Breaking News – SEC Approval of Spot Ethereum ETFs!**
The U.S. Securities and Exchange Commission has officially approved the launch of exchange-traded funds that physically hold Ethereum, after approving the required S-1 filings.
What's new?
The final approval was issued on July 22, 2024, allowing trading to begin at any time.
The issuers include: BlackRock, Grayscale, VanEck, Fidelity, and others.
🔍 **Why is this important?**
This step allows institutional and traditional investors to easily enter the Ethereum market through traditional brokerage.
Ethereum funds could attract between $4 billion and $15 billion during the first year, according to forecasts from Gemini and Steno Research.
📉 **Immediate market impact:**
The price of ETH surged rapidly after the announcement, from around $2,600 to about $3,500 in a short period.
💬 A question for you as an analyst: Do you expect new capital inflows to push ETH past the resistance at $4,000? We await your interaction! $ETH $SOL #WCTonBinance
3-Day SMA (dashed blue line): shows rapid price changes, suitable for quick trading.
5-Day SMA (dashed orange line): provides a more stable view of the short-term trend.
As you can see, the averages indicate a shift from decline to the beginning of a gradual rise, supporting the idea of continued upward trend after the correction.
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📊 A look at my investment portfolio on Binance
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Bitcoin today is trading within an important technical range between 105 and 107 k, with potential for a rise if it holds above resistance. Regulatory support, institutional activity, and analyst forecasts indicate that the outlook is trending towards long-term gains, despite short-term risks. Continuous monitoring of factors such as interest rate decisions, global tensions, and the accumulation size of "whales" will be key.