular crypto analyst Benjamin Cowen, Ethererum and the altcoin industry will continue to bleed to Bitcoin until the Federal Reserve initiates rate cuts later this year.

What Next for Ethereum Price? 

Ethereum’s price action is largely under the control of the upcoming final decision on VanEck’s spot Ether ETF. If the US SEC decides to reject the spot Ether ETF applications, Eth’s price will ultimately dip below the crucial support level of around $2,800.

The altcoin-king will likely find a support range between $2,347 and $2,681, which coincides with the 1.618 and 1 daily Fibonacci Extension.

On the other hand, if the US SEC commissioners approve spot Ether ETFs later this month, the altcoin bulls will be rejuvenated in the subsequent weeks. In such a scenario, ETH bulls will likely pump towards its all-time high (ATH) above $4,800.