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The Ethereum price rose 1% over the past 24 hours to trade at $2,232.87 as of 8:40 am EST.
Goldman Sachs Confident ETH ETFs Will Receive Approval
During an interview with CNBC, the head of digital assets at Goldman Sachs, Mathew McDermott, said he expects spot Ether (ETH) ETFs to be approved in coming months. He added that a major factor in the approval decision hinges on whether ETH is classified as a security. He said he’s ”positive that they will” gain approval.
Daily chart for ETH/USDT (Source: TradingView)
Ethereum Price Retesting Support Level
The Ethereum price nosedived out of a descending price channel throughout the past 72 hours to also lose the support of the $2,295 price point. Should it close today’s daily candle below this support level, it may continue dropping in the next 48 hours. This could lead to the Ethereum price retesting the subsequent support level at $2,130.
This bearish thesis may be invalidated if ETH manages to close a daily candle above $2,295 within the next 2 days. Should the leading altcoin succeed in reclaiming this support level, it will trade back within the descending price channel that it broke out of a couple of days ago. Despite this bullish development, it will not be completely out of the woods yet, as it will still need to overcome the sell pressure that resulted in the channel.
Risk-averse traders may want to wait for the Ethereum price to close a daily candle above $2,440. A break above this threshold could give the crypto the foundation needed to attempt a challenge at the $2,685 resistance level within the following few days.
Ethereum Price Outlook: Technicals Point To More Downside
Technical indicators on ETH’s daily chart suggest that the Ethereum price may continue to fall in the next 48 hours. The growing gap between the Moving Average Convergence Divergence (MACD) line and MACD Signal line indicates that ETH’s bearish trend shows no signs of slowing down yet. In addition to this, the Relative Strength Index (RSI) line is positioned below its Simple Moving Average (SMA) line.
The current orientation of these two lines may signal that sellers are stronger than buyers. It could therefore be easier for bears to pull the Ethereum price down than it will be for bulls to boost it in the next 48 hours.
While the Ethereum price looks to reclaim key support, the Bitcoin Minetrix presale recently surpassed the $9 million mark.
Bitcoin Cloud Mining Made Simple
Major Announcement! 🌐#BitcoinMinetrix attains a remarkable milestone, raising over $9,000,000! pic.twitter.com/9rUOkm7Hb7
— Bitcoinminetrix (@bitcoinminetrix) January 22, 2024
Bitcoin Minetrix is an innovative cloud mining platform that aims to lower the barrier to entry in the Bitcoin cloud mining sector. Through its stake-to-mine model, the platform makes earning a passive income paid in BTC as simple as staking an ERC-20 token.
To get started, investors will need to purchase BTCMTX on the project’s website. Once purchased, these tokens will need to be staked in exchange for “gas” rewards. Investors will then need to burn these gas tokens to claim a share of Bitcoin Minetrix’s cloud mining power.
A Bitcoin Derivative With 10x Potential
With the recent approval of spot Bitcoin ETFs (exchange-traded funds) in the U.S., mainstream financial institutions are finally able to gain exposure to BTC. This will most likely lead to BTC’s value soaring in the medium to long term.
In addition to this, the upcoming halving in April will make it harder to come by new BTC as mining rewards will be slashed in half during the event. Once BTC reaches a certain degree of scarcity, there is a high probability that investors will allocate capital towards BTC derivative projects with high levels of utility, such as Bitcoin Minetrix.
With this in mind, it is no wonder investors are scrambling to participate in the passive income generation opportunity on offer through the Bitcoin Minetrix platform.
Visit the site and buy BTCMTX here.
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