Bloomberg ETF analyst Eric Balchunas posted on X this morning that the Ethereum spot ETF has been officially approved by the SEC and will be officially listed and traded at 9:30 tomorrow (tonight Taiwan time), which is in line with previous market expectations.

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Coinbase, the largest cryptocurrency exchange in the United States, also stated: Today, the U.S. Securities and Exchange Commission (SEC) approved the application of 9 spot Ethereum ETFs, marking another important milestone in cryptocurrency and reflecting the continued innovation and increasingly mature regulatory environment surrounding crypto assets.

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First of all, we need to understand that the net inflow of funds into BTC ETF has exceeded 17 billion US dollars, which directly promoted the rise of BTC and the progress of the bull market, but it did not present the bull market with multiple blossoming trends and atmosphere in 2017 and 2021. The core reasons are:

1. Although the inflow of funds into BTC ETF has driven up the price of Bitcoin, it has not really benefited the entire market.

2. Most of the investors holding BTC are institutions and large investors who do not need to make profits through altcoins, so they are unlikely to invest the new wealth profits brought by the rise in BTC prices in other altcoins.

3. The lack of a new historical high did not really attract retail investors to return to the market. Although the new high of $70,000 did have some heat support both internally and externally, it was not very attractive. Now with the blessing of the traffic president, the new high of $80,000-100,000 will activate the off-site traffic to enter the market.

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Ethereum goes public, three top altcoins are about to surge

Jupp

The price of the $1.39 billion JUP token exhibited a bullish breakout rally, gaining momentum as the broader market recovers. The Solana-based altcoin showed a double bottom reversal from the $0.68797 support level on the daily logarithmic price chart.

JUP price action ended the corrective phase in a descending channel pattern as the neckline broke above $0.88. Moreover, the altcoin rallied 56% in the past two weeks but the recent intraday drop of 5.41% tested the psychological barrier of $1.

If the bullish momentum continues and a post-test reversal occurs, Jupiter token price could reach the 50% Fibonacci level of $1.32. On the upside, $2 and $2.75 are potential upside targets for JUP token.

ETC

Despite recording a correction of about 2% in the past 24 hours, Ethereum Classic price has gained 2.26% in the past week. Moreover, with a trading price of $23.49 and a market cap of $3.472 billion, this altcoin ranks 27th on the global cryptocurrency list.

The EMA 50 is acting as resistance on the ETC price chart on the 1D timeframe. Moreover, the MACD indicator is showing a constant green histogram. This highlights the upward price action in the cryptocurrency space.

If the bulls regain momentum, Ethereum Classic price will be ready to test its overhead resistance of $29 in the coming weeks.

TO US

Despite a small correction of about 2% in the past 24 hours, Ethereum Classic (ETC) has achieved a solid 2.26% gain in the past week, showing its market resilience and potential growth momentum. Currently, ETC is trading at $23.49 and has a market capitalization of $3.472 billion, ranking 27th in the highly competitive global cryptocurrency market.

Looking ahead, if the bulls can regain momentum, ETC prices are expected to usher in a new round of breakthrough attempts, with the primary goal of challenging and testing the key resistance area above $29. Confirmation of this potential upward trend will further consolidate ETC's position in the cryptocurrency field and may attract more investor attention and participation.