Cointelegraph shows why Ether's price has been unable to sustain levels above $3,900.
) has ventured above $3,900 on multiple occasions in the past seven days but has been unable to sustain this level. The market seemingly anticipated a boost from the spot Ethereum exchange-traded fund approval by the United States Securities and Exchange Commission , as Ether’s gains occurred on May 21, two days before the decision.One could argue that the spot ETF traders are still awaiting the respective Form S-1 approval for each of the funds.
In essence, part of Ether’s failure to break the $3,900 resistance comes from the rally that preceded the spot ETF approval. The fact that some investors are disappointed that effective trading will take longer has also created some uncertainty and negative price impact. This could spell trouble as Ether’s futures open interest rose to its highest level ever on May 28.gauges the total number of ETH futures contracts available on every derivatives exchange, including Binance, CME, OKX, and Bybit.
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