When it comes to the latest news on Bitwise filing an S-1 for the Bitwise Ethereum ETF, the odds of approval from the SEC remain at 25%. However, there may be some hope as S-1 filings are becoming more frequent, indicating potential dialogue with the regulatory body.
ETH saw a modest 1.73% gain on Thursday, bouncing back from a 2.44% drop the day before to close at $3,560.30. Despite this, the chances of the SEC approving the first wave of ETH-spot ETFs in May are slim, keeping ETH below the $4,000 mark since March 14.
In terms of technical analysis, Bitcoin (BTC) continues to trade comfortably above the 50-day and 200-day EMAs, signaling a bullish trend. A potential return to the $72,000 level could pave the way for a push towards the March 14 all-time high of $73,808, with further upside towards $75,000.
However, investors should keep an eye on BTC-spot ETF market chatter, SEC developments, and the US economic calendar for potential market-moving events. On the downside, a break below the $69,000 support level could lead to a drop to $64,000, while a 14-Daily RSI reading of 59.98 suggests BTC may target its ATH before entering overbought territory.
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