Is the crypto market shifting to $ETH now $BTC on brink of ETF approval?

Is the crypto market shifting to $ETH now $BTC on brink of ETF approval?

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Scam Spot Bitcoin ETF approval tweets aside, upward price movement for BTC does look as though it’s almost played out. Next on the Spot ETF list for approval is ethereum. Is the market shifting to $ETH already?

One more move left in $BTC?

Looking on the face of it, it could be argued that $BTC possibly has one more move left in it. The ‘true’ Spot Bitcoin ETF approval has still not been made, but even leaving time for the SEC to have to investigate itself as to who within its ranks let slip the telephone number tied to its X account, and who failed to have 2-factor authentication applied, this really shouldn’t prevent the SEC from going ahead with the approval in the very near future.

That being said, a veritable wall of sell orders awaits $BTC at $48,000 and also at $50,000. A rejection from these levels would be more likely than not, and then the market would be looking elsewhere for its next potential gains.

Market gaze shifting to ethereum

Markets are certainly forward looking, and probably the same institutions that are longing the $BTC price on the eve of an ETF approval, will have already shifted their gaze to ethereum.

Source: Trading View

As $BTC hovers uncertainly between $45,000 and $46,000, $ETH is once more butting against the $2,400 resistance, and is looking to take out the local high of $2,445.

Bullish higher time frame price action for $ETH

Source: Trading View

It is best to look at $ETH from a much higher time frame in order to really appreciate how far the price has come, and the potential it has for the rest of this crypto bull market.

The above chart shows how $ETH broke out of a very long term bullish ascending triangle. It can also be seen in the chart below that the $ETH price is rising within an upward sloping channel, having come to the top of that channel currently.

Source: Trading View

Not all plain sailing for $ETH

Be that as it may, it does not look like it will be all plain sailing ahead for $ETH. Very strong resistance coincides with the top of the channel, and $ETH will need a lot of tailwinds behind it if it is going to cut through both the channel top and resistance.

Whether $ETH does bulldoze its way through this time around, or whether it retraces in order to gather more momentum, $ETH must break this wall if the crypto bull market is to continue higher. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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