Bitcoin Price Analysis Concomitant with Ethereum's Rise

Bittime - The crypto market managed to maintain its position at around $2.6 trillion after experiencing an impressive surge triggered by Ethereum's rally.

Among the top 24-hour movers, Toncoin experienced the heaviest decline with a 5% correction, while Dogecoin led the gains with a 3.4% surge.

Bitcoin Price Fluctuations: Short-Term Stress and Potential FOMO

Bitcoin price saw a 1.9% drop in the last 24 hours, dipping just below $70,000. This decline occurred after briefly breaking through the $71,300 level, triggering profit-taking among short-term speculators around the record high reached in March.

This price movement signals a local high approaching the April and March peaks, shifting focus to where the market will move next.

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Bitcoin Upside Potential

A breakout of the $72,000 resistance level could potentially trigger a significant Fear of Missing Out (FOMO) wave.

On the other hand, a pullback below this level could strengthen the scenario of a correction to the $60,000 level as a major possibility.

Also read: Bitcoin ETF Prices Jump Sharply Amid Market Optimism Over Ethereum ETF Approval

Ethereum Strengthens, Sign of Return of Uptrend?

Ethereum price has shown positive movement in recent days, experiencing an increase of around 22% previously signaling a potential return to the uptrend.

Technically, there is a strong signal with a price spike above the 50-day moving average. This indicates a possible movement in a positive direction.

Short-Term Upside: Ethereum

In the short term, Ethereum is predicted to experience an increase towards $4000, the highest level reached in March. If the bullish momentum continues, the next target could be $4600.

Bitcoin's next movement is expected to follow Ethereum's direction. Ethereum's strong performance could provide a positive boost to the overall crypto market.

Latest Developments Regarding Spot Ethereum-ETF and NOT Token

SEC Requests for Form 19b-4 Updates

According to media reports, the American Bureau of Securities and Exchange (SEC) has asked companies that applied to launch a Spot Ethereum-ETF to update Form 19b-4.

This prompted Bloomberg to increase the chances of Spot Ethereum-ETF approval from 25% to 75%.

Fidelity and Galaxy Research Have Different Views

Fidelity Investments, a well-known asset management firm, has removed the “steering” clause in its updated Form S-1 application for the Spot Ethereum-ETF.

On the other hand, Galaxy Research believes that staking, the process of validating transactions on the Ethereum blockchain, is a major obstacle to the approval of Spot Ethereum-ETFs in the United States.

Approval Predictions and Registration Deadlines

Standard Chartered, a global financial services institution, estimates that the Spot Ethereum-ETF will be approved as early as this week.

Keep in mind that VanEck and Grayscale, two companies that have long applied for the Spot Ethereum-ETF, have an application deadline of May 23rd.

Important to Note

Although the SEC has requested an update to Form 19b-4, this does not automatically signal approval of the Spot Ethereum-ETF in May.

Prospective issuers must still obtain approval of their Form S-1 before launching the instrument.

Telegram Crypto Wallet Launches P2P Auction for NOT Tokens

Crypto wallet Telegram, a popular messaging platform, has opened a peer-to-peer (P2P) auction for NOT, the token of a Web3 gaming project called Notcoin.

Users can buy and sell coins on Telegram using more than 290 supported payment methods.

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