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BTC and ETH Analysis: Has Ether Now Broken $4,000?

Ethereum (ETH) Price Analysis

Last week, Ethereum experienced a 1.6% increase, and in the past 24 hours, it surged by 3.4%. This recovery coincided with the SEC’s announcement that it has concluded its long-term investigation into digital assets. During European trading hours, Ethereum hovered around $3,562.

Ethereum broke above the downtrend channel’s upper trendline, potentially aiming for $3,974. The price found support around $3,400 and formed a double bottom pattern. If market conditions remain favorable, the uptrend may continue.

Bitcoin (BTC) Price Analysis

Bitcoin, on the other hand, broke below the critical support level of $66,000. It is currently below the 50-day moving average but still above the 200-day moving average. The next major support level for Bitcoin lies around $56,500. This weakness in Bitcoin’s market could impact the entire cryptocurrency space.

Ethereum ETF and Price Prospects

The recent news of the SEC ending its investigation into Ethereum 2.0 has shaken the Ethereum ecosystem. The approval of the 19-4b form, despite its controversy, adds to speculation about imminent ETF approval. Bloomberg’s senior ETF analyst, Eric Balchunas, postponed the ETH ETF launch prediction to July 2.

Ethereum’s price surged 1.6% in the past week, and interest in the asset spiked after the SEC investigation concluded. During European trading hours, Ethereum remained strong at $3,562, while Bitcoin struggled.

The technical picture for Ethereum looks promising. It broke out of the downtrend channel on June 14, retested the upper trendline four days later, and found support near $3,400. The Relative Strength Index (RSI) at 55 suggests further upside potential before reaching overbought levels.

Meanwhile, Bitcoin faces challenges. It breached the critical $66,000 support three times and currently trades below the 50-day moving average. However, it remains above the 200-day moving average. The next significant support level is around $56,500.

ETF Approval and Legal Clarity

The accelerated timeline for launching the Ethereum spot ETF to July 2 indicates positive developments. ConsenSys confirmed that the SEC won’t take enforcement action against Ethereum 2.0, signaling that ETH sales won’t be treated as securities transactions. However, legal clarity remains crucial, especially for user interface software like Metamask swaps and staking.

Sentiment: Positive

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