On November 24, 2028, BTC short-term rebounded to 97200. It remains to be seen whether the rebound is temporary or a reversal, as Ethereum ETF welcomes staking expectations.
Previously, Ethereum was criticized mainly because its narrative, leaning towards tech innovation products, is less appealing to traditional markets compared to BTC's 'digital gold'. Additionally, the continuous selling pressure from Grayscale ETHE and the SEC's prohibition on Ethereum spot ETFs involving staking functionalities objectively undermined its attractiveness.
However, SEC Chairman Gary Gensler announced that he will resign on January 20, 2025. The Ethereum spot ETF is also expected to introduce staking functionality, thereby enhancing the appeal of this investment product and further boosting ETH's strength.
On November 13, ETF issuer Bitwise announced the acquisition of Ethereum staking service provider Attestant. On November 20, European cryptocurrency ETP issuer 21 Shares AG announced the addition of staking functionality to its Ethereum Core ETP product, renaming it 'Ethereum Core Staking ETP' (ETHC).
Major news from the U.S. Securities and Exchange Commission! Approved the first exchange for 5X 23-hour trading. The Federal Reserve 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 pulling back to the descending wedge last night, it continued to rise to a high of 97208. This is slightly higher than our expected rebound, and Fibonacci also touched 0.786 on the decline.
After the 4-hour rebound broke the ascending channel and then fell back, we need to pay attention to whether it continues to oscillate between 90800—98500 or breaks below 90800. The bias still leans towards needing oscillation and adjustment due to insufficient time and space. Currently, the price is below 97200 and 95800, so short-term still looks for a pullback.
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Ethereum
The altcoin season index has soared to 59, while the altcoin market cap has rebounded strongly on a weekly basis. There is a risk of a decline in BTC's dominance in market cap, and although there was not much inflow into the BTC spot ETF yesterday, Ethereum ETF has shown inflows for five consecutive days.
Therefore, pay more attention to the altcoin rally opportunities led by Ethereum, which broke through 3684 and is currently undergoing a pullback. Watch if it can hold support; the idea for Ethereum is to look for pullback buying opportunities. The Ethereum Layer 2 and restaking sectors can be monitored.
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