In the past three months, Bitcoin (BTC) remained within a stable price range until recent developments surrounding Ethereum (ETH) ETF approval caused a notable rise in its value. This surge also impacted several altcoins, some of which were identified as overbought according to CoinGlass data, particularly on May 29.

One such altcoin, Bounce Token (AUCTION), saw a sudden shift from being oversold to overbought. Its price surged by 35% to $24.54, accompanied by an hourly RSI of 91.76, indicating a rapid increase in buying activity over a short period. The 4-hour, 12-hour, and 24-hour RSI values stood at 89.14, 82.94, and 75.99, respectively, reflecting sustained buying momentum despite a weekly RSI suggesting weaker trends at 35.62.

Similarly, ConstitutionDAO's token, PEOPLE, also experienced overbought conditions amid positive price movements that attracted investor interest. However, after reaching an overbought state, the token saw a price correction with a 12% drop to $0.07964 following a 1.81% daily increase. Such corrections are common during bullish market phases, where indicators like RSI highlight periods of strong buying activity.

While these indicators can signal potential corrections, the cryptocurrency market's unpredictability means there are no guarantees. These shifts often occur following periods of bullish strength, underscoring the volatile nature of cryptocurrency investments and the importance of monitoring market trends closely.

In conclusion, the recent approval of Ethereum ETFs has injected notable volatility into the cryptocurrency market, impacting major tokens like Bitcoin and leading to both significant price rises and corrections in altcoins like AUCTION and PEOPLE. Investors should remain vigilant as market conditions evolve rapidly, influenced by both technical indicators and broader market sentiment.