Today in Bitcoin (BTC) News, Ethereum (ETH) closed the session at $3,785, a gain of 1.29%. Financial market participants responded to the announcement that the VanEck Ethereum ETF had been approved by the SEC. James Seyffart, an ETF analyst for Bloomberg Intelligence, broke the news, saying,
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Today in Bitcoin (BTC) News, Just so you know, the VanEck Ethereum ETF is still in the pre-launch phase. Obtaining the S1 documents is a prerequisite to VanEck’s ETF launch, as the SEC has already authorized the 19b-4. According to Seyffart, the SEC’s approval of the S-1 could take at least a few weeks. VanEck promptly submitted the ETH-spot ETF S1 Form following the 19b-4’s SEC approval.
However, To find out how much demand there is, investors will have to wait for the ETH-spot ETFs to begin. If the US Bitcoin spot ETF market has similar inflow trends, it might have a major impact on the price of Ethereum. Even if Ethereum (ETH) had a good session after Thursday, bitcoin (BTC) had a negative one.
The US Services PMI, US Labor Market, and the US BTC-Spot ETF Market
Bitcoin (BTC) experienced a 1.59% decline on Thursday, May 23. Bitcoin closed the day at $67,953 after losing 0.84% on Wednesday, May 22. The demand for risky assets was impacted by the US labor market and Services PMI data, which lowered investor bets for a September Fed rate cut. With a spike of 5.4% in May, the US S&P Global Services PMI surpassed the 50-point mark. The number of Americans filing for unemployment benefits fell from 225,000 the week ending May 18 to 215,000.
According to Farside Investors,
- Approximately $13.7 million left Grayscale Bitcoin Trust (GBTC).
- Compared to Wednesday’s net inflow of $74.6 million, Fidelity Wise Origin Bitcoin Fund (FBTC) only received $19.1 million.
- Invesco Galaxy Bitcoin ETF (BTCO) and ARK 21Shares Bitcoin ETF (ARKB) each received $2 million in net inflows.
- The US BTC-spot ETF market experienced net inflows of $18.9 million, excluding iShares Bitcoin Trust (IBIT), marking the continuation of a nine-day inflow trend.
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The Friday Session
However, Finalized Michigan consumer survey results, comments from FOMC members, and US core durable goods orders are all items that must be considered on Friday, May 24. Positive data may cause investors to reevaluate their predictions for a rate cut by the Federal Reserve in September.
Bitcoin and the cryptocurrency market as a whole might feel the effects of a more aggressive Federal Reserve rate path. Nevertheless, investors will be drawn to the SEC’s ruling regarding the ARK 21Shares Ethereum ETF. May 24, 2024, is the last date.
Technical Analysis
Bitcoin Analysis
Today in Bitcoin (BTC) News, The bullish price trends were confirmed as BTC sat above the 50-day and 200-day exponential moving averages. The $70,000 handle could be within reach for Bitcoin bulls if the price breaks above the $69,000 resistance level. Going back up to $70,000 would pave the way to the all-time high of $73,808. You should think about the US economic calendar and statistics on the flow of the US Bitcoin spot ETF market.
If Bitcoin prices go below $65,000, it may indicate a decline to the 50-day exponential moving average (EMA) and the $64,000 support level. Bitcoin might retest its all-time high of $73,808 before entering overbought territory, according to a 14-day RSI reading of 56.74.
Ethereum Analysis
However, ETH’s steady stance above the 50-day and 200-day exponential moving averages (EMAs) confirmed the positive price indications. Ethereum might potentially reach the $4,000 mark if it were to break above the $3,835 level of resistance. The March high of $4,091 might be in reach if the $4,000 handle is re-established.
It is necessary to think about the SEC’s ruling on the ARK 21Shares Ethereum ETF application. In contrast, a decline in ETH price below the $3,750 handle would indicate a continuation of the decline into the $3,480 support level. At 71.62 on the 14-period Daily RSI, ETH is trading in the overbought region. The $3,835 resistance level can lead to a rise in selling pressure.