As a seasoned crypto investor with a few years under my belt, I’ve seen my fair share of market volatility and regulatory surprises. The sudden approval of spot Ethereum ETFs by the SEC was an unexpected development that sent shockwaves through the market. However, the initial excitement seemed to fade quickly as it became clear that trading might be delayed due to ongoing regulatory requirements.
The cryptocurrency market has pulled back from its weekly highs following unexpected approval of spot Ethereum ETFs. Prices dipped across the board on the day after the announcement, marking a pause in the rally that began on Monday. Currently, Bitcoin‘s predicted price remains steady at $68,050, while most other cryptocurrencies, including Ethereum, have decreased in value. This development is giving conflicting indications as we approach the weekend.
Why Ethereum ETFs Failed To Move The Market
On Monday, the Securities and Exchange Commission (SEC) unexpectedly shifted its focus towards approving spot Ethereum Exchange-Traded Funds (ETFs). Industry insiders viewed this decision as a result of political influences.
ETF operators were urged to make last-minute adjustments to their proposals prior to the approval scheduled for Thursday. Three exchanges – Nasdaq, NYSE, and CBOE – have been authorized to list Ethereum Exchange Traded Products (ETPs). Nonetheless, trading will only commence once the SEC gives its nod to each individual ETP provider.
Experts are concerned that the SEC may prolong the approval process for trading Ethereum ETFs and ETPs, potentially causing a delay. This apprehension could be contributing to the subdued prices in the market following this news.
As a crypto investor, I understand the SEC’s ongoing concerns regarding fraud and market manipulation in our industry. To address these issues, I believe it is crucial for us all to prioritize extensive surveillance and contract sharing. The SEC strongly recommends that we collaborate closely with the Chicago Mercantile Exchange (CME) to detect and prevent such unlawful activities. By working together, we can strengthen the overall security and integrity of our crypto markets.
As a researcher studying the relationship between Ethereum futures trading on the Chicago Mercantile Exchange (CME) and Ethereum Exchange-Traded Funds (ETFs), I believe it’s crucial that there is a strong correlation between their prices. This correlation ensures market efficiency, transparency, and minimizes arbitrage opportunities. The exchanges have submitted comprehensive analyses to determine the extent of this price alignment.
Bitcoin Price Forecast In The Wake Of Ethereum ETF Approval
On the four-hour Bitcoin chart, an upward trend line, or channel, has persisted, aiding in the cryptocurrency’s ongoing recovery. Volatility notwithstanding, significant support and resistance levels have been set since Bitcoin bounced back from $56,500 in the past few weeks.
The doubtful atmosphere surrounding Bitcoin’s price might have caused the recent correction from $72,000. Some traders question whether Bitcoin can maintain its upward trend beyond $70,000, let alone bridge the gap towards the projected $100,000 goal in 2024.
Based on the Moving Average Convergence Divergence (MACD) indicator, the easiest route forward seems to be a downward direction. A sell signal is strengthened by the MACD line being below the signal line and the red histograms, indicating potential for greater losses ahead.
In order to shift this negative perspective on Bitcoin, it needs to transform the 20-day Exponential Moving Average (EMA) of $68,471 into a support level instead. A surge above the boundary of the channel’s middle line or surmounting the hurdle at $70,000 would serve as confirmation for the continuation of the uptrend.
Instead of “On the contrary,” you could say “However, it’s important for traders not to disregard the potential for selling pressure outpacing buying power, particularly if the 50-day moving average acting as immediate support at $67,671 were to weaken.”
If Bitcoin were to lose support at the $66,000 level and fall below it, this could have negative consequences for Bitcoin’s future price movement. In such a scenario, the 200-day moving average (MA) at $65,234 might come into play, increasing the possibility of a more significant decline towards the prices around $64,000 or even $62,000.
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2024-05-24 20:54