?? 10% chance for spot Ethereum ETF approval in May

Get ready for a big week ahead as the SEC is about to decide on a spot Ethereum ETF!

??♂? BTC took the lead

Last week, a bullish trend dominated as 4 out of 6 top trading bots were set up long. The BTC/EUR pair was the clear winner, bringing in 117% profitability.

?? More winning strategies on the TradeSanta marketplace.?

*7-day profitability is calculated based on the?profit target?multiplied by the number of deals.?

BTC Goes Up, Technical Indicators Show Buy?

Price Dynamics (7d)?

BTC $67,820 ?? 7.33%

ETH $3,119 ?? 5.14%

BTC Technical Indicators Show Buy?(1d)

Oscillators: Neutral (2 Sell, 7 Neutral, 2 Buy)?

Moving Averages: Strong Buy (1 Sell, 1 Neutral, 12 Buy) ?

Fibonacci's Pivot for BTC?

Take a look at Fibonacci's Support (S) and Resistance (R) levels for BTC if you wonder where to place your Stop Loss and Take Profit. ?

???Don't let scammers make you bite the dust

Among various risks in the cryptocurrency world, one particular threat that demands attention is crypto dust. Though lesser known, these attacks can compromise user privacy and pave the way for more sophisticated malicious activities. Read our material to learn the measures that can significantly reduce your vulnerability.

Crypto Week: Predictions & Highlights

Bitcoin and Ethereum started this week consolidating around $67,000 and $3,100, respectively, without any major price movements. However, things could change as the SEC is set to decide on VanEck's Ethereum ETF on May 23.

Now, let's explore the market predictions and the main headlines of the previous week.

Next crypto targets

As the decision on the spot Ether ETF approaches, investor and trader @CryptoMichNL doubts the fund will be approved. He predicts a delay is most likely, with an initial negative reaction followed by an upward trend.

Polymarket, a decentralized prediction market platform, currently gives a 10% chance of a spot Ethereum ETF being approved by May 31, with those odds increasing to 13% by June 30th and 28% for approval sometime this year.

Meanwhile, there are more optimistic predictions towards Bitcoin. For instance, @Washigorira, a technical analyst, suggests that May could be the month when Bitcoin surpasses $77,000.

According to a verified author on cryptoquant.com, @AxelAdlerJr, Bitcoin's resistance level might soon be $70,000. This prediction is based on the MVRV, a metric that compares an asset's market capitalization to its realized capitalization. The author highlights a specific data point: "MVRV for investors holding coins from 1-3 months, the level of 66.5K turned green. They have exited unrealized losses".

CryptoQuant's CEO noted that Bitcoin is in the middle of the bull cycle as its market cap is growing faster than the realized cap. This trend typically lasts around 2 years, and if it continues, the bull cycle might end by April 2025.

Insights into key events in the industry

?? Michael Sonnenshein, CEO of digital asset investment firm Grayscale, has stepped down after 10 years to be replaced by Peter Mintzberg, Goldman Sachs executive.?

?? Ethereum co-founder Vitalik Buterin has proposed an Ethereum improvement protocol, EIP-7706, which introduces a new gas model for transaction call data. ?

??France's securities regulator issued a renewed warning against Bybit, urging customers to “make arrangements for the eventuality that the platform [may] suddenly cease to provide services” to customers in France.

??The Chicago Mercantile Exchange (CME) might soon offer spot Bitcoin trading amid strong interest from clients.

?? Bankrupt crypto lender Genesis Global Capital won court approval of its plan to distribute billions of dollars in digital assets and cash to creditors, defeating a legal challenge brought by its corporate parent Digital Currency Group.

?? Viral Web3 clicker game Notcoin issued its cryptocurrency on TON blockchain — airdropping more than 80 billion NOT tokens to participants as it opens for trading on crypto exchanges.

?? The US?Senate voted 60 to 38 on Thursday on a resolution to overturn the SEC’s SAB 121, which establishes certain accounting standards for firms that custody crypto.

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