Bitcoin price formed a base above the $69,000 resistance zone. BTC rose above the $70,000 resistance zone to move back into positive territory. The price broke above the $71,000 level, but bears were active below the $71,500 resistance. The recent high was formed around $71,306 and the price is now consolidating gains. It is trading near the 23.6% Fibonacci retracement level of the upward move from the $69,128 swing low to $71,306 high. Bitcoin is currently trading above the 100-hour simple moving average, and a short-term rising channel is also forming on the hourly chart of the BTC/USD pair with support at $70,750.
The immediate resistance is near the $71,300 level. If there is a clear move above the $71,500 resistance zone, the price could start to rise strongly. In the stated case, the price may even break through the $72,500 resistance zone in the near term. The next major resistance is near the $73,500 zone. If Bitcoin fails to rise above the $71,200 resistance zone, it could begin another decline. The immediate support on the downside is near the $70,750 level and the channel trendline. That is, the first major support is $70,200 and the 50% Fibonacci retracement level of the upward move from the swing low of $69,128 to the high of $71,306. The next support is at $70,000. If the close is below $70,000, the price could start falling towards the $69,120 level. Any further losses could send the price towards the $68,500 support zone in the near term.
Ethereum price remained strong above the $3,500 zone. ETH formed a base and recently began a new rally above the $3,600 resistance zone, as did Bitcoin. However, bears are still active near the resistance levels of $3,650 and $3,680. The high was formed around $3,654 and the price is now consolidating gains. It moved a few pips lower and traded below the 23.6% Fibonacci retracement level of the upward move from the $3,491 swing low to $3,654 high. That is, Ethereum is still trading above $3,550 and the 100-hour simple moving average. The hourly chart of ETH/USD is also forming a key bullish trendline with support at $3,550. The trendline is close to the 61.8% Fibonacci retracement level of the upward move from the $3,491 swing low to $3,654 high.
On the other hand, the immediate resistance is near the $3,630 level. The first major resistance is near the $3,650 level. The next key resistance is at $3,680, above which the price could gain bullish momentum. In this case, Ether could rise to the level of $3,800. If there is a move above the $3,800 resistance, Ethereum could even rise towards the $3,880 resistance. Further growth may require testing the $4,000 level. If Ethereum fails to break through the $3,650 resistance, it could start another decline. Thus, the first major support is located near the $3,575 zone. The next key support could be the $3,550 zone and trendline. A clear move below the $3,550 support could steer the price towards $3,440. Any further losses could send the price towards the $3,320 level.
Meanwhile, the SEC may delay the release of the Ethereum ETF until December. The Securities and Exchange Commission (SEC) is considering delaying the approval of long-awaited Ethereum exchange-traded funds (ETFs), according to Bitwise chief investment officer Matt Hougan. This development follows Bitwise Asset Management’s intention to list an Ethereum spot ETF. As a reminder, Bitwise launched its spot Bitcoin ETF, Bitwise Bitcoin ETF (BITB), on January 11th. Since then, the ETF has seen rapid growth, amassing more than $2 billion in assets and finishing fifth in the so-called “Cryptocurrency Derby.” Despite the success of the Bitcoin ETF, Hougan warned of a potential delay in the approval of the Ethereum ETF. This may be due to regulatory caution given the growing interest in cryptocurrency investments and complex market dynamics. Hougan expressed confidence in the eventual launch of the Ethereum ETF. However, he expected that a delay until the end of the year could actually benefit the market by giving traditional finance (TradFi) more time to understand and adopt cryptocurrency. Hougan’s findings indicate a significant shift in the perception of cryptocurrencies – from skepticism to the recognized potential for significant returns on investment on Ethereum and beyond.
