Hello everyone, colleagues!
So, the market is waiting for the approval of the ETH ETF and just the other day the news came out that the US Securities and Exchange Commission (SEC) approved the Mini Ethereum-ETF from Grayscale and the Ethereum-ETF from ProShares. Issuers still need to obtain approval of Forms S-1 from the SEC.
ETF trading on ETH is tentatively expected on July 23, but there has been no confirmation yet.
In my opinion, all these expectations have already been built into the recent market revival, so there will be growth, but it will most likely be smooth and after another wave of decline.
On 1D a couple of days ago, a Hanging Man candlestick formation was formed at a local top, which can give the same local reversal that I expect in the form of a correction and retest of the $60K-62K support zone
At 1H you can see the beginning of the formation of the GiP figure and right now the right shoulder is forming, the top of which can still extend to $65,500-66K.
The size of the Head may become a potential for a downward movement after the breakdown of the neckline, the target of which will be the $62K level, where the 200DMA 1H is located. Also, don’t forget that the likelihood of pinning is lower.
Therefore, in the near future there is a high probability of moving down locally, collecting liquidity under an upward slope.
On Ethereum, despite the news about the approval of ETFs for two issuers, we do not notice any special movements. Most likely, the market is waiting for complete approval of all application forms and the start of trading on July 23.
Once again, I repeat that all these expectations were more likely already included in the recent growth, as was the case with the cue ball on 01/11/24, when we saw the cue ball decrease by 18% and only after some time did the growth continue.
Moreover, now the price of the cue ball is in a local downward trend on 1D, which gives a greater probability of going down rather than breaking through all resistance with a breakout.
In the ETH/BTC pair, the price continues to shrink within the pennant on older timeframes, from which I still expect an upward movement.
That's all for me, friends. Thank you for attention.
And it is important to understand that I am sharing only my thoughts, and even if they agree with yours, then in no case should you increase your position volumes and risks, so that later it will not be painful and offensive. Trade wisely and with comfortable stop sizes.
Good luck to you!
