- The cryptocurrency market experienced a downturn following the unexpected approval of spot Ethereum ETFs by the U.S. Securities and Exchange Commission (SEC).
- Bitcoin’s price prediction remained stable at $68,050 over the past 24 hours, while many altcoins, including Ethereum, saw a decline.
- The SEC’s decision to approve Ethereum Exchange Traded Products (ETP) on major exchanges such as Nasdaq, NYSE, and CBOE has been viewed as a politically motivated move.
Discover the latest developments in the cryptocurrency market as the SEC approves Ethereum ETFs, impacting Bitcoin and altcoin prices.
How Will the Approval Process Affect Trading?
Experts predict that the actual trading of Ethereum ETFs and ETPs might be further delayed due to the SEC’s extensive approval process, which could be a factor in the recent price drop. The SEC has expressed concerns about potential fraud and market manipulation, requiring operators to implement comprehensive surveillance and sharing agreements. Close collaboration with the Chicago Mercantile Exchange (CME) is mandated to curb fraudulent activities and manipulation. For successful trading, Ethereum futures prices on the CME must correlate with spot Ethereum ETFs. The three exchanges involved have provided analyses to establish this correlation. Meanwhile, Bitcoin continues its recovery, guided by a rising channel on the four-hour chart, despite ongoing volatility. Fundamental support and resistance levels have been solidified since Bitcoin’s rebound from $56,500 in recent weeks.
Can Bitcoin Reach $100,000?
A correction from $72,000 has triggered uncertainty, leading analysts to doubt Bitcoin’s ability to maintain an uptrend above $70,000, much less hit the $100,000 target in 2024. According to the Moving Average Convergence Divergence (MACD) indicator, the path of least resistance is downward. A sell signal, indicated by the MACD line below the signal line and declining histograms, suggests potential for further losses at the market’s opening.
Trade Strategies and Market Impacts
– SEC’s prolonged approval process may delay Ethereum ETF trading.
– Fraud and market manipulation concerns need addressing through surveillance agreements.
– Bitcoin must turn the 20-day EMA at $68,471 into support to reverse bearish trends.
– Breaking above $70,000 is crucial for confirming an uptrend.
– Losing support at $66,000 could result in a prolonged downside risk to $62,000.
Conclusion
In conclusion, the cryptocurrency market is reacting to the SEC’s unexpected approval of Ethereum ETFs, leading to price fluctuations and uncertainty. Bitcoin’s future trajectory hinges on overcoming significant resistance levels and avoiding critical support breakdowns.
