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Ethereum outlook bullish after ETF approval despite retreat

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…

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