Ethereum, the second-largest cryptocurrency in terms of market capitalization, has recently exhibited a state of relative neutrality in its price movement.
With its current price resting at $1,850, the cryptocurrency has yet to surpass the coveted $2,000 mark, a threshold it reached a mere two weeks ago.
Following a partial legal victory for Ripple in its ongoing lawsuit with the SEC, Ethereum’s price momentum experienced a brief and cautious upswing.
However, this surge proved short-lived, and Ethereum remains in a state of relative equilibrium. Over the past month, the cryptocurrency has experienced a decline of 1.83%, hinting at a subdued trajectory.
Despite these fluctuations, Ethereum continues to stand 62.18% below its all-time high (ATH) achieved on November 16, 2021.
In the face of the release of US Consumer Price Index (CPI) data, Ethereum displayed resilience, recording a modest 0.18% surge over the past week.
This response reflects the cryptocurrency’s ability to navigate uncertain market conditions while maintaining its position.
The domain of Exchange Traded Funds (ETFs) has garnered substantial attention within the Ethereum market. Currently, there are 14 active futures-based ETH ETF filings in the United States.
As the first verdict on these applications is anticipated around October, Ethereum faces the challenge of indecisive momentum within this evolving landscape.
The recent news surrounding ETFs takes a new twist with the US Securities and Exchange Commission (SEC) deferring its decision on the Ark Invest Bitcoin Spot ETF application proposed by Cathie Wood.
This delay stems from the SEC’s call for public input regarding amendments to ETF applications, an unexpected move just days before the scheduled decision date.