On Wednesday (May 22), Bitcoin fell back to the $70,000 level, and Ethereum once rose above $3,840, and then fell back to $3,781. It is said that the US Securities and Exchange Commission may approve the 19b-4 filing of the Ethereum spot ETF as early as Wednesday local time, and Fidelity has submitted its revised S-1 filing. The short winter of the crypto market seems to be over, and the positive news on Wall Street has led to the return of bullish sentiment.

The SEC told exchanges it was inclined to approve the ETFs.

A source told foreign media that the SEC's recent 180-degree turn on the Ethereum spot ETF was due to political pressure, especially after Republican presidential candidate Trump gave a speech in support of cryptocurrency. Many people speculated that after Trump's speech, current President Biden aimed to win the support of young voters by ensuring that the SEC approved the Ethereum spot ETF.

“They haven’t even coordinated internally yet, which is why this is most likely a political decision,” the source said.

Given the current bullish momentum and the potential approval of an Ethereum spot ETF by the SEC on May 23, Ethereum could break through the March 11 resistance of $4,093 and aim for a new all-time high above $4,878. The bullish thesis will be invalidated if Ethereum falls below the critical price level of $3,300.

If you want to know more about the relevant knowledge of the cryptocurrency circle and first-hand cutting-edge information, click here to publish market analysis and recommend high-quality potential currencies every day.

Potential altcoins worth paying attention to now

Pepe steadily climbs in market interest

PEPE has been showing significant growth lately. In the past week alone, the coin has gained 12.07%, and in a month it has gained a whopping 92.83%. The six-month overview is even more impressive, with a gain of 901.17%. The current price ranges from $0.00000777 to $0.00001107. The coin is trending strongly, with the price above the 10-day and 100-day moving averages, indicating buyer interest. The RSI and Stochastic values ​​indicate that the coin is fairly active right now, but not yet overbought. If the trend continues, it could soon challenge the next resistance level at $0.00001298. The movement we are seeing looks impulsive, which suggests that strong interest could push the price higher further.

Starknet (STRK) Price Trend and Future Outlook

Starknet (STRK) has shown strong growth in six months, with an increase of more than 500%. Lately, it has seen some ups and downs. The price rose slightly by about 5% last week. But in the past month, it has dropped by nearly 8%. Currently, the price is between $0.99 and $1.17. It is close to the resistance level of $1.28, but there is support near $0.93. The trend shows that STRK is gaining momentum, suggesting more upside than downside in the short term. With numbers like the RSI at 68.28, it seems that buyers are really interested right now, which could mean that the price will continue to rise.

NEAR

I observe that NEAR’s value has been steadily increasing, surpassing previous benchmarks, indicating strong demand. It is currently up 10.40% intraday.  Furthermore, NEAR is trading 390.43% above its 200-day Simple Moving Average (SMA), highlighting its strong long-term performance. The coin’s 14-day Relative Strength Index (RSI) is 40.43, which suggests that the coin is currently neutral and may move sideways. Nonetheless, the coin’s momentum remains relatively balanced, suggesting a steady price action.

NEAR Protocol recently announced a strategic partnership and integration with CodeXchain, a major development in making blockchain development easier. Leveraging NEAR’s sharded blockchain and user-friendly environment, CodeXchain enables users to create a variety of blockchain-based assets such as tokens, NFTs, websites, and applications without the need for coding skills. Additionally, this integration allows developers to showcase their creativity and easily implement their ideas on the blockchain. The token’s recent performance and partnerships have laid a favorable foundation for its future growth.