ETH/BTC Needs to Hold 0.05-0.051 Ahead of ETH Spot ETF S-1 Approval
CryptoNewsTerminal Staff10 Jun, 2024
ETH/BTC Needs to Hold 0.05-0.051 Ahead of ETH Spot ETF S-1 Approval
According to Michaël van de Poppe, a crypto analyst with about 719K followers on Twitter, “Ethereum is waiting for the approval on the spot ETF S-1. The approval is expected in the coming weeks, and in the meantime, ETH/BTC needs to hold 0.05-0.051.” An ETF (exchange-traded fund) is a type of security that tracks an underlying asset, such as a commodity or a basket of assets, and trades on a stock exchange. A spot ETF is an ETF that tracks the price of the underlying asset in real-time. The approval of a spot ETF for Ethereum is a significant event, as it would provide investors with a more convenient and regulated way to gain exposure to the cryptocurrency. Currently, investors who want to invest in Ethereum must buy it through a cryptocurrency exchange, which can be a complex and risky process. The approval of a spot ETF would also likely increase demand for Ethereum and could lead to a rise in its price. However, in the meantime, it is important for ETH/BTC to hold the 0.05-0.051 support level. If ETH/BTC breaks below this level, it could indicate that a further decline is on the way.
