Previously, Ethereum was criticized mainly because its narrative leaned more towards innovative products compared to BTC's 'digital gold', which is harder to impress traditional markets. Additionally, the continuous selling pressure from Grayscale's ETHE and the SEC's prohibition on Ethereum spot ETFs engaging in staking functions have objectively weakened its attractiveness.
However, SEC Chairman Gary Gensler announced he will resign on January 20, 2025. The Ethereum spot ETF is also expected to introduce staking features, which would enhance the attractiveness of this investment product and further boost ETH's strength.
On November 13, ETF issuer Bitwise announced it has acquired Ethereum staking service provider Attestant. On November 20, European cryptocurrency ETP issuer 21 Shares AG announced it would add staking features to its Ethereum core ETP product and rename it to 'Ethereum Core Staking ETP' (ETHC).
Big news from the SEC! The first 5X23 hour trading exchange is approved, and the Federal Reserve has released the minutes of the November meeting predicting another interest rate cut in December.
Bitcoin
Yesterday, I reminded to watch for a descending wedge breakout on the 4-hour chart, with a rebound height around 96000. However, after the pullback last night, it continued to rise, reaching a maximum of 97208, slightly higher than our expected rebound, with Fibonacci also touching the 0.786 retracement.
After a 4-hour rebound broke the ascending channel and continued to fall back, we need to pay attention to whether it continues to oscillate in the range of 90800—98500 or breaks below 90800. The bias still requires oscillation adjustments as there is not enough time and space. Currently, the price is below 97200 and 95800, so the short-term view is still looking for a pullback.
Support: Resistance:
Ethereum
The altcoin season indicator has soared to 59, while the altcoin market cap has rebounded strongly on a weekly basis. The BTC dominance ratio has a risk of falling back, BTC spot ETF had little inflow yesterday, but Ethereum ETF has shown inflow for five consecutive days.
Therefore, pay more attention to the altcoin rebound opportunities led by Ethereum. Ethereum broke through to 3684 and is currently undergoing a pullback. Watch to see if it can hold; the strategy for Ethereum is to look for pullback buying opportunities for the rebound. The second layer of Ethereum and the re-staking sector can be monitored.
Support: Resistance:
If you like my views, please like, comment, and share. Let's navigate through the bull and bear markets together!!!
The article is time-sensitive and for reference only, real-time updates.
Focusing on K-line technical research, sharing global investment opportunities. Official account: Trading Young Master Fusu
