Spot ETH ETFs Expected To Be Greenlit This Week -

ETF analysts from Bloomberg predict that the Spot Ethereum ETF will commence trading on July 18. The ETF sponsor has already amended its S-1 filing, with fee updates expected before the launch.

Cryptocurrency investment firm MV Global anticipates the Spot Ethereum ETF to attract up to 10 billion USD following its debut, potentially boosting Ethereum prices to new highs by early Q4.

The CFTC (Commodities and Futures Trading Commission) Chairman has reaffirmed that Bitcoin and Ethereum are commodities, based on court rulings, and believes the CFTC should oversee these assets.

Meanwhile, the Cboe BZX Exchange has submitted Form 19b-4 for approval of the 21Shares Core Solana ETF and VanEck Solana Trust, emphasizing that Solana (SOL) prices cannot be controlled. However, the SEC’s previous classification of Solana as a security may pose challenges for the ETF’s approval.

Bloomberg analysts suggest that the approval chances for a Solana spot ETF may depend on the outcome of the U.S. presidential election in November. If Donald Trump wins, approval might be possible by March 2025.

Arkham Intelligence reports that the German government has sold all its seized Bitcoin, with the final sale on July 12, driving Bitcoin prices below 60,000 USD.

The Crypto Fear & Greed Index dropped to its lowest since January 2023, reaching 27 on July 9, largely due to Germany’s Bitcoin sales and Mt. Gox’s repayment in Bitcoin and Bitcoin Cash. The index rebounded to 52 on July 15.

Goldman Sachs plans to launch 3 tokenization projects by the end of 2024, including U.S. funds and European bonds, and is developing a marketplace for tokenized assets targeting institutional clients. Tokenization involves converting assets into digital tokens that can be moved, stored, or recorded on a blockchain.

Technical Graph Analysis: July 16-22 2024

Bitcoin (BTC)

Bitcoin (BTC) is experiencing positive macroeconomic and U.S. political factors to drive buying interest, pushing Bitcoin back up to 60,000 USD. Sustaining above this level could lead to a further rise to 65,000 USD. However, caution is advised with the support level at 53,000 USD.

Support: 2,000,000 THB / 53,000 USD
Resistance: 2,500,000 THB / 65,000 USD

Ethereum (ETH)

Ethereum (ETH) is recovering in line with the market. Speculation around the Spot Ethereum ETF could drive gains this week. Key support is at 2,800 USD, with initial resistance at 3,600 USD. If this level is breached, the target moves to 4,000 USD. Accumulate at support levels without chasing prices through speculation.

Support: 104,000 THB / 2,800 USD
Resistance: 128,000 THB / 3,600 USD

1000Sats (SATS)

1000Sats (SATS) has returned 34.12% over the past week and is recovering after hitting a low of 0.00010 USD. If it falls below this support, cut losses quickly. The first resistance is at 0.00035 USD, which can be used for profit-taking.

Support: 0.0050 THB / 0.00010 USD
Resistance: 0.0095 THB / 0.00035 USD

VeChain (VET)

VeChain (VET) has returned 31.05% in the past week. The strategy is to buy on dips. Watch the support at 0.020 USD and the initial resistance at 0.035 USD. Breaking through resistance could confirm a bullish trend.

Support: 0.70 THB / 0.020 USD
Resistance: 1.40 THB / 0.035 USD

Investment Trend

June CPI (Consumer Price Index) figures dropped to 3%, marking the first decline, weakening the Dollar Index significantly. Bitcoin has yet to respond positively, but the lower CPI presents opportunities for other risky assets.

The FEDWatch Tool shows an 80% probability that the Federal Reserve will cut interest rates in September, potentially boosting the cryptocurrency market in the mid-term. However, keep an eye on other economic data releases.

The Federal Reserve Chairman is scheduled to speak about the economic outlook and monetary policy on July 15. This week lacks significant economic data releases.

The highlight of this week is the potential approval of the Spot Ethereum ETF. If approved, it could attract significant buying, contrasting with the sell-off observed with the Spot Bitcoin ETF. Even without approval, selling pressure may not be strong, allowing continued accumulation of Ethereum.

The market is gaining positive momentum. Focus on large-cap coins like Bitcoin and Ethereum, which will attract initial buying interest before other altcoins.

References

https://cryptopotato.com/spot-ethereum-etf-launch-anticipated-on-july-18-bloomberg-etf-analyst/
https://cointelegraph.com/news/ethereum-etf-inflows-10-billion-eth-new-highs-analyst
https://cointelegraph.com/news/cftc-chair-bitcoin-ethereum-commodities-senate-testimony
https://www.theblock.co/post/304094/cboe-bzx-files-forms-for-solana-etfs-by-21-shares-and-vaneck-as-process-to-obtain-regulatory-approval-trudges-on
https://cointelegraph.com/news/solana-etf-deadline-tipped-march-vaneck-21-shares-filings
https://cointelegraph.com/news/german-government-offloads-final-bitcoin-holdings
https://cointelegraph.com/news/bitcoin-fear-greed-index-lowest-january-2023
https://www.theblock.co/post/304542/goldman-sachs-plans-to-launch-three-tokenized-funds-this-year-report

Disclaimers

Cryptocurrencies and digital tokens are highly risky; investors may lose all investment money. Investors should study information carefully and make investments according to their own risk profile.
Past returns or performance of digital assets do not guarantee future returns or performance.

Remark: views, information, knowledge and opinions are considered as contents that come from individuals involved. They do not constitute an expression of Bitazza and its employees. Neither email nor content presented constitutes the investment advice.

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