8 Ethereum Spot ETF's approved ❗️

Welcome to the daily Coinsauce Newsletter, its good to be back. Lets get straight into today’s newsletter!

📅 Today

🔍️ Market Outlook

• Overall Bias - Neutral 📈 

• BTC broke its key support zone f $67500.

• $69,100 is now an intra-day resistance zone for BTC.

• $66,000 is a must-hold level for BTC. It is a strong intraday support (AVWAP + Bullish Order-block)

• The ETH ETF news seems to have had been priced in already by traders. It’s price action has been subdued despite the approval.

• A breakout of $3850 with good volumes and a strong body candle close can trigger another leg up, so keep a close eye for that.

8 Ethereum Spot ETF’s approved ❗️

The wait is over ! The SEC has finally approved 8 Ethereum Spot ETFs in the United States.

Yesterday, the SEC gave the green light to 19b-4 filings from VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy, and Bitwise. This approval allows these spot Ether ETFs to be listed and traded on their respective exchanges.

However, before these ETFs can officially start trading, the SEC will also need to approve their S-1 registration statements, which could take days, weeks, or even months.

The fact that the price of $ETH increased by over 20% a few days before the approval but barely budged upon the actual news indicates that the ETF news was likely priced in by investors.

Xapo Bank X Lightning Network ⚡️ 

Xapo Bank becomes the first fully licensed bank to allow customers to deposit bitcoin using the Lightning Network to enable quick and cheap BTC transactions.

This move follows Xapo Bank's earlier collaboration with Lightspark for small Lightning-powered payments, upto $100. The bank believes that LN will become the main method for everyday bitcoin transactions.

The bank Xapo reports that its Lightning Network-enabled payments service saw a 44% surge in usage from February to March 2024, with highest traction coming from Latin America.

📕 Educational

Ethereum - On-chain insights 👇️ 

As the crypto market buzzes with anticipation for the potential approval of Ethereum ETFs, on-chain insights reveal a significant shift in market dynamics.

On May 20th, 2024, the ETH ETF approval hype led to ETH's biggest positive performance YTD. It also marked the 3rd Largest positive performance (Daily) in 5 years, where it broke a +1σ level. This rise increased ETH's market cap by the equivalent of Solana's entire market cap in just one day.

On-chain data supports the recent hype, as evidenced by

👉Rise in permanent holders inflows.

👉Potential reversal in exchange volumes.

👉Potential reversal in Bitcoin Dominance.

👉 Uptrend in Taker Buy Sell Ratio.

On-chain data shows that Permanent Holders have accumulated over 100,000 ETH in a single day, the highest buying pressure since September 2023.

The price surge is also supported by a potential momentum reversal in exchange volumes, indicated by the first retest of the 30-day and 365-day Simple Moving Averages since November 2023. This suggests growing investor interest and increased network activity.

The ETH Futures market is showing an upward trend in the Taker Buy Sell Ratio, indicating a potential shift in market dynamics. If the ratio continues to rise, it may signal a reduction in aggressive selling pressure.

📊 Stats

📈 Chart of the day

• Rationale & confluences :

• 1H horizontal support zone

• 1H bullish orderblock support

• 1H bullish RSI divergence

• 1H Bullish Orderbook Imbalance

• 5 other bullish divergences on 1H

• Note : None of the content in the newsletter is financial advise. This is for educational purposes only.

🤣 Meme of the day

That concludes our update for today!

We appreciate you joining us for the latest news. Our aim is to provide insights and highlights that keep you well-informed and ready. Remember to follow us on social media for additional updates and giveaways. Happy trading, and see you next time!

Donal