In the early stages, Ethereum was criticized mainly because its narrative, which leans towards innovative technology products, is less appealing to the traditional market compared to Bitcoin's "digital gold." Additionally, the continuous selling pressure from Grayscale's ETHE and the SEC's prohibition on Ethereum spot ETFs involving staking functions have objectively weakened its attractiveness.
However, now that SEC Chairman Gary Gensler has announced his departure on January 20, 2025, the Ethereum spot ETF is expected to introduce staking functions, thereby amplifying the appeal of this investment product and potentially boosting ETH's strength.
On November 13, ETF issuer Bitwise announced the acquisition of Ethereum staking service provider Attestant. On November 20, European cryptocurrency ETP issuer 21 Shares AG announced the addition of staking functions to its Ethereum core ETP product, renaming it "Ethereum Core Staking ETP" (ETHC).
The U.S. Securities and Exchange Commission made a significant announcement! It approved the first exchange for 5X23-hour trading, and the Federal Reserve released the minutes from the November meeting, predicting another interest rate cut in December.
Bitcoin
Yesterday, I reminded to pay attention to the breakout of the descending wedge on the 4-hour chart, with a rebound target around 96,000. However, after a pullback to the descending wedge last night, it continued to rise, reaching a high of 97,208. This is slightly higher than our expected rebound, and the Fibonacci also touched the 0.786 retracement level.
If the 4-hour rebound breaks through the ascending channel and then falls back, we need to watch whether it continues to oscillate between 90,800 and 98,500 or breaks below 90,800. The bias still leans towards needing oscillation and adjustment due to insufficient time and space. Currently, the price is settling below 97,200 and 95,800, so in the short term, we are looking at a pullback.
Support: Resistance:
Ethereum
The altcoin season indicator has surged to 59, while the altcoin market cap weekly shows a strong rebound. There is a risk of a decline in BTC's dominance market cap, and although there was not much inflow into Bitcoin spot ETFs yesterday, Ethereum ETFs have shown inflows for five consecutive days.
Therefore, more attention should be paid to the rebound opportunities led by Ethereum. Ethereum has broken through to 3,684 and is currently undergoing a pullback; we need to see if it can hold support. The strategy for Ethereum is to look for buying opportunities during the pullback. The Ethereum Layer 2 and re-staking sectors can also be monitored.
Support: Resistance:
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This article is time-sensitive and for reference only; it is updated in real-time.
Focusing on K-line technical research, we aim to win global investment opportunities. Public account: Trading Prince Fusu
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