Welcome to Extreme Investor Network, where we provide you with the latest insights and updates on all things related to the stock market, trading, and Wall Street. Today, we take a closer look at the recent developments surrounding Ethereum (ETH) and Bitcoin (BTC).
On Tuesday (May 7), Grayscale made headlines by withdrawing its filing for an Ethereum Futures ETF. This move caught the attention of industry experts, with Bloomberg Intelligence ETF Analyst James Seyffart sharing his thoughts on the matter. Seyffart speculated that the withdrawal could be a strategic move by Grayscale to establish favorable circumstances similar to those that led to their victory in the $GBTC lawsuit.
As a result of this news, ETH saw a decline of 1.86% on Tuesday, closing the session at $3,007. But what does this mean for the future of Ethereum and the cryptocurrency market as a whole?
In terms of technical analysis, Bitcoin (BTC) remains in a delicate position, trading below the 50-day EMA but above the 200-day EMA. This indicates a bearish near-term outlook but a bullish longer-term trajectory. A breakout above the $64,000 resistance level could propel BTC towards the $69,000 resistance level, with further potential to reach the all-time high of $73,808.
However, market participants should keep a close eye on Fed speakers, SEC-related news, and BTC-spot ETF market trends on Wednesday for potential market shifts. A break below the $60,365 support level could trigger a downward move towards $60,000, while a 14-Daily RSI reading of 46.57 suggests that BTC may see further downside towards the $58,000 support level.
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