Spot Ethereum ETF approval possible tomorrow keeping BlackRock 10 year approval streak alive.
Amid SEC's revised filing request, optimism grows for Ethereum ETF approval by week's end. The SEC could approve a spot Ethereum ETF as early as this week, marking a significant shift in regulatory stance. Bloomberg analysts Eric Balchunas and James Seyffart have increased their odds of approval to 75%, up from 25%, citing recent chatter and the SEC’s request for revised 19b-4 filings by 10 am Tuesday. This rapid development has led to a scramble among applicants, including major players like BlackRock, Grayscale, and Fidelity. BlackRock, the world’s largest asset manager, has a strong track record with the SEC, having only one ETF application denied in 2014. That ETF, the BlackRock Total Return ETF, was initially rejected due to concerns over transparency and alignment with its net asset value (NAV). However, an updated version of this ETF, addressing the SEC’s concerns, went live in December 2023, just a month before the approval of Bitcoin ETFs. This history emphasizes BlackRock’s ability to navigate regulatory challenges successfully. The SEC’s decision on Ethereum ETFs has been eagerly anticipated, with deadlines for various applications approaching. Data from Bloomberg Terminal shared by James Seyffart lists the ETFs awaiting approval, including those from VanEck, ARK 21Shares, Hashdex, Grayscale, Invesco Galaxy, Fidelity, Franklin, and Bitwise. These applications have faced multiple delays, but the recent push for revised filings suggests a potential breakthrough. Grayscale and BlackRock have been proactive in updating their applications. Grayscale filed an S-3 registration statement to convert its existing Ethereum Trust to a spot ETF and an S-1 for a mini Ethereum ETF. BlackRock’s Nasdaq amendment to its 19b-4 filing proposes cash-based creation and redemptions, aligning with other Ethereum ETF applications and previously approved Bitcoin ETFs. The SEC’s cautious approach has been influenced by concerns over market manipulation and the need for comprehensive market data on Ethereum. However, the approval of spot Bitcoin ETFs earlier this year, following a court victory by Grayscale, and the launch of spot Ethereum ETFs in Hong Kong, has raised hopes for similar products for Ethereum. The SEC’s recent interactions with ETF issuers have been described as one-sided, with agency staff withholding substantive comments, leading to speculation about potential rejections. Despite these challenges, the crypto community remains optimistic, with Ethereum rising 17% in the past 24 hours. The approval of a spot Ethereum ETF would provide a regulated and accessible way for investors to gain exposure to Ethereum, potentially increasing market liquidity and stability. The involvement of prominent asset managers like BlackRock and Fidelity adds credibility to these products, which could attract institutional investors and drive further adoption of cryptocurrencies. While not guaranteed, BlackRock’s storied history of overcoming regulatory hurdles and having products approved suggests the odds are in their favor this week. An Ethereum ETF greenlight would mark a new era for crypto’s mainstream integration. #ETHETFS #BTC #
The global crypto market cap is $2.59 trillion, with a 24-hour volume of $165.44 billion. The price of Bitcoin is $69,842.44, and $BTC market dominance is 53.1%. The price of Ethereum is $3,778.79, and $ETH market dominance is 17.5%
Price is in an Uptrend. After breaking out of a Falling Wedge pattern, price is approaching $0.000030 resistance again where it got rejected 2x recently. Now we look for the right entry opportunity in Uptrend. We wait for price to either 1) break above $0.000030 to signal continuation of uptrend, with +23% upside to $0.000037, or 2) pull back near $0.000020 support for another swing trade entry in Uptrend with +50% upside potential back to $0.000030.
Nearest Support Zone is $0.000020, then $0.000013. The nearest Resistance Zone is $0.000030 then $0.000046.
The value has impressively risen by almost 22% as of now, aligning perfectly with the prediction I shared yesterday. I hope you joined me in this trade and are now experiencing significant gains.🫡
Price is trading in a Channel Up pattern and has just broken above $0.000010 resistance. There’s +20% upside potential to $0.12, near term, as the price continues to move up in the channel. Stop Loss (SL) at $0.88.
