After the historic approval of the spot Bitcoin Exchange Traded Fund (ETF) on January 11, 2024, the current crypto community is celebrating this moment. After the approval of spot Bitcoin ETF, it has been observed that the world’s second-largest cryptocurrency Ethereum experienced a significant price move of over 10% and other major cryptocurrencies are also experiencing bullish momentum.
Top NFTs plunge as Ethereum surge
However, despite the significant surge in the price of Ethereum, it has been observed that Ethereum-based non-fungible tokens NFTs have significantly fallen according to the data from Blur an NFT marketplace. The reason behind this massive fall is not known yet, but NFTs like Moonbirds experienced a significant fall of about 20% in the last 24 hours, and trading below 1 ETH for the first time in the history of NFTs.
Mutant Ape Yacht Club (MAYC), another popular NFT, also experienced a price drop of about 6%, with approximately 290 MAYC NFTs currently in Blend liquidation auction status. Bored Ape Yacht Club, Doodles, Milady, and CloneX have also seen declines of over 5% in the last 24 hours. However, Boo Bear, Baby Bear, and WADE friends & Family officials have experienced positive momentum.
Looking at all these NFTs, it has been observed that some are recovering while some are still experiencing negative momentum. The current cryptocurrency and NFT landscape is quite unpredictable after the spot Bitcoin ETF approval.
Also Read: These top 9 NFTs stolen in Blur phishing attack
Ethereum price movement and technical analysis
While looking at the price of Ethereum, currently it is trading near the $2,600 level, and in the last 24 hours, it experienced over 10% of upside momentum if we look at the ETH for a longer period Ethereum in the last 30 days experienced over 16% of upside momentum. Whereas, the price of Bitcoin doesn’t experience any major move after the ETF approval.
According to the expert’s technical analysis, Ethereum recently gave a breakout of 33 days of consolidation zone which appeared after the breakout of the descending triangle pattern bullish pattern in price action term. But, this consolidation breakout gives support to the bullish movement and we may see a rally till the $3,500 level the next resistance level.
Apart from these breakouts, prices of Ethereum are above 200 EMA (Exponential Moving Average) which also shows Ethereum is in the bull run. Overall, Ethereum is bullish and because of the recent approval of Bitcoin, we may see the $3,500 level soon.
