Crypto News Today: Ethereum Targets $4,000 on Consensys and ETF News

Bob Mason
Published: Jun 20, 2024, 02:23 GMT+00:00

Key Points:

  • Ethereum (ETH) advanced by 2.21% on Wednesday, June 19, closing the session at $3,561.
  • Investors reacted to news of the SEC ending its investigation into Ethereum.
  • SEC activity and ETH-spot ETF market-related news need investor consideration on Thursday, June 20.
Bitcoin (BTC) News Today

In this article:

ETH Targets $4,000 as SEC Ends Investigation into Ethereum 2.0

Ethereum (ETH) advanced by 2.21% on Wednesday, June 19. Reversing a 0.76% loss from Tuesday, June 18, ETH closed the session at $3,561. Significantly, ETH outperformed the broader crypto market. On Wednesday, the total crypto market cap rose by 0.49% to $2.315 trillion.

Investors reacted to news of the SEC ending its investigation into Ethereum 2.0. Consensys announced the news, saying,

“The SEC will not bring charges for alleging that sales of ETH are securities transactions.”

The announcement will likely facilitate the launch of the US ETH-spot ETF market.

Pro-crypto lawyer MetaLawMan commented,

“Withdrawal of the Wells Notice to Consensys became inevitable once the SEC approved the spot ETH ETF’s as ‘commodity-based trusts’ last month.”

The Consensys news coincided with US ETH-spot ETF-related updates.

Bloomberg Intelligence ETF Analyst James Seyffart provided updates from the US ETH-spot ETF market, stating,

“Update: I believe this filing from BitwiseInvest is the first of the amended #Ethereum ETF S-1’s. This will contain the changes from the SEC’s first round of comments. Unknown if more rounds will be needed.”

Bitwise Invest can launch the Bitwise Ethereum ETF upon SEC approval of the S-1 form. Seyffart also commented on the likely launch date for US ETH-spot ETFs, saying,

“No way to know when these things will launch based off of this filing. Might not require any additional updates, might require tweaks. But they need final SEC approval. Launch timing will mostly be up to the SEC. Eric Balchunas & I *think* they SHOULD launch before July 4.”

While ETH had a positive Wednesday session, bitcoin (BTC) bucked the broader market trend, falling 0.28% to $65,023. US BTC-spot ETF market outflows left BTC in negative territory.

The US BTC-spot ETF market saw total net outflows of $152.4 million on Tuesday, June 18, compared with outflows of $145.9 million on June 17. While the US markets were closed for the Juneteenth holiday, four consecutive sessions of US BTC-spot ETF total net outflows likely tested buyer demand for BTC.

Technical Analysis

Ethereum Analysis

ETH hovered above the 50-day and 200-day EMAs, affirming the bullish price signals.

An ETH breakout from the $3,600 handle would support a move to the $3,835 resistance level. A break above the $3,835 resistance level could give the bulls a run at $4,000.

US ETH-spot ETF-related chatter needs consideration.

Conversely, an ETH break below the 50-day EMA and the $3,480 support level could signal a drop to the $3,244 support level.

The 14-period Daily RSI reading, 49.76, suggests an ETH drop to the $3,244 support level before entering oversold territory.

ETH Daily Chart sends bullish price signals.
ETHUSD Daily Chart 200624

Bitcoin Analysis

BTC hovered below the 50-day EMA but remained above the 200-day EMA, signaling bearish near-term trends but bullish longer-term prospects.

A BTC break above the 50-day EMA could give the bulls a run at the $69,000 resistance level. A breakout from the $69,000 resistance level could signal a move to the $73,808 all-time high.

US economic indicators, Fed chatter, and US BTC-spot ETF flow data require investor attention.

On the other hand, a BTC drop below the $64,000 support level could bring the $60,365 support level into play.

With a 40.43 14-Daily RSI reading, BTC could drop below the $64,000 support level before entering oversold territory.

BTC Daily Chart sends bearish near-term price signals.
BTCUSD Daily Chart 200624

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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