Welcome to the Extreme Investor Network Blog!
Are you keeping a close eye on the latest developments in the stock market and trading world? If so, you’re in the right place! Today, we bring you some insightful commentary from Bloomberg Intelligence Senior ETF Analyst Eric Balchunas on the potential approval of Ethereum ETFs.
“We think the market may be underestimating the timing and odds of a potential approval. We believe the odds of (a May) approval are closer to 30-40%.”
Balchunas also drew a parallel between the current situation and a past scenario involving Bitcoin, highlighting how last-minute claims of denial can create buzz in the market.
As the deadlines for the SEC to approve or disapprove three ETH-spot ETF applications draw near, investors are eagerly awaiting the outcomes. VanEck Ethereum ETF and ARK 21Shares Ethereum ETF face deadlines of May 23 and May 24, respectively, while Hashdex Nasdaq Ethereum ETF is due for a decision by May 30. Meanwhile, Grayscale has withdrawn its application for the Grayscale Ethereum Futures Trust.
The uncertainty surrounding the SEC’s decision has impacted Ethereum’s price, causing it to drop from above $4,000 to under $3,000, before stabilizing.
Technical Analysis
Bitcoin Analysis
On the Bitcoin front, the cryptocurrency has managed to stay above the 50-day and 200-day EMAs, signaling a bullish trend in its price movement. A potential breakout above $67,500 could pave the way for a move towards the $69,000 resistance level, with further upside potential towards the all-time high of $73,808.
However, traders need to consider various factors such as market flow data, SEC activity, and investor sentiment surrounding a potential Fed rate cut in September when assessing Bitcoin’s future price movements. A breach below $64,000 and the 50-day EMA might expose the cryptocurrency to the $60,365 support level and beyond.
With the 14-Daily RSI reading hovering around 58.35, Bitcoin could eye the $70,000 mark before entering overbought territory.
Stay tuned to Extreme Investor Network for more updates on the stock market, trading insights, and Wall Street news that can help you make informed investment decisions. Don’t miss out on our exclusive content that sets us apart from the rest!