Bitcoin Price Forecast after ETH ETF Approval – Here’s the Next Level to Monitor
By Arslan Butt
Published:
May 25, 2024 06:13 EDT
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Reading Time: 4 minutes
Bitcoin Price Forecast
Following the approval of Ethereum ETFs by the SEC, Bitcoin has experienced a decline, and market analysts are now closely watching the next significant levels. The Bitcoin price forecast suggests a potential bullish trend, with BTC/USD currently trading at $69,042.
This update examines the crucial support and resistance levels, providing insights into the future movements of Bitcoin amidst the changing regulatory landscape.
SEC Grants Rule Change for Ethereum ETFs
The SEC has given its approval for a rule change that permits the creation of exchange-traded funds (ETFs) investing in Ethereum, one of the largest cryptocurrencies. This decision follows the recent success of Bitcoin ETFs, which have seen net inflows surpassing $12 billion. The approval comes just in time, aligning with the SEC’s deadline for the VanEck Ethereum ETF decision.
Companies sponsoring Bitcoin ETFs, such as BlackRock, Bitwise, and Galaxy Digital, are also initiating the process to launch Ethereum ETFs. However, the SEC’s rule change does not guarantee immediate launches, as it only approves the applications from exchanges to list eight different Ethereum funds. The actual launch dates remain uncertain.
Key Points:
– Following the SEC’s decision, Ether prices rose 2%, following a 20% surge earlier in the week.
– The SEC’s order approves the listing of eight Ethereum funds but does not set launch dates.
– Initial Ethereum ETFs are expected to be smaller than Bitcoin ETFs, with the Grayscale Ethereum Trust holding about $11 billion in assets.
The approval suggests a potential relaxation of the SEC’s stance on cryptocurrencies, especially after the agency’s loss in a lawsuit against Grayscale in 2023. This legal outcome paved the way for the approval of Bitcoin ETFs and now Ethereum ETFs. Despite this progress, the SEC’s regulatory approach to crypto remains under political scrutiny.
Ether, the second-largest cryptocurrency, serves as the foundation for the Ethereum network, which facilitates decentralized finance (DeFi) projects, non-fungible tokens (NFTs), and asset tokenization. However, the new Ethereum ETFs in the U.S. may not include staking, as the SEC considers staking-as-a-service offerings as unregistered securities. This exclusion could diminish the appeal of Ethereum ETFs compared to Bitcoin ETFs.
Richard Kerr from K&L Gates emphasized that the approval does not extend to other crypto projects on the Ethereum network. Steven Lubka from Swan Bitcoin pointed out that Ethereum ETFs might experience lower demand due to structural differences, such as the lack of staking options.
The approval of Ethereum ETFs represents a significant development in the regulatory landscape for cryptocurrencies, showcasing the growing integration of digital assets into mainstream financial products.
Bitcoin Price Forecast
Bitcoin (BTC/USD) is currently trading at $69,042, showing a modest increase of 0.45%, indicating a bullish Bitcoin price forecast. The pivot point, represented by the green line, is at $68,514, serving as a critical level for determining the trend direction. Immediate resistance levels are observed at $70,029, followed by $71,458 and $73,299.
On the downside, support levels are at $66,394, $64,947, and $63,490. The Relative Strength Index (RSI) stands at 48.93, indicating neutral momentum, while the 50-day Exponential Moving Average (EMA) is at $67,860, providing significant support.
Bitcoin Price Forecast
The price is supported by an upward trendline near the $69,000 level. The formation of several doji candles above this level suggests potential buying trends above $68,500.
Both the RSI and EMA support the likelihood of a continued bullish trend. Traders should watch for a break above the immediate resistance at $70,029 to confirm further upward movement.
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