Ethereum
Crypto News Today: Ethereum (ETH) eyes $4,000 in hopes of one-time ETF approval
An approval could be crucial for the broader crypto market. The SEC continues to view ETH as a security. The approval of ETH-spot ETFs could mean the SEC has done an about-face, paving the way for other cryptos to fall under the commodities umbrella.
Bitcoin (BTC) also advanced on Monday, up 5.97% to end the session at $70,203. BTC last held the $70,000 mark on April 11.
US BTC spot ETF market extends net inflow streak to six sessions
On Monday, May 20, the US BTC spot ETF market recorded the sixth consecutive day of total net inflows.
According to Farside Investors,
- Grayscale Bitcoin Trust (GBTC) saw net inflows of $9.3 million. Significantly, GBTC extended its streak of net entries to four sessions.
- The ARK 21Shares Bitcoin ETF (ARKB) saw net inflows of $68.3 million.
- The Fidelity Wise Origin Bitcoin Fund (FBTC) saw net inflows of $64.0 million.
- Bitwise Bitcoin ETF (BITB) reported net inflows of $24.0 million.
- Excluding flow data from iShares Bitcoin Trust (IBIT), (BRRR), and (BTCW), the US BTC spot ETF market saw total net inflows of $165.6 million.
Technical analysis
Bitcoin Analysis
BTC stayed comfortably above 50 and 200 days EMAconfirming the upward price trends.
A BTC breakout from the $70,500 level would support a move towards the all-time high of $73,808.
BTC spot ETF market flow data, ETH spot ETF market related news, and SEC activity should be considered.
Conversely, a BTC breakout below the $69,000 support level would bring the 50-day EMA and $64,000 support level into play.
With a daily RSI of 62.32, BTC could reach the all-time high of $73,808 before entering overbought territory.