Dec.19-Dec.25(ETH)Weekly market recap
We wish you a Merry Christmas, And a Happy New Year.
In the past week, we have seen asset management companies applying for BTC ETF assets frequently discuss with the SEC. Among them, BlackRock, Hashdex, etc. once again submitted updated revised documents. Judging from the remarks of Reuters officials, the SEC seems to want to set the last few days of 2023 as the deadline for filing application documents. This is understandable because the market believes that the window period for approval is January 10, and it is very likely that multiple asset management companies will pass at the same time. This is why the premium rate of GBTC has dropped to below 6% again today. We are getting closer to the approval of the BTC ETF.
ETH did not reach near the high point during last week's rebound, and continued to play the role of a follower, rising and pulling back driven by BTC. ETH’s trading volume has increased over the last week. After temporarily breaking through the resistance level we gave, ETH fell back again. We retain the previous resistance level 2300 and support level 2120.
From an indicator point of view, the purple wavy area displayed by the ME indicator is enlarged, indicating that ETH maintains a bullish trend. On the WTA indicator, blue bars representing whales appear, and the sum of trading participation at all levels remains at a high level. This is different from BTC.
To sum up, ETH’s bulls are not as strong as BTC. The entire rise was driven by BTC. We believe that ETH may continue to fluctuate or fall this week.
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.
In the past week, we have seen asset management companies applying for BTC ETF assets frequently discuss with the SEC. Among them, BlackRock, Hashdex, etc. once again submitted updated revised documents. Judging from the remarks of Reuters officials, the SEC seems to want to set the last few days of 2023 as the deadline for filing application documents. This is understandable because the market believes that the window period for approval is January 10, and it is very likely that multiple asset management companies will pass at the same time. This is why the premium rate of GBTC has dropped to below 6% again today. We are getting closer to the approval of the BTC ETF.
ETH did not reach near the high point during last week's rebound, and continued to play the role of a follower, rising and pulling back driven by BTC. ETH’s trading volume has increased over the last week. After temporarily breaking through the resistance level we gave, ETH fell back again. We retain the previous resistance level 2300 and support level 2120.
From an indicator point of view, the purple wavy area displayed by the ME indicator is enlarged, indicating that ETH maintains a bullish trend. On the WTA indicator, blue bars representing whales appear, and the sum of trading participation at all levels remains at a high level. This is different from BTC.
To sum up, ETH’s bulls are not as strong as BTC. The entire rise was driven by BTC. We believe that ETH may continue to fluctuate or fall this week.
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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