James Seifert, ETF Analyst at Bloomberg Intelligence, provided an update on the ETH Spot ETF.
- Grayscale has filed an S-3/prospectus to convert ETHE.
- The SEC delayed approving or disapproving rule changes from Grayscale and Franklin.
- BlackRock has submitted an amended 19b-4 ETH ETF application.
Eric Balchunas, senior ETF analyst at Bloomberg Intelligence, said of the activity in the ETH spot ETF space:
“It's a great summary of all the action. This looks like a final push to get the SEC's attention, but it's probably in vain. We were pessimistic because the approval was cool, but , I'm still pessimistic.
Ethereum (ETH) bucked the broader market trend on Tuesday (April 23), rising 0.54% to close at $3,120. Increased activity in the ETH spot ETF space likely contributed to the gains.
technical analysis
Bitcoin analysis
BTC remained above the 50-day and 200-day EMA, sending a bullish price signal.
If BTC breaks through the $69,000 resistance level, the bulls could rally to the March 14th all-time high of $73,808. However, BTC will need to break through the $70,000 resistance level for it to reach an all-time high.
Investors should consider BTC Spot ETF market flow data on Wednesday.
Conversely, if BTC falls through the 50-day EMA and the $64,000 support level, the $60,365 support level will apply.
With a 14-day RSI reading of 51.72, BTC could return to the $70,000 handle before entering overbought territory.