- Grayscale’s victory boosts market; Bitcoin, Ethereum breakout from bearish trend.
- Ethereum’s trading volume spikes by 151%, reaching $11.4B in 24H.
In the midst of a bear market, a glimmer of hope emerges with recent news regarding Grayscale Investments, a crypto asset manager. It has achieved a significant victory against the United States Securities and Exchange Commission (SEC) in its pursuit to transform the Grayscale Bitcoin Trust (GBTC) into a publicly listed Bitcoin exchange-traded fund (ETF). This development has catalyzed a 4.32% surge in the crypto market over the past 24 hours, propelling major coins like Bitcoin and Ethereum to break free from their prolonged bearish trends. Impressively, both Bitcoin and Ethereum have surged by 5.56% and 4.63%, respectively, within the last 24 hours.
Delving into the background, the SEC previously rejected Grayscale’s GBTC application in October 2021, citing concerns about inadequate safeguards against fraudulent and manipulative practices. Grayscale responded with a lawsuit, leading to a favorable overturning of the decision.
In a significant turn of events on August 29, U.S. Court of Appeals Circuit Judge Neomi Rao granted Grayscale’s petition for review. And vacated the SEC’s denial of the GBTC listing application. Judge Rao had earlier criticized the SEC for lacking explanation in its stance against Grayscale. However, it’s important to note that this order doesn’t guarantee the eventual listing of a Grayscale spot Bitcoin ETF.
When will ETH hit $2000 ?
As the deadline for the approval of Bitcoin and Ethereum ETFs approaches, the market sentiment remains bullish, injecting hope into the days ahead. For Ethereum, despite facing its lowest price range since Q2 of the year, with price oscillating between $1650 and $1698, the recent bullish resurgence after a month-long battle against bears fell short of pushing the price beyond $1800. However, the prevailing positive momentum and the potential approval of ETFs suggest a strong possibility of the price surpassing $2000 and even soaring above $2000.
Ethereum’s trading volume has surged by an impressive 150.75% in the past 24 hours, reaching $11.4 billion. On a different note, the total daily transaction fees on the Ethereum network dropped to 1,719 ETH ($2.8 million). It happened on Sunday, the lowest since December 26, according to CryptoQuant. This marks an 89% decrease from the year-to-date peak observed on May 5.
Will The Bulls Sustain its Crown?
An analysis of Ethereum’s recent price movements underscores a prevailing bullish trend on the daily chart. The short-term 9-day exponential moving average (EMA) currently sits at $1688, indicating ongoing bullish sentiment. Meanwhile Ethereum is presently priced at $1715. The Relative Strength Index (RSI) stands at 46, signifying a neutral zone.
Should the SEC green-light the Bitcoin ETF on Monday, Ethereum’s price could breach crucial EMAs. And potentially retest the previously broken support trendline. This positive momentum might propel the uptrend to cross the $2000 mark, targeting the prior swing high of $2140.
Conversely, if the SEC opts for a decision delay, the price of Ethereum might retreat to the $1600 demand zone.
Will ETH Sustain its Bullish Pressure? Share your thoughts by tweeting us at @The_NewsCrypto