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Welcome back to Bull Market Bytes, your weekly cryptocurrency insight where Ethereum takes a step closer to full ETF approval…

Now, let’s grab some popcorn and see which cryptocurrency will be the third. 🍿

And to see how long the Ethereum ETF will be delayed…😅

Exciting topics for this week!

🥳 Fun Fact in Crypto

📰 Ethereum ETF Approval

📌 Bull Market Bulletin

📊 Weekly Crypto Analytics

📚 Weekly Lesson: Double Bottom Formation

Fun Fact in Crypto 🥳

Ethereum is a cryptocurrency that launched on July 30th, 2015, and is currently ranked #2 with a market cap of $449 billion!

The low price was $0.42 in 2015 and the all-time high of $4,891.70 occurred in November of 2021 as stated by CoinMarketCap.

Now to the fun part of this explanation. 😎

If you bought $100 worth of Ethereum at its low in 2015 (instead of buying those concert tickets to see Ed Sheeran) …😂

Your $100 investment at the all-time high in 2021 would have been worth $1,164,690.48!

That is a 1,164,590.48% increase! 🤯

Ethereum’s Price History 👈

Ethereum ETF Approval 📰

Well, the day has come. The spot Ethereum ETFs have been approved by the US Securities and Exchange Commission (SEC)…

Well…a portion of it has been approved…

But, before we get to that, let’s see some of the celebration tweets! 🎉

Welp…that is about it… 🤣

We are definitely kidding, I’m sure there are more…somewhere…

But this approval does not have the same effect as Bitcoin’s approval did.

So…what exactly is going on? 🤷‍♂️‍

The SEC approved the 19b-4 forms associated with the 8 spot Ethereum ETFs, but there is another form that is required…the S-1 documents. 👀

What exactly is the S-1 documents?

This is primarily the infrastructure to how the spot Ethereum ETFs will be managed. 👍

So…what are the 8 spot Ethereum ETFs being approved?

ARK 21Shares Ethereum ETF
Bitwise Ethereum ETF
BlackRock’s iShares Ethereum Trust
Fidelity Ethereum Fund
Franklin Ethereum ETF
Grayscale Ethereum Trust
Invesco Ethereum Fund
VanEck Ethereum Fund

Learn more about the partial approval! 👇

So…the next question for Ethereum is…when moon? 🌕

We saw great upward momentum with Bitcoin, but why are we not seeing the same effect with Ethereum?

Well…we have to remember that this is only a partial approval at the moment, which isn’t fun to hear. 😔

However, looking at the analytical side of it…

Now, the big question is…

Which cryptocurrency is going to be the third one approved? 🤔

There is high speculation that the next one could be Solana or XRP. However, let’s not count out Litecoin.

Litecoin has a 100% runtime since its inception… IN 2011! 😮

Bitcoin doesn’t have that, and Solana definitely does not have that.

(Solana’s downtime is 64.5+ hours total) … 😬

🧠 Also, let’s not forget…Litecoin already has a Trust…

The Grayscale Litecoin Trust (LTCN)

The Trust could easily be converted into an ETF. 😎

And for those that may not know…this Trust went from $9 to $54 in only 3 months!

That is a 500% increase in 90 days! 🤯

In short…there is definitely a chance that Ethereum will continue higher and break its all-time high.

…but as always…

Only time will tell. ⏰

Weekly Crypto Analytics 📊

The theme of this newsletter is Ethereum, so we are going to dive further into that. 🤿

We will cover our normal Support and Resistance, but there is another area that will be discussed…

The Neutral Area…the best name we could come up with at the time. 🤣

So…what exactly is the Neutral Area? 🤷‍♂️‍

This is a period of time where we are between the primary Support and Resistance lines and are waiting for the strong bullish or bearish movement.

So, let’s take a look at what the chart is telling us. 👀

Well…with all of the hype around the spot Ethereum partial approval, we see a large spiking candle to the far right of the chart.

This also acts as the left side of the triangle…AKA, the Neutral Area…AKA, the triangle that needs a better name. 😂

Now…with all of the funny business out of the way.

Why did we indicate this area within the chart? 🤷‍♂️

It is interesting how the 3 sides that make up this triangle are a Support, Resistance, and overextended candlestick. 🤔

Well, the answer if very exciting…but before we get there!

🚨 We interrupt this program to bring you…

…this week’s sponsor! ⭐

Special thank you to Value Investor Daily for sponsoring this week’s newsletter! 🙏

Now, back to the Neutral Area…

Even though this area outlines a period of determination from the chart…

It gives us a time period of when the Support or Resistance line may be broken. 🔮

So…what is the maximum time that we should see a true movement?

It all points to August of 2024. 😮

Also, to take it a step further, the maximum time right now to see if Ethereum breaks the all-time high is October of 2024. 👀

Granted, it doesn’t mean that it will be that long, or that it will even break…

But as the chart is right now, that is what it is showing.

And why is this important in trading? 🤔

Because we must always be a step ahead of others to ensure we enter and exit trades optimally. 📊

Bull Market Bulletin 📋

AI POWERED MARKETER: Ready to take your business to the next level? Subscribe for free to receive newsletters to guide you to the future of digital marketing!

CBCD (Central Bank Digital Currency) has been banned! The United States House of Representatives has passed a bill banning the issuing of the digital currency. Bullish for cryptocurrency?

FTX Paid $25 million to Whistleblowers before Collapse. There are reports that FTX has been exposed for paying over $25 million to 6 whistleblowers while they still owe $11 billion to investors! 💰

Solana and XRP next in line for ETFs? With Ethereum recently being approved for listing, there is high speculation on the next cryptocurrency to be listed.

UK Woman Jailed for Laundering 150 Bitcoin. The Southwark Crown Court sentenced a woman to jail for money laundering Bitcoin tied to a $6.4 billion fraud in China!

Double Bottom 📚

Welcome back to this week’s education segment!

For this week, we are covering the Double Bottom formation!

But before we dive into the breakdown of this formation 🤿…is this a Bullish or Bearish pattern?

This is designed to be a Bullish pattern! 📈

So, why is it called the “Double Bottom”? 🤔

Well…let’s take a look at the image below together… 👇

In this formation, there are two candlesticks that are going to represent the “bottoms”.

Remember previous lessons on the psychology of trading? 🤔

Well…these bottoms represent a Support line for the price.

When we hit this Support line, we have a reverse action that sends the price back to the Neck Line.

The Neck Line acts as Resistance through a majority of this formation, however, can turn into Support after the Breakout Point.

⭐ A trader will normally enter a long (or bullish) position after the Breakout Point or when the price has pulled back afterwards to turn the Neck Line into Support.

🧠 Remember! This formation is Bullish but can become Bearish after the Breakout Point. DO NOT be on the wrong side of how the market wants to move!

Ready for your Lesson Review?

📚 Make sure to review the lesson above before answering!

Question: When should a trader enter a long (bullish) trade within the Double Bottom formation?

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