Momentum is Bullish but inflecting. MACD Line is above MACD Signal Line and RSI is above 55 but momentum may have peaked since MACD Histogram bars are declining, which suggests that momentum is weakening.
Nearest Support Zone is $0.0000092 (previous resistance) then $0.0000080. The nearest Resistance Zone is $0.000010, then $0.000012.
The global crypto market cap is $2.44 trillion, with a 24-hour volume of $62.06 billion. The price of Bitcoin is $67,362.40, and $BTC market dominance is 54.5%. The price of Ethereum is $3,115.45, and $ETH market dominance is 15.4%.
Now we have strong zone at $59700 and if we break $59,700, we're looking at reaching $67,000. If not, we might go back to $50,000 because there are a lot of orders there. 🙌
Trends are mixed. It’s consolidating in a Sideways Channel ($0.13 - S0.20). Swing traders: can enter near channel support of $0.13 and exit near horizontal resistance of $0.20 for a +50% gain. Stop Loss (SL) level at $0.12.
Momentum is Mixed as MACD Line is above MACD Signal Line (Bullish) but RSI ~ 50 (Neutral)
Nearest Support Zone is $0.130, then $0.110. The nearest Resistance Zone $0.200, then $0.250.
Price is trading in a Channel Up pattern and has just broken above $0.000010 resistance. There’s +20% upside potential to $0.12, near term, as the price continues to move up in the channel. Stop Loss (SL) at $0.88.
Momentum is Bullish but inflecting. MACD Line is above MACD Signal Line and RSI is above 55 but momentum may have peaked since MACD Histogram bars are declining, which suggests that momentum is weakening.
Nearest Support Zone is $0.0000092 (previous resistance) then $0.0000080. The nearest Resistance Zone is $0.000010, then $0.000012.
Price is in an Uptrend and broke out of a Channel Down pattern and above $0.0020 resistance. Price could revisit $0.0027 for +30% potential upside near-term. Stop Loss at $0.000175.
Momentum is Bullish (MACD Line is above MACD Signal Line and RSI is above 55).
Nearest Support Zone is $0.00016, then $0.00011. The nearest Resistance Zone is $0.00020, which it broke, then $0.00027, and $0.00031.
Price is in an Uptrend. After breaking out of a Falling Wedge pattern, price is approaching $0.000030 resistance again where it got rejected 2x recently. Now we look for the right entry opportunity in Uptrend. We wait for price to either 1) break above $0.000030 to signal continuation of uptrend, with +23% upside to $0.000037, or 2) pull back near $0.000020 support for another swing trade entry in Uptrend with +50% upside potential back to $0.000030.
Nearest Support Zone is $0.000020, then $0.000013. The nearest Resistance Zone is $0.000030 then $0.000046.
Trends are mixed. Following a bullish breakout from Falling Wedge pattern, price has successfully retested that breakout and could swing up to $0.000035 next.
Nearest Support Zone is $0.0000225, then $0.0000150. The nearest Resistance Zone is $0.000035, then $0.000040.
The global crypto market cap is $2.36 trillion, with a 24-hour volume of $89.1 billion. The price of Bitcoin is $65,261.00, and $BTC market dominance is 54.7%. The price of Ethereum is $2,948.59, and $ETH market dominance is 15.0%.
Do you guys recall when I mentioned that if $BTC breaks through $59,700, we could be heading towards $67,000? Well, today Bitcoin nearly reached $66,600!🙌
Now we have strong zone at $59700 and if we break $59,700, we're looking at reaching $67,000. If not, we might go back to $50,000 because there are a lot of orders there. 🙌
The global crypto market cap is $2.35 trillion, with a 24-hour volume of $80.73 billion. The price of Bitcoin is $64,847.14, and $BTC market dominance is 54.5%. The price of Ethereum is $2,973.28, and $ETH market dominance is 15.2%.