Ethereum spot ETFs began trading in the US, which is widely believed to be positive for cryptos as it could lead to more money flowing into the crypto space. However, it’s common to see unexpected or volatile moves around such launches, so it’s not surprising to see cryptocurrencies still trapped in intraday consolidations.
Looking at Bitcoin ETFs, they are in retracement, so it’s not surprising to see Bitcoin also trading out of its upward channel. Apparently, the five-wave price move is completed, as we discussed at the start of this week. Whenever we have a completion of a five-wave move up, a corrective retracement typically follows, which should be structured by three waves. What we are seeing now is a new a-b-c setback in progress, which could potentially bring the price down to the 62k-63k support area for a bounce.
