- AS YOU ALSO KNOW IN THE PAST DAYS

- The US Securities and Exchange Commission (SEC) gave the green light to several spot Ether ETFs on May 23, but the decision failed to trigger a boom in Ether (ETH) and the market cryptocurrency market. Does this mean the ETF decision is already priced in? It is difficult to gauge the initial reaction as the price of Bitcoin (BTC) also fell shortly after the approval of Bitcoin spot ETFs. However, the price turned around after a few days and spiked to a new all-time high.

According to Bloomberg ETF analyst Eric Balchunas, approved spot Ether ETFs are expected to launch in mid-June. He predicts Ether ETFs will capture about 10-15% of the inflows that the Bitcoin ETF seen. As money begins to flow into the Ether ETF, the spot market will likely react favorably.

• TECHNICAL ANALYSIS $BTC

Although Bitcoin remains stuck in sideways price action, Fundstrat Global Advisors managing partner and head of research Tom Lee remains optimistic. In an interview with CNBC, Lee said the fundamental value of Bitcoin by the end of this year is $150,000.

Can Bitcoin and select altcoins recover from their nearest support levels? Let's analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin reversed direction from $71,979 on May 21 and the price has reached the moving averages. This shows that the bears are trying to keep the price within the range.

If the price rebounds strongly from the moving averages, the bulls will again attempt to push the BTC/USDT pair to the resistance at $73.777.