Bitcoin Price Forecast: BTC Plunges Following Ethereum ETF Approval – Keep an Eye on the Next Significant Level

Bitcoin Price Prediction After Ethereum ETF Approval – Key Level to Monitor


By Arslan Butt
Last updated: May 25, 2024, 06:13 EDT
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4 min read


Bitcoin Price Prediction
As Bitcoin experiences a decline in value following the SEC’s approval of Ethereum ETFs, analysts in the market are watching closely for the next significant levels. Bitcoin’s price prediction shows the potential for a bullish trend, with BTC/USD currently trading at $69,042.
In this update, we delve into the crucial support and resistance levels, providing insights into the future movements of Bitcoin amidst the ever-changing regulatory landscape.
SEC Approves Rule Change for Ethereum ETFs
The SEC has given the green light to a rule change that allows the creation of exchange-traded funds (ETFs) that invest in Ethereum, one of the largest cryptocurrencies. This decision follows the recent success of Bitcoin ETFs, which have seen net inflows surpassing $12 billion. The approval comes just in time, aligning with the SEC’s deadline for the VanEck Ethereum ETF decision.
Companies sponsoring Bitcoin ETFs, such as BlackRock, Bitwise, and Galaxy Digital, are also beginning the process of launching Ethereum ETFs. However, the SEC’s rule change does not guarantee immediate launches, as it only approves applications from exchanges to list eight different Ethereum funds. The actual dates of the launches remain uncertain.
Key Points:
– Ethereum prices increased by 2% following the SEC’s decision, after experiencing a 20% surge earlier in the week.
– The SEC’s order approves the listing of eight Ethereum funds but does not specify launch dates.
– Initial Ethereum ETFs are expected to be smaller than Bitcoin ETFs, with the Grayscale Ethereum Trust holding about $11 billion in assets.
This approval suggests a potential easing of the SEC’s stance on cryptocurrencies, especially after the agency’s loss in a lawsuit against Grayscale in 2023. This legal outcome paved the way for the approval of Bitcoin ETFs and now Ethereum ETFs. However, the SEC’s regulatory approach to crypto still faces political scrutiny.
Ethereum, the second-largest cryptocurrency, underpins the Ethereum network, which facilitates decentralized finance (DeFi) projects, nonfungible tokens (NFTs), and asset tokenization. However, the new Ethereum ETFs in the U.S. may exclude staking, as the SEC considers staking-as-a-service offerings as unregistered securities. This exclusion could make Ethereum ETFs less attractive compared to Bitcoin ETFs.
Richard Kerr from K&L Gates pointed out that the approval does not apply to other crypto projects on the Ethereum network. Steven Lubka from Swan Bitcoin highlighted that Ethereum ETFs might experience lower demand due to structural differences, such as the absence of staking options.
The approval of Ethereum ETFs marks a significant development in the regulatory landscape for cryptocurrencies, signaling the increasing integration of digital assets into mainstream financial products.
Bitcoin Price Prediction
Bitcoin (BTC/USD) is currently trading at $69,042, showing a slight increase of 0.45%, indicating a bullish Bitcoin price prediction. The pivot point, represented by the green line, is at $68,514, serving as a crucial level for determining the trend direction. Immediate resistance levels are observed at $70,029, followed by $71,458 and $73,299.
On the downside, support levels are at $66,394, $64,947, and $63,490. The Relative Strength Index (RSI) stands at 48.93, indicating neutral momentum, while the 50-day Exponential Moving Average (EMA) is at $67,860, providing significant support.


Bitcoin Price Prediction
The price is supported by an upward trendline near the $69,000 level. The formation of a series of doji candles above this level suggests potential buying trends above $68,500.
Both the RSI and EMA support the likelihood of a continued bullish trend. Traders should watch for a break above the immediate resistance at $70,029 to confirm further upward movement.
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