🚀Market Weekly Recap: Ethereum ETF Ignites the Market; PEPE and NOT Mark New Highs

📈 Ethereum ETF Finally Cracks Approval
On May 23, the SEC approved eight applications for spot Ethereum (ETH) exchange-traded funds (ETFs), including those from Fidelity, BlackRock, Grayscale, and others. This surprising approval boosted Ether's price, which surged 18% on May 20 and 8.6% on May 21. Following the official confirmation, ETH registered an 11.48% uptick, nearing $3900. This bullish momentum, supported by increased accumulation addresses and technical indicators, suggests ETH could aim for $4698. However, ETFs won't be tradable immediately, as S-1 forms need approval, which might take months.

💸 Bitcoin’s Back to $70K, Drowned by Mt. Gox Awakened Activity
Bitcoin briefly hit $70,000 but fell to four-day lows by May 28, affected by a significant movement of 42,380 BTC from Mt. Gox wallets. Despite this, optimism persists, as Bitcoin's Rainbow chart indicates it's in the "buy" zone. Analyst Jelle predicts a potential "6-figure" milestone based on historical trends. Currently, Bitcoin's chart shows a neutral trend with slight upticks, but high Fear & Greed index levels suggest a possible price correction due to profit-taking.

🚀 Notcoin (NOT) Scores Weekly 113% While BounceBit Reaches ATH
Ethereum ETF approval also boosted the altcoin market. Notcoin (NOT) surged 113% in a week, reaching $0.0099, driven by a listing on the WhiteBIT exchange. Despite a slight pullback, the sentiment remains bullish. BounceBit (BB) rose by 30%, hitting $0.55 after breaking crucial resistance and listing on major exchanges. The memecoin market, exemplified by Pepe (PEPE), shows potential for a long-term bull run, although a slight pullback hints at possible consolidation and increased volatility ahead.