After the Ethereum Merge, SEC Chair Gensler labeled ETH as a security because of the change in protocol to Proof-of-Stake (PoS). The SEC classification of ETH as a security creates an uncertain future for an ETH-spot ETF market.

On Tuesday, Eric Balchunas stuck to his previous prediction of an ETH-spot ETF approval, saying,

“Re Eth ETF approval, we are holding the line at 25% odds altho tbh it is a very pessimistic 25%. The lack of engagement seems to be purposeful vs procrastination. No positive signs/intel anywhere you look. Personally hope they do approve it but it just ain’t looking good.”

In January, SEC Chair Gary Gensler warned against seeing the SEC approval of BTC-spot ETFs as a precursor to crypto-spot ETFs.

Nonetheless, hopes of an ETH-spot ETF market linger, exposing ETH to spot ETF market-related news and chatter.

Technical Analysis

Bitcoin Analysis

BTC sat well above the 50-day and 200-day EMAs, affirming bullish price signals.

A BTC break above the Tuesday (March 26) high of $71,570 would support a run at the March 14 ATH of $73,808. A breakout from the ATH could give the bulls a run at the $75,000 handle.

On Wednesday, BTC-spot ETF market flow data remains the focal point.

Conversely, a fall through the $69,000 support level could give the bears a run at the $64,000 support level.

The 14-Daily RSI reading, 60.06, indicates a BTC return to the ATH of $73,808 before entering overbought territory.