As Bitcoin crashes following the SEC’s approval of the Ethereum ETF, market analysts are closely monitoring the following key levels: Bitcoin price predictions are indicating a potential bullish trend, with BTC/USD currently trading at $69,042.
In this update, we explore key support and resistance levels and offer insight into Bitcoin's future movements amid a changing regulatory environment.
SEC Approves Rule Changes for Ethereum ETF
The SEC has approved rule changes to allow the creation of an exchange-traded fund (ETF) that invests in Ethereum, one of the largest cryptocurrencies. The decision follows the recent success of the Bitcoin ETF, which has seen more than $12 billion in net inflows. just Just in time for the SEC's VanEck Ethereum ETF decision deadline.
The SEC on Thursday approved rule changes that pave the way for buy-and-hold ETFs. #ether.$ETH https://t.co/qgBajWyMLb pic.twitter.com/IE0PGKNceA
— Neil Sethi (@neilksethi) May 23, 2024
Bitcoin ETF sponsors BlackRock, Bitwise and Galaxy Digital have also begun the process of launching Ethereum ETFs. However, the SEC rule change only allows exchanges to approve listing applications for eight different Ethereum funds, and does not guarantee an immediate launch. The actual launch date remains unclear.
Key Point:
- Following the SEC's announcement, the price of Ethereum rose 2%. decision, It rose 20% earlier this week.
- SEC Order Approved of list of There are eight Ether funds, but no start dates have been set.
- The initial Ethereum ETF is expected to be smaller than the Bitcoin ETF, with the Grayscale Ethereum Trust holding around $11 billion in assets.
The approval signals a possible softening of the SEC’s stance on cryptocurrencies following its loss in a lawsuit against Grayscale in 2023. That legal outcome paved the way for the approval of a Bitcoin ETF and now an Ethereum ETF. Despite this progress, the SEC’s regulatory approach to cryptocurrencies remains under political scrutiny.
Ether, the second-largest cryptocurrency, is the foundation of the Ethereum network, which powers decentralized finance (DeFi) projects, non-fungible tokens (NFTs) and asset tokenization. However, a new U.S. Ether ETF may exclude staking, as the SEC considers staking-as-a-service offerings to be unregistered securities. This exclusion could make an Ether ETF less attractive compared to a Bitcoin ETF.
K&L Gates' Richard Carr emphasized that the approval does not apply to other crypto projects on the Ethereum network, and Swan Bitcoin's Steven Lubka noted that structural differences, such as the lack of staking options, could dampen demand for an Ethereum ETF.
The approval of an Ethereum ETF is a notable development in the cryptocurrency regulatory environment and signals the increasing integration of digital assets into mainstream financial products.
Bitcoin Price Prediction
Bitcoin (BTC/USD) is trading at $69,042, showing a small increase of 0.45%. This suggests a bullish prediction for Bitcoin prices. The pivot point marked by the green line is $68,514 which acts as a key level in determining the trend direction. The immediate resistance levels are $70,029, followed by $71,458 and $73,299.
On the downside, the support levels are $66,394, $64,947 and $63,490. The Relative Strength Index (RSI) is indicating neutral momentum at 48.93 while the 50-day Exponential Moving Average (EMA) is offering major support at $67,860.
The price is being supported by the ascending trendline near the $69,000 level, and a series of Doji candles forming above this level suggests a potential buying trend could emerge above $68,500.
Both the RSI and EMA are indicating a possible continuation of the bullish trend, and traders should look for a break above the immediate resistance at $70,029 to confirm further upside.
Exciting New AI Meme Coin Wiener AI – Can it Outperform?
Wiener AI (WAI), a fun new sausage-dog themed meme coin, is more than just a novelty: it offers advanced AI-powered trading tools, adding real utility beyond its playful appearance.
Investors have already poured $2,880,453 into WAI's presale, with the early demand indicating strong interest in the new meme coin.
AI is a hot topic in the current market, especially following Nvidia's impressive performance, and this trend is expected to further boost the demand for WAI.
Not only does WAI have AI utility, but it also offers a great opportunity to earn passive income: according to the project's official website, 20% of the total supply will be allocated to staking rewards, offering investors an astounding 396% APY.
At this rate, investors could potentially double their initial pre-sale investment in just a few months.
🌭SPOT ETH ETF has been approved!🌭
All wiener lovers rejoice!! 😀
This is great news $WAI pic.twitter.com/F7ezY6xQNC
— Wiener AI (@WienerDogAI) May 23, 2024
Crypto experts are eagerly investing in this exciting AI cryptocurrency coin. Michael Wrubel, a widely followed cryptocurrency analyst with over 312,000 YouTube subscribers, has ranked WAI as the top cryptocurrency for 2024.
Interested investors will need to act fast, as the price of WAI will rise once the presale reaches $3 million. At the current price of $0.00071, WAI's market cap is less than $50 million. If WAI becomes the market leader, early investors could see huge gains, with potential gains of over 100x.
Buy Wiener AI here
Disclaimer: The above text is an advertisement. CryptoNews Editorial content.
