Famous ETF analysts James Seyffart and Eric Balchunas’ comments on the spot ETH ETF have taken the crypto market by storm. According to analysts’ posts on May 20th, the chances of approval for spot ETH ETFs have increased from 25% to 75%. With this development, Bitcoin and Ethereum took the reins and delighted crypto investors. So, what is the current situation for these two giants in the industry?
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Bitcoin is close to the summit!
Spot ETH ETFs, boosted by positive news, Bitcoin broke through the $67,000 resistance level with significant volume. BTC, which has risen so strongly after a long time, quickly reached the $71,300 range. Trading near ATH, BTC can move towards $80,000 if it stays above $71,270. News flow will be a determining factor in this process.
Possible rejection or postponement of a spot ETH ETF will create selling pressure in BTC. In such a scenario, a decline towards $69,017 - $67,091 - $64,534 - $63,000 - $62,080 may occur. In a scenario where the green zone is lost, further decline to lower levels may be experienced.
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Ethereum exploded unexpectedly!
With the increasing likelihood of approval for Spot ETH ETFs, ETH skyrocketed, showing an increase of over 20% in a short period of time. Leading the pack of altcoins that made a significant impact on the cryptocurrency market, it reached $3,700, bringing smiles to investors’ faces. As of the writing of this news, ETH is changing hands in a critical resistance zone, and if it stays above $3,700, its next targets will be $3,878 and $4,083.
If the scenario where ETFs are delayed or rejected is realized, the situation will be reversed. In case of a possible decline, the support levels to be followed are 3294 - 3000 - 2750 and 2534 dollars, respectively. Short-term / medium-term investors should pay particular attention to the 3000 dollar level. This point will be important both technically and psychologically.
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