After the U.S. Securities and Exchange Commission (SEC) approved ether exchange-traded funds (ETFs), bitcoin’s price has declined. At $69,042 right now, Bitcoin’s price forecast points to a possible upward trajectory in spite of the recent decline. As the bitcoin market responds to the most recent legislative developments, analysts closely monitor important support and opposition levels.
For the second-largest cryptocurrency, the SEC has authorized a regulation modification allowing the establishment of ETFs investing in ether, therefore attaining a major milestone. This clearance follows the successful debut of bitcoin ETFs, which have already had net inflows of over $12 billion, and corresponds with the SEC’s deadline for the VanEck Ethereum ETF decision.
Bitcoin ETFs Inspire Major Firms to Launch Ether ETFs
Leading financial companies, including BlackRock, Bitwise, and Galaxy Digital, have indicated interest in starting ether ETFs. Although the SEC’s decision simply greenlights applications from exchanges to list eight distinct ether funds, actual launch dates are still to be decided, so the approval does not guarantee immediate launching.
Particularly with the agency’s failure in a case against Grayscale in 2023, the approval suggests a probable relaxation of the SEC’s attitude on cryptocurrencies. This legal result helped to approve Ethereum ETFs as well as bitcoin ones. Still, political criticism of the SEC’s crypto regulation stance remains under constant focus.
Fundamental to the Ethereum network, Ether allows asset tokenizing, non-fungible tokens (NFTs), and distributed finance (DeFi) applications. The SEC sees staking as unregistered securities, so the new ether ETFs available in the United States could exclude staking. Due to this omission, ether ETFs can lose appeal in comparison to bitcoin ETFs.
Richard Kerr of K&L Gates underlined that the permission does not cover other Ethereum crypto initiatives. Steven Lubka of Swan Bitcoin pointed out that structural changes, like the lack of staking alternatives, could cause demand for ether ETFs to drop.
The SEC’s approval of ether ETFs marks a significant change in the regulatory scene for cryptocurrencies, indicating the rising integration of digital assets into mainstream financial products.
At $69,042 right now, Bitcoin (BTC/USD) shows a 0.45% modest rise, suggesting a positive trend. At $68,514, the fundamental support level is quite important for trend direction. Levels of immediate resistance were found at $70,029, then $71,458, and finally $73,299.
On the downside, support ranges from $66,394 to $64,947 and $63,490. The Relative Strength Index (RSI) is 48.93, reflecting neutral momentum; the 50-day Exponential Moving Average (EMA) is $67,860 and offers notable support.
The price is supported by an increasing trendline close to $69,000. Several doji candles rising over this level point to possible buying patterns above $68,500. The RSI and EMA indicators both point to a likely ongoing positive trend. To validate more upward momentum, traders should search for a break above the immediate barrier of around $70,029.
The new sausage dog-themed meme coin Wiener AI (WAI) is attracting interest for its originality and sophisticated AI-powered trading features. Strong coin interest is shown by the presales, which have already garnered $2,880,453 in investors.
Demand for WAI is predicted to be driven by artificial intelligence’s appeal supported by Nvidia’s outstanding performance. Apart from its artificial intelligence value, WAI presents a major staking possibility since 20% of the total supply is set aside for staking incentives, guaranteeing an annual percentage yield (APY) of 396%.
With almost 312,000 YouTube followers, crypto expert Michael Wrubel ranks WAI as the best cryptocurrency for 2024. Investors are urged to act fast since WAI’s price is expected to climb if the presale hits $3 million. With a market cap of less than $50 million and a present price of $0.00071, early investors can see notable returns—possibly more than 100x.
Market watchers should pay close attention to the crucial support and resistance levels as Bitcoin negotiates the consequences of the SEC’s ether ETF approval. Concurrently, developing creative crypto initiatives like Wiener AI gives the ever-changing crypto scene still another level of thrill.
