Analysts from the investment company FxPro rely on the cryptocurrency's proximity to the upper limit of its descending range and the importance of the psychological level of $70,000. Furthermore, they suggest that the approval of Ethereum spot ETFs by the SEC could positively affect the overall market.
The cryptocurrency market has remained stable in the last three days, with a total capitalization of US$2.6 trillion. However, Bitcoin has not yet managed to consolidate above US$70,000, which has generated some stagnation in the market.
As for the main altcoins, they present relatively stable and diverse dynamics: Dogecoin has decreased by 2%, Solana has fallen by 1.5%, and Toncoin has increased by 1.5%. As for Ethereum, it has seen an increase of 0.6% in contrast to Bitcoin, which has lost 0.3% in the last 24 hours.
Now, from a technical point of view, Bitcoin remains near the upper limit of its descending range. Furthermore, the psychological level of $70,000 is significant in the young cryptocurrency market, according to FxPro analysts.
Overcoming this level, they continue, would involve overcoming two important obstacles at once. On the one hand, a short-term growth momentum will quickly take the price to the highs of $73,500. And on the other, a more ambitious target in the area of US$95,000 - US$100,000, where the lower limit corresponds to the level of 161.8% of the increase recorded from January to March, and the upper limit represents another key round level .
Background
US SEC staff have told trading platforms that the agency is "leaning toward" approving a spot Ethereum ETF. As reported by Barron's, citing anonymous sources, the SEC has requested comments on the applications, and if submitted in time, they could lead to approval as soon as this week.
Bloomberg noted that at least five management companies have submitted updated documents to the SEC. The VanEck and Franklin Templeton spot ETH ETFs, under the tickers ETHV and EZET, have appeared on the US National Settlement Depository (DTCC) asset list.
The SEC's resumption of dialogue with companies is an important step that may signal a change of course in the regulator's policy, according to Bloomberg . At the same time, some experts saw political overtones in the regulator's actions.
If Ethereum spot ETFs are approved, Matrixport believes that Solana (SOL) cryptocurrency could be the next contender to launch exchange-traded funds.
On the other hand, decentralized exchange Uniswap has urged the SEC to reconsider its decision to file the lawsuit, calling the agency's actions unreasonable and the legal argument weak. Uniswap stated that it is prepared for a legal battle with the regulator.
SEC chief Gary Gensler warned that the bill proposed for passage by the House of Representatives on the structure of the US cryptocurrency market excludes the definition of digital assets as securities, which poses a danger for investors.
