Bitcoin and Ethereum prices experienced an expected rebound in the last week of the Bitcoin ETF deadline. As the bull market surged on Tuesday, the US appeals court upheld Grayscale's opposition to the SEC and approved the transformation of GBTC into a Bitcoin ETF
Bitcoin and Ethereum prices experienced an expected rebound in the last week of the Bitcoin ETF deadline. As the bull market surged on Tuesday, the US appeals court upheld Grayscale's opposition to the SEC and approved the transformation of GBTC into a Bitcoin ETF. This news is a powerful shot in the cryptocurrency market, indicating that the regulatory environment is gradually moving in a direction that is conducive to cryptocurrencies.
Bitcoin prices maintained a sideways trend above the demand band of $1600, while Ethereum rebounded with a strong bullish trend that swallowed up candles.
On this Tuesday, Ethereum prices surged by 4.66%, successfully reversing the previous bearish trend. The momentum indicator of this upward trend has added points to the bullish team, sending a buying signal.
The MACD index also showed a bullish crossover, and the RSI line showed a bullish divergence last night, further confirming the reliability of this trend. However, in technical analysis, the key 50 day moving average fell below the 200 day moving average, resulting in a bearish crossover, also known as the "death crossover".
This signal is usually seen as a selling signal, indicating a possible downward trend in the future. However, at this moment, the sudden bullish spark shattered the edge of death crossing, bringing a glimmer of hope to the market.
Currently, the price of Ethereum is trading at $1717, with a correction of 0.67% after an increase. Although the pullback is not significant, it is also a healthy performance of the market and helps to maintain a long-term upward trend.
In the coming days, we will closely monitor market dynamics and expect Ethereum and Bitcoin prices to continue their upward trend, bringing more returns to investors.
With the appearance of a bullish trend swallowing up candles and the overall improvement of market conditions, counterfeit coins may experience a positive trend in the coming week.
However, technical analysis shows that the intersection of death and the upcoming resistance trend line may have a certain restraining effect on bullish growth. In technical analysis, death crossing refers to the phenomenon where the short-term moving average crosses the long-term moving average downwards, and is usually seen as a selling signal. The resistance trend line is a method of predicting future price trends by drawing a series of high or low trend lines.
If the US Securities and Exchange Commission approves Bitcoin ETFs on Monday this week, there may be a noticeable reaction in Ethereum prices. Once approved, Ethereum prices may quickly cross critical EMAs and retest the supporting trend line for breakthroughs.
This trend may drive Ethereum prices up, breaking the $2000 barrier, and even hitting the previous high of $2140.
On the other hand, if the SEC delays its decision, it may lead to fluctuations in market sentiment, and ETH prices may be affected to some extent, falling back to the demand band of $1600. In this situation, investors need to make corresponding investment decisions carefully based on their risk tolerance and investment goals.
In summary, technical analysis has a certain guiding role in predicting market trends, but investors need to combine other factors such as market sentiment, macroeconomic environment, policy risks, etc. to make comprehensive evaluations and decisions.
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