Bitcoin might get boring — But Ether may propel LINK, UNI, ARB prices higher

After the initial subdued reaction to the spot Ether ETF approval, Ether may move up, pulling LINK, UNI, and ARB higher, while Bitcoin may consolidate.

The approval of spot Ether exchange-traded funds (ETFs) on May 23 by the United States Securities and Exchange Commission (SEC) failed to extend the rally in Ether, which rallied roughly 25% last week. A positive sign is that the regulatory approval did not start a sell-off, signaling that the ETH bulls are not rushing to the exit. This suggests that the traders seem to be in a wait-and-watch mode.

Meanwhile, Bitcoin (BTC) rallied near $72,000 this week, but the bulls could not sustain the higher levels. The price turned down and slipped below the psychological level of $70,000, indicating that the sideways price action may continue.

The positive movement in Bitcoin and Ether this week has triggered buying in select altcoins that are showing promise in the near term. If markets respect the support levels in Bitcoin and Ether, some altcoins could find buying support.

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