News - Why Lido rises after Ethereum spot ETF news

By Ted Maas

Why Lido rises after Ethereum spot ETF news

The price of Lido DAO (LDO), an Ethereum liquid staking solution, is currently one of the strongest altcoins in the top 100 cryptocurrencies.

Despite the weakness in the altcoin sector, the price of Lido DAO (LDO) is up 8 percent over the past week. This makes LDO the best-performing altcoin in the top 100. In the past 24 hours, the price has fallen only three percent, which is little compared to other altcoins.

Competitor Rocket Pool (RPL) has also shown strong results with a 45 percent increase in a week. Liquid staking providers like Lido are benefiting from the SEC banning Ethereum spot ETF providers from staking. This means that staking providers maintain their unique selling point and remain attractive to investors.

Lido has recovered from a temporary drop to USD 1.73 and rebounded to the zone between USD 1.99 and USD 2.09. If the price remains above this zone in the coming days, a further rise to last month's highs around USD 2.62 may be possible. If Lido remains bullish and breaks through the resistance level around USD 2.62, the price is likely to rise further between 2.99 and 3.11. If the price rises even above USD 3.80 and breaks through the all-time high of 4.03, a rise towards the 4.50 is possible.

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