Nov.22-Nov.28(ETH)Weekly market recap
The U.S. Securities and Exchange Commission (SEC) published two memorandums on its official website, officially confirming discussions with BlackRock and Grayscale on matters related to the listing of Bitcoin ETFs. It is reported that a memo shows that the SEC has discussed with Grayscale on November 20, on the proposed rule changes for the listing and trading of the Grayscale Bitcoin ETF; another memo shows that on the same day, the SEC and BlackRock, the largest asset management company, also held a meeting to discuss proposed rule changes for the listing and trading of the iShares Bitcoin Trust ETF. This shows that the BTC ETF is being implemented as planned, and BlackRock and Grayscale are likely to be the first to pass. We can apply for BlackRock from the original schedule. The latest SEC statement date is January 15, 2024, which will be a very important day.
On the other hand, we can see that after Binance and CZ accepted the charges, BTC quickly recovered its previous decline and hit 38000 again. The market believes that this behavior is to help eliminate potential risks for BTC ETF.
Compared with BTC, ETH has been more volatile last week. After ETH rose rapidly and broke through the given resistance level, the correction was also very obvious, and it has already reached EMA20. ETH is bullish at large levels. We continue to maintain the original resistance level of 2120 and support level of 1880.
From the WTA indicator, although there are not many blue columns representing whales on ETH, we can still see that after the long green candle appears, the blue columns participated in the transaction during the callback process ( (shown in the red range), but when ETH rose again last week, it was more driven by retail traders. So when price fall, the slope is steep. This also shows that the price above the 2000 is not attractive to whales.
ETH behaves more like a follower. The long green candle did not bring a continuous rise and the pullback suddenly started. Under the current circumstances, ETH is likely to fall.
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
On the other hand, we can see that after Binance and CZ accepted the charges, BTC quickly recovered its previous decline and hit 38000 again. The market believes that this behavior is to help eliminate potential risks for BTC ETF.
Compared with BTC, ETH has been more volatile last week. After ETH rose rapidly and broke through the given resistance level, the correction was also very obvious, and it has already reached EMA20. ETH is bullish at large levels. We continue to maintain the original resistance level of 2120 and support level of 1880.
From the WTA indicator, although there are not many blue columns representing whales on ETH, we can still see that after the long green candle appears, the blue columns participated in the transaction during the callback process ( (shown in the red range), but when ETH rose again last week, it was more driven by retail traders. So when price fall, the slope is steep. This also shows that the price above the 2000 is not attractive to whales.
ETH behaves more like a follower. The long green candle did not bring a continuous rise and the pullback suddenly started. Under the current circumstances, ETH is likely to fall.
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
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