---
title: "Spot bitcoin etf approved – ethereum (ETH) rockets"
url: https://diffcoin.com/spot-bitcoin-etf-approved-ethereum-eth-rockets/
description: "Table of Contents As the SEC announced the approval of all Spot Bitcoin ETFs, $BTC remained flat. On the other hand, ethereum (ETH) set off like a rocket…"
published: 2024-01-11
updated: 2024-01-11
author: "Mila"
site: "Diffcoin"
---

# Spot bitcoin etf approved – ethereum (ETH) rockets

## Table of Contents

**As the SEC announced the approval of all Spot Bitcoin ETFs, $BTC remained flat. On the other hand, ethereum (ETH) set off like a rocket ship, gaining more than 10% on the day.**

## A puzzling outcome

For the casual onlooker observing the crypto market on Wednesday, it could have been rather confusing. A Spot Bitcoin ETF was announced, and $BTC did nothing. A Spot Ethereum ETF might have been announced instead, because $ETH sped skywards directly the news came out.

After Tuesday’s shenanigans, when the SEC X account was compromised and a false approval was announced, $BTC did shoot up to $48,000 before just as quickly plunging back down – a $3,300 move in under an hour.

With the market manipulators now caught out, and their plans laid bare as to how they were going to react to a real approval announcement, when Wednesday’s real news drop did come, $BTC hardly blinked, and the forward looking market instead chose to throw its weight behind ethereum.

## $BTC has run its course

From a practical perspective, $BTC would now appear to have run its course, at least for the time being. In just over a year, $BTC has gone from $16,500 to $48,000 – almost a 3x. Having just tagged the 0.618 fibonacci level, and come up against major resistance, plus a trend line that stretches all the way back to mid 2019, it could be time for bitcoin to make that dreaded but oh so healthy correction.

## Ethereum’s time has come

By contrast, the ethereum price has lagged, not only against bitcoin, but also against many of the fundamentally sound altcoins. Over the same time period as for $BTC, $ETH has increased a very respectable 119%. However, as just mentioned, this is a fair bit less than $BTC.

Source: Trading View

Therefore, given that $ETH plays such an important role in the crypto ecosystem, it is high time that price reflected its potential. On that note, Wednesday’s large green candle took $ETH out of the upward sloping channel it has been inside of since June 2022.

A weekly close above the upper trend line, together with the resistance, would turn that resistance into support and could lead to $ETH being able to move upwards with all this strong price structure underneath it.

## Bull flag on the hourly time frame

Source: Trading View

Zooming into the very short time frame of the hourly, $ETH has formed a flag. A continuation of the upward price movement would be more likely than not from such a bullish pattern. A measured move from this flag could take $ETH to just short of $3,000.

*Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.*

[Source link](https://cryptodaily.co.uk/2024/01/spot-bitcoin-etf-approved-ethereum-eth-rockets)