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Cryptocurrency market declined from weekly highs with the surprise approval of spot Ethereum ETFs. Bitcoin price prediction remains unchanged in the last 24 hours, hovering at $68,050. Most altcoins, including Ethereum, are in a downtrend, sending mixed signals before the weekend. The Securities and Exchange Commission (SEC) suddenly moved to detect Ethereum ETFs on Monday. This occurred after what industry experts described as a political move. Permission was granted to list Ethereum Exchange Traded Products (ETP) on three exchanges, including Nasdaq, NYSE, and CBOE. However, trading will not commence until the SEC approves individual ETP operators.
Approval Process for ETH ETFs
The actual trading of Ethereum ETFs and ETPs may be further delayed as experts fear the SEC’s approval process could be prolonged. This is likely one of the reasons for the price suppression following the news. The SEC remains concerned about fraud and market manipulation, demanding these two factors be addressed through comprehensive surveillance and sharing agreements. Operators are instructed to work closely with the Chicago Mercantile Exchange (CME) to detect and prevent fraud and market manipulation.
Ethereum futures prices need to trade on the CME and be correlated with spot Ethereum ETFs. The three exchanges provided analyses to determine this correlation. A rising channel continues to guide Bitcoin’s recovery on the four-hour chart. Despite volatility, fundamental support and resistance lines have been established since Bitcoin rebounded from $56,500 in the past few weeks.
Bitcoin’s $100,000 Target
Uncertainty may have triggered a correction from $72,000. Analysts do not believe Bitcoin has the momentum to sustain an uptrend above $70,000, let alone close the gap to the projected $100,000 target in 2024. According to the Moving Average Convergence Divergence (MACD) indicator, the path of least resistance is downward. A sell signal supported by the MACD line below the signal line and declining histograms indicates more losses at the opening.
To reverse this bearish outlook, Bitcoin may need to turn the 20-day exponential moving average (EMA) at $68,471 into support. A break above the mid-boundary of the channel or the $70,000 hurdle is also necessary to confirm the uptrend. Conversely, traders cannot ignore the possibility of selling pressure overwhelming the bulls, especially if the 50-day EMA’s immediate support at $67,671 is broken. Losing support at the lower boundary of the channel or the $66,000 level could be detrimental to Bitcoin’s future. Such a move could bring the 200-day EMA at $65,234 with a prolonged downside risk to $64,000 or $62,000.
