Ethereum (ETH) is at a crucial point, with crypto analyst Michaël van de Poppe predicting a potential bullish breakout. Van de Poppe suggests that Ethereum is nearing its 2022 low and is likely to absorb liquidity at this level. He believes that if a spot ETF for Bitcoin (BTC) is approved, there could be a liquidation candle on the ETH/BTC trading chart, followed by a rotation of funds into Ethereum and a bullish weekly divergence.
Currently, Ethereum is valued at $2,294, showing a significant 3.04% increase in the past 24 hours. The trading volume has also seen a substantial rise of 36.14%, reaching $12.48 billion. Following this modest rally, ETH has seen $21.60 million in short liquidations and $11.79 million in long liquidations.
Van de Poppe’s analysis focuses on the potential approval of a Bitcoin spot ETF by the U.S. Securities and Exchange Commission (SEC). The crypto market is anticipating a breakthrough, with financial giant BlackRock leading the way. BlackRock, along with other major firms like Grayscale Investments, Valkyrie, and ARK 21Shares, has recently submitted updated 19b-4 filings for their proposed spot Bitcoin ETFs.
Market sentiment is growing as BlackRock expresses confidence in the SEC’s approval for its spot Bitcoin ETF, with a decision expected as early as this Wednesday. A positive outcome could have a ripple effect on the broader crypto market, not only impacting Bitcoin but also potentially leading to a rotation of funds into Ethereum.
Meanwhile, the Shiba Inu token has seen a remarkable 900% surge in its burn rate, which is being interpreted as a strong signal for potential growth. This surge aligns with a 12% increase in the asset’s value amid the latest market reversal, indicating a positive sentiment shift among investors that could set the stage for a longer-term bullish trend.
SHIB experienced a significant wick down, which briefly breached the 200-day Exponential Moving Average — a critical technical level often observed by traders for gauging long-term market trends. However, SHIB quickly rebounded, indicating robust buying interest at lower price levels and suggesting that the market is rejecting lower valuations of the token.
The increase in SHIB’s value is accompanied by a notable volume surge, reflecting heightened trading activity and increased transactions that contribute to the coin’s liquidity and price stability. This recent rise in volume can be correlated with the significant token burn rate, which has escalated dramatically in the last 24 hours. A high burn rate typically decreases the overall supply of a token, which, if coupled with steady or increased demand, can lead to appreciation in price.
The aggressive burning of SHIB tokens, as observed from the latest transaction records, suggests a strategic move to induce scarcity, which can potentially drive up the token’s value. This substantial burn rate not only indicates a proactive approach by the SHIB community and developers to manage the token’s supply but also reflects a commitment to fostering asset growth.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | |
| Sentiment | positive |
| Relevance Score | 1 |
| People | Michaël van de Poppe, Mushumir Butt, Arman Shirinyan |
| Companies | Valkyrie, U.S. Securities and Exchange Commission, BlackRock, U.Today, CoinGlass, Grayscale Investments, ARK 21Shares |
| Currencies | Ethereum, Bitcoin, Shiba Inu |
| Securities | None |
