Top Altcoin: On January 6th, the crypto market witnessed a minor downtick as the market participants continued to wait for an official comment from the US SEC for the approval of the Spot Bitcoin ETF. However, On January 5th, amendments under Rule 19b-4 were filed for spot Bitcoin ETF applications from several prominent asset managers, including BlackRock, Valkyrie, Grayscale, Bitwise, Hashdex, ARK 21 Shares, Invesco Galaxy, Fidelity, Franklin Templeton, VanEck, and WisdomTree.
These filings are considered one of the final stages in the SEC approval process. However, the completion of S-1 documents is still necessary for U.S. exchanges to begin listing these investment securities.
In the last 24 hours, the top two leading cryptocurrencies Bitcoin and Ethereum show a decline of 0.23% and 1.06%, trading at $44159 and $2246 respectively.
While the broader market sentiment continues to remain uncertain these altcoins Arbrium(ARB), Osmosis(OSMO), and Ethereum(ETH) may witness a massive inflow if Spot Bitcoin ETF gets approved in the coming week.
Ethereum(ETH) Price Trapped in Uncertainty Awaits Breakout
Ethereum(ETH)Price| TradingView Chart
Ethereum (ETH), the world’s second-largest cryptocurrency, has been exhibiting a sideways trading pattern for over a month, oscillating between the key levels of $2140 and $2400. In the midst of the current market uncertainty, Ethereum price encountered its third reversal from the $2400 resistance mark, indicating a high supply zone
Over the recent five-day period, its price has seen a 7.5% drop, bringing it down to about $2247. However, the coin is finding substantial support at the $2140 level and the 38.2% Fibonacci retracement. This level of correction suggests that buyers still maintain a significant influence over the asset, potentially leading to a more robust rebound.
A successful rebound from this support could result in a 7% increase in the price, aiming to challenge the $2400 level. A breakout above this resistance could further solidify the trend’s upward continuation.
Cup and Handle Pattern Sets Arbitrum(ARB) Price Leap to $0.3
Arbitrum(ARB) Price| TradingView Chart
On January 3rd, the Arbitrum(ARB)coin price gave a decisive breakout from the $1.82 neckline resistance of a rounding bottom pattern, however, this breakout was short-lived as the current market downturn plunged the ARB price below, with the breacher’s turns reflecting the prior attempt at a bull trap.
If the selling pressure persists, the ARB price may plunge another 16% to retest to find suitable support at the confluence, coinciding with support of $0.147 and 50% of the Fibonacci retracement trade. ARB price potential correction also provides small data to recuperate the bullish momentum.
This potential correction also provides small data to recuperate the bullish momentum. This potential correction also provides small data to recuperate the bullish momentum. A reversal pattern formation at the aforementioned support would reflect an early sign of uptrend continuation.
Under the influence of the rounding bottom pattern, the ARB price may witness a 60% rate to hit the $2.931 mark. The 20-day image slope has continued to act as a dynamic support to ERP price.
Internet Computer(ICP) Price Hints Minor Pullback Before a Leap to $20
Internet Computer(ICP) Price| TradingView Chart
Amid the increasing uncertainty in the crypto market, the recovery trend in Internet Computer coins entered a new correction after forming a local top at $1.63. In the last 3 days, this altcoin value tumbled 28% down to currency trade at $12.06.
However, a look at the bigger picture shows this pullback is a retest phase to the recently breached neckline resistance of the cup and handle pattern. If the price shows sustainability above this flip support, it would indicate a major signal of trend reversal, indicating the ARB price is likely to prolong its recovery time.
Under a favorable scenario, this post-retest study could surge the ICP price another 70% to hit the $20 psychological level. The ADX Indicator slope shows the ICP buyers are leading an exh6ed rally which may witness occasional pullbacks to maintain a sustainable recovery.
