The triumph of grayscale increases the market; Bitcoin, Ethereum break from low.
Ethereum trading volume rises 151% to $11.4 billion in 24 hours. Amidst the bear market, a ray of hope appears with recent news about crypto asset manager Grayscale Investments. It won a major victory against the US Securities and Exchange Commission (SEC) in its bid to turn the grayscale Bitcoin Trust (GBTC) into an exchange-traded Bitcoin Exchange-Traded Fund (ETF). This development catalyzed a 4.32% rise in the crypto market over the past 24 hours, forcing major currencies such as Bitcoin and Ethereum to break out of their long-term lows. Impressively, both Bitcoin and Ethereum are up by 5.56% and 4.63% in the last 24 hours.
Digging into the background, the SEC previously rejected Grayscale’s GBTC application in October 2021, citing concerns about insufficient safeguards against fraud and manipulation. Shades of Gray responded fairly, resulting in a positive reversal of the decision.
In a significant turn of events, U.S. Circuit Court of Appeals Judge Neomi Rao granted Grayscale’s request for reconsideration on August 29. And overturned the SEC’s denial of GBTC’s listing. Justice Rao had earlier criticized the SEC for not clarifying its position against greyscale. However, it is important to note that this order does not guarantee the final listing of the Grayscale Bitcoin ETF.
When will ETH reach $2000? As the acceptance deadline approaches for Bitcoin and Ethereum ETFs, market sentiment continues to be bullish, giving hope for the coming days. Despite the lowest price of Ethereum since the second quarter of the year, when the price fluctuated between $ 1,650 and $ 1,698, the recent bullish rally fell below the price of $ 1,800 in a month-long battle against the bears. However, the prevailing positive momentum and the possible acceptance of ETFs indicate a strong possibility that the price will break above $2000 and even above $2000.
Ethereum trading volume increased by an impressive 150.75% in the last 24 hours to reach $11.4 billion. In other words, daily transaction fees on the Ethereum network dropped to 1,719 ETH ($2.8 million). This happened on Sunday, the lowest since December 26, according to CryptoQuant. This represents an 89 percent increase from the May peak of the year, which was observed on May 5.
Will the Bulls retain their crown? An analysis of Ethereum’s recent price movements highlights an upward trend on the daily chart. The short-term 9-day exponential moving average (EMA) is currently at $1,688, suggesting a continuation of the uptrend. The price of Ethereum is currently $1,715. The Relative Strength Index (RSI) is at 46, which signifies neutral territory.
Ethereum price could break key EMAs if SEC launches Bitcoin ETF on Monday. And it is possible to retest the previously broken support trend line. This positive momentum could drive the bullish trend above the $2,000 mark and target the previous high at $2,140.
On the other hand, if the SEC decides to postpone the decision, the price of Ethereum could retreat to the demand area of ​​$1,600.
