Ethereum
Crypto News Today: Ethereum targets $4,000 on Consensys and ETF News
“Update: I believe this filing from BitwiseInvest is the first of the amended #Ethereum ETF S-1. This will contain changes from the first set of SEC comments. It is unclear whether further rounds will be necessary.
Bitwise Invest may launch the Bitwise Ethereum ETF after SEC approval of Form S-1. Seyffart also commented on the likely launch date of the US ETH-spot ETFs, saying,
“No way of knowing when these things will launch based on this record. May not require additional updates, but may need adjustments. But they need final approval from the SEC. The timing of the launch will mainly depend on the SEC. Eric Balchunas and I *think* they SHOULD launch before July 4th.
While ETH had a positive session on Wednesday, bitcoin (BTC) bucked the broader market trend, falling 0.28% to $65,023. Outflows from the US spot ETF market have left BTC in negative territory.
The US BTC spot ETF market saw total net outflows of $152.4 million on Tuesday, June 18, compared to outflows of $145.9 million on June 17. As US markets were closed for the June 10 holiday, four consecutive sessions of US BTC spot ETF total net outflows likely tested buyer demand for BTC.
Technical analysis
Analysis of Ethereum
ETH hovered above the 50 and 200 day EMAs, confirming the bullish price signals.
A breakout of ETH from the $3,600 level would support the move to the $3,835 resistance level. A break above the $3,835 resistance level could give the bulls a run to $4,000.
Discussions related to US ETH-spot ETFs should be considered.
Conversely, a breakout for ETH below the 50-day EMA and the $3,480 support level could signal a decline to the $3,244 support level.
The daily 14-period RSI reading, 49.76, suggests ETH falling to the $3,244 support level before entering oversold territory.