At this stage, a flurry of amendment filings could refuel bets on the SEC approving the first batch of ETH-spot ETFs, with final deadlines in May 2024.

ETH declined by 2.44% to $3,500 on Wednesday (March 27). Significantly, ETH has fallen 14.5% from the March 12 high of $4,091. In contrast, BTC was down 5.8% from the March 14 ATH high of $73,808. The diverging pattern likely stems from sentiment toward the BTC halving event, the BTC-spot ETF market, and the chances of an ETH-spot ETF market.

Technical Analysis

Bitcoin Analysis

BTC hovered well above the 50-day and 200-day EMAs, sending bullish price signals.

A breakout above the Wednesday (March 27) high of $71,821 could signal a potential move to the March 14 ATH of $73,808. A break above the ATH would bring the $75,000 handle into play.

On Thursday, BTC-spot ETF market flow data and SEC-related activity need consideration.

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

The 14-Daily RSI reading, 57.91, suggests a BTC move to the ATH of $73,808 before entering overbought territory.