The consolidation follows a week of bullish action triggered by renewed optimism about a U.S. rate cut and the rally in stocks.
Things could soon get busier again with the first decisions for ether exchange-traded funds due. The Securities and Exchange Commission is set to weigh in on VanEck's ether exchange-traded fund on May 23 and the Ark/21 Shares one on May 24, as well as Nvidia earnings. March Zheng, managing partner of Bizantine Capital, told CoinDesk in an interview that while the market has priced near the certainty of a rejection, there are still some reasons to be optimistic.
"There are reasons to believe that the report will contain silver linings for the delay, which should signal an eventual approval of Ethereum in the next year," Zheng said."TheZheng argued that positive ETH ETF news might also boost trading sentiments for BASE, a Layer-2 network, whose native token's price hasas it once was during the mining boom. Still, the rising tide of bitcoin and AI tokens – should Nvidia's earnings remain strong – will likely lift all boats.