Altcoins Feeling the Heat Amid Spot BTC ETF Approval Saga
Altcoins are facing pressure as the spot Bitcoin exchange-traded fund (ETF) approval saga continues. After fake news about the ETF approval was posted and then deleted, Bitcoin briefly rallied above $47,000, leaving most top altcoins behind except for Ethereum.
However, BTC quickly dropped below $45,000 after the fake news was removed. While Ethereum climbed above $2,400, it has yet to test resistance at $2,500 and is currently correcting to around $2,390.
Investors Deliberate Ahead of Spot BTC ETF Approval
Investors have a lot to consider before the spot BTC ETF approval. The goal is to avoid both bull and bear traps while taking advantage of price movements in Bitcoin and altcoins like Ethereum, Optimism, and Synthetics.
Navigating Ethereum Opportunity Among Top Altcoins
Ethereum is showing signs of attempting to break through resistance at $2,400 as momentum builds due to the anticipated ETF approval. The token is currently trading at $2,415 and has received a buy signal from the Moving Average Convergence Divergence (MACD) indicator.
If the MACD line holds above the signal line and there is a four-hour candle close above $2,400, this would validate a breakout above the resistance at $2,500. A successful breakout could push Ethereum towards $3,000.
Optimism Price Begins New Breakout
Despite experiencing a dip to $3 after being rejected from its recent all-time high above $4, Optimism has shown significant strength since October. The token has attracted investors who believe that it still has room to grow.
The MACD indicator on the weekly chart supports this bullish outlook. Traders will be encouraged to seek more exposure if OP maintains higher support at $3.5 and targets highs above $4.
Is Synthetix Ready For The Next Breakout?
Synthetix experienced a minor retracement after failing to break through seller congestion at $4.4. However, it has rebounded from support at $3.3 and may have an opportunity to defeat resistance at $4.4.
Movements above the upper falling trendline could propel SNX towards $10, but delays should be expected at key levels such as $7 and $8.5. Failure to make progress above $4.4 could lead to a search for liquidity, with support areas like $3 and $2 potentially triggering a larger breakout.
Hot Take: Altcoins Face Pressure Amid Spot BTC ETF Approval Saga
Altcoins are feeling the heat as the spot Bitcoin ETF approval saga continues. While Bitcoin briefly rallied above $47,000, most top altcoins, except Ethereum, have been left behind. Investors must carefully navigate the market and consider price movements in altcoins like Ethereum, Optimism, and Synthetics while awaiting the spot BTC ETF approval. Ethereum shows signs of attempting a breakout above resistance at $2,400, while Optimism and Synthetix are also poised for potential breakouts. The next few days will be crucial in determining whether altcoins can overcome the pressure and capitalize on positive market sentiment.
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