Crypto Update: SEC Approves Ether ETFs Amid Market Uncertainty; Top Cryptos Show Mixed Signals
Summary:
The US Securities and Exchange Commission approved several Ether exchange-traded funds, but the decision failed to immediately boost the crypto markets. Analysts expect these ETFs to attract 10%-15% of the inflow seen by Bitcoin ETFs. The top 10 cryptocurrency charts reveal a potential for Bitcoin and selected altcoins to bounce back from their immediate support levels. Prices of various cryptocurrencies such as Bitcoin, Ether, BNB, Solana, XRP, Dogecoin, Toncoin, Cardano, Avalanche, and Shiba Inu are seeing a tug of war between bears and bulls with different outcomes predicted based on the market trends.
On May 23, the US Securities and Exchange Commission (SEC) approved several Ether exchange-traded funds (ETFs), but this didn't immediately stimulate the Ether (ETH) or crypto markets. Whether this is due to the decision already being reflected in the price is hard to ascertain considering the drop in Bitcoin's (BTC) price shortly after its own ETFs approval. However, the price surge to a record peak within a few days signals a positive reaction.
Launches of the newly approved Ether ETFs are predicted to ensue by mid-June, says Bloomberg ETF analyst Eric Balchunas. He expects these ETFs to amass around 10%-15% of the inflow witnessed by the Bitcoin ETFs, potentially encouraging a favorable response in the spot market.
Although Bitcoin has remained somewhat static in price, Tom Lee, Managing Partner and Head of Research at Fundstrat Global Advisors, portrayed his optimism for Bitcoin in a CNBC interview, where he forecasted Bitcoin to reach $150,000 by year's end.
The top 10 cryptocurrency charts show potential for Bitcoin and selected altcoins to bounce back from their immediate support levels.
Bitcoin's prices have seen a decline from their $71,979 mark on May 21, creating a struggle between the bulls and bears, with the bulls likely to push again to achieve the overhead resistance at $73,777. A possible outcome if this resistance is broken and, subsequently, the prices go below moving averages, is a tumble to the strong support at $59,600.
Ether shows a struggle between buyers and sellers as its price drops below $3,730. An increase in buyers could initiate an attempt to overcome the hurdle at $3,730. If this resistance is overcome, a surge to $4,868 might be feasible.
BNB turned from the overhead resistance of $635 on May 21, suggesting fierce resistance from sellers. Potential exists for a break above $635 if the price manages to bounce off from the moving averages with strength.
Solana has seen a dip near the $162 breakout level and sellers are back attempting to lower the price again. A potential outcome could be a drop to $140.
XRP has seen unstable moves near the moving averages, establishing a struggle between buyers and sellers. The XRP/USDT pair could potentially drop to a vital support at $0.46 if the price subsides below the moving averages and the support line.
Dogecoin has experienced fluctuations between the 50-day SMA ($0.16) and the overhead resistance at $0.17 for the past three days.
Toncoin is struggling to bounce back from the moving averages, suggesting that the bears are continuously putting pressure. A potential breakout or dip might occur if the price skids and remains below the 50-day SMA ($6.12).
Cardano’s price action over the past few days exhibits a symmetrical triangle pattern, projecting indecision between buyers and sellers.
Avalanche fell below the breakout level of $40 on May 23, suggesting active bears at higher levels.
Shiba Inu has found itself back in the symmetrical triangle pattern on May 23, indicating a higher level demand deficit.
Please note that this article doesn't offer investment advice or recommendations. Every trading decision involves risk, necessitating personal research prior to decisions.
Published At
5/24/2024 9:30:00 PM
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