NEO May Recover to $17.50
Neo (NEO) rose by 1.5% to $15.00 this week. The token retreated after hitting $16.51 on Monday, driven by news of a potential swift approval of spot Ethereum ETFs by the U.S. Securities and Exchange Commission (SEC). Indeed, the SEC approved eight applications on May 23. While ETF issuers still need the SEC to finalize their registration statements, which could take some time, the initial clearance has been granted. This news led to a rollback in crypto asset prices, including NEO. However, the token managed to hold above the support level at $15.00, buoyed by its uptrend support. This resilience could be sufficient for NEO to recover and reach $17.50.
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