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The Ethereum price is up 8% in the last 24 hours to trade for $2,586 as of 2:30 a.m. EST time with an 80% surge in trading volume.
It comes amid hype about the approval of spot Bitcoin exchange-traded funds (ETFs) on Jan. 10.
🚨BREAKING🚨
Bitcoin ETFs Likely Approved by the SEC
It certainly looks like the #Bitcoin ETF Approval order had hit the SEC website but the link is no longer working. That said, this document looks accurate to me.https://t.co/NhJueWNPJ0 pic.twitter.com/W0ipnlg3j1
— James Seyffart (@JSeyff) January 10, 2024
With this decision, the Ether community now anticipates the possibility of an ETH ETF next. Valkyrie Fund CIO Steven McClurg, among other participants in the crypto sector, said that an ETH ETF launch would be unsurprising.
🚨NEW: @ValkyrieFunds Chief Investment Officer @stevenmcclurg says it wouldn’t surprise him if he saw “Ripple” ($XRP) and Ethereum spot ETFs coming to market now that the @SECGov is about to approve one for Bitcoin. pic.twitter.com/EBcwvbgChs
— Eleanor Terrett (@EleanorTerrett) January 9, 2024
Several major institutions have already presented their applications to the US SEC in an attempt to get their spot ETH ETFs listed. Among those are VanEck, Ark21Shares, Hashdex, Grayscale, and Invesco.
With this prospect, ETH holders are hoping for a massive influx of capital. This has seen Ether’s market value break out from the confines of an ascending parallel channel.
Ethereum Price Outlook
Steered by optimism for a possible spot ETH ETF, Ethereum price is pumping hard. It has broken out from above the upper boundary of an ascending parallel channel. If buying pressure increases, Ethereum price could move higher, possibly clearing the range high of $2,643.
A move past the aforementioned level would see the altcoin’s market value hit the $2,800 level. In highly ambitious cases, extend to the $3,000 psychological level, with the move denoting a 15% climb above current levels.
The RSI position above 50 points to strong price strength. The Exponential Moving Averages (EMA) are also moving upwards to show this was the direction with the least resistance. In addition, the Awesome Oscillator (AO) indicator is showing growing green histogram bars, suggesting the presence of the bulls in the ETH market is increasing. This adds credence to the bullish thesis.
Converse Case
It is likely that the largest altcoin by market capitalization has topped out, and could soon pull back in the wake of ETH being overbought. This can be seen in the position of the Relative Strength Index (RSI), which has been rejected several times before every time it tagged the 70 level.
In December, when the RSI tagged the 70 level, the Ethereum price pulled south. With this, ETH could likely pull back as the bears start booking profits. The ensuing selling pressure could see Ether drop, falling back into the grasp of the channel.
Enhanced seller momentum could send the Ethereum price below the support provided by the midline of the channel under $2,388 support. For the bullish outlook to be invalidated, however, ETH market value must descend to flip the $2,135 support into resistance.
A decisive candlestick close below this level would open the expanse, with the altcoin possibly dwindling toward the depths of $1,935. Such a move would constitute a 20% fall below current levels.
While ETH bulls pushing the Ethereum price to record a higher high, some savvy investors are diversifying their portfolios with BTCMTX, a presale token that is among analysts’ top picks for the next 100X cryptocurrencies to invest in.
Promising Alternatives To Ethereum
Standing among the top cryptocurrencies to invest in, BTCMTX is the powering token for the Bitcoin Minetrix ecosystem. The project uses a cloud mining approach that helps make investors’ BTC ownership dreams a reality despite their level of experience or technical expertise.
#BitcoinMinetrix reveals new $BTC mining chances! ⛏️
Cloud mining is ideal for #Crypto beginners!
🌟 Easy initiation.
💰 Cost-efficient without hardware.
🏢 No worries about space, noise, or heat.
🛠️ Easy upgrades. pic.twitter.com/zxw3OJI5sj— Bitcoinminetrix (@bitcoinminetrix) January 9, 2024
It is a stake-to-mine project, where BTCMTX holders stake tokens for credits and can redeem or burn them for mining hash power.
The stake-to-mine concept is an innovative idea set to revive #Bitcoin mining for regular #Crypto enthusiasts. 🔄🪙
Those on #BitcoinMinetrix only require an Ethereum-compatible wallet like #MetaMask, simplifying everything significantly. pic.twitter.com/YbvHCw7Nj3
— Bitcoinminetrix (@bitcoinminetrix) January 8, 2024
Bitcoin Minetrix is in the presale stage, boasting upwards of $8.2 million in sales, out of a target of $9.1 million.
Big News Alert! 📣#BitcoinMinetrix has passed the $8,000,000 raise milestone! pic.twitter.com/MNdhQOYzfJ
— Bitcoinminetrix (@bitcoinminetrix) January 10, 2024
Bitcoin Minetrix presale is in the eighteenth stage, where each token is selling for $0.0127.
Visit Bitcoin Minetrix website to buy BTCMTX here.
Also Read:
- How To Buy Bitcoin Minetrix On Presale – Alessandro De Crypto Video Review
- Bitcoin Minetrix Presale Has Just Hours Left: Last Chance to Buy Before Price Rise
- Ethereum Co-Founder Vitalik Buterin Tells Investors To Diversify, Gets Hammered On X
- Ethereum Price Prediction: Surging ETH Inflows Suggest A Turnaround In Sentiment As This Small Cap AI Coin Powers To Within A Whisker Of $2.5 Million
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