Cryptocurrency Price Prediction: The cryptocurrency market witnessed high volatility following a fake news post regarding the approval of Bitcoin Spot ETFs, which originated from the hacked X (formerly Twitter) account of the US SEC
Cryptocurrency Price Prediction: The cryptocurrency market has been quite volatile since Tuesday as uncertainty grew among market participants due to the Fake news about US SEC approval in spot Bitcoin ETFs.
On January 9, the recently compromised @SECgov account issued a tweet saying: โToday, the SEC grants approval for #Bitcoin ETFs to list on all registered national stock exchanges. โApproved Bitcoin ETFs will be subject to ongoing surveillance and compliance measures to ensure continued investor protection.โ
While the post was deleted about 30 minutes after it appeared, it triggered a temporary rise of BTC to $48000 and a sharp drop to $45000. As a result, approximately $90 million in Bitcoin (BTC) Long and short positions have been liquidated.highlighting the potential risks of manipulation and volatility in the cryptocurrency sector.
Ongoing speculation over whether the recent hack was an inside job continues to fuel market volatility. However, despite the turmoil on social media, if the ETF approval process continues, there is a chance that the US SEC could officially approve a Bitcoin spot ETF. This approval could arrive tomorrow or this week, according to the predictions of several analysts.
Amid the uncertainty, cryptocurrencies such as Ethereum (ETH), Arbitrum (ARB), and Lido DAO (LDO) showed a notable rally, projecting their sustainability to higher levels.
Ethereum (ETH) Price Eyes Bullish Breakout Targeting $2,680 and Higher
During the last six weeks, Ethereum, the second largest cryptocurrencyhas mainly ranged between $2,400 and $2,140, โโindicating a period of consolidation without clear dominance by buyers or sellers.
Despite this sideways move, the previous bullish trend and growing anticipation of Bitcoin ETF spot approvals suggest bullish sentiment. Recently, the Ethereum price rose from $2,169 to $2,407, an 11% increase in just three days.
This rise, accompanied by significant whale accumulation, hints at a possible bullish break above the key resistance level of $2,400. If ETH price closes a daily candle above this level, it could establish a firm foundation for future gains.
A successful breakout could lead to an 11.5% rise in ETH price, with a target of $2,680, with the next psychological milestone at $3,000.
The current low value of the average directional index of 15% reflects the recent period of consolidation that prompted buyers to gather strength for the next move.
Lida Dao (LDO) price heading towards $5?
As Coingape predicted in its previous articleThe price of Lido Dao coin, under the influence of an inverted head and shoulders pattern, reached the target of $3.87 on Wednesday.
Amid growing optimism towards the approval of the Spot Bitcoin ETF and with no signs of weakness in LDO price action, buyers may continue their upward trajectory at higher levels. The daily time frame chart indicates that the next significant resistance lies at $4.05, up about 5%.
If a correction is triggered at this level, investors could use the Fibonacci retracement tool to identify possible support levels. Historical trends during the current recovery phase show that History of Lido Dao it often finds support at the 50% or 38.2% Fibonacci levels. '
A break above the $4 resistance could boost the coin's price by another 25%, potentially reaching the $5 mark. The coin's 20-EMA slope provides additional dynamic support during periodic pullbacks.
Arbitrum (ARB) Price Reversal Pattern Indicates Rising to $2.9 Target
The daily time chart for the decision currency shows an important trend reversal signal with the formation of a rounded bottom pattern. On January 3, the coin surpassed the neckline resistance of $1.82, indicating an opportunity for continued recovery.
Despite a brief false breakout due to market volatility, buyers quickly regained control and the coin is currently trading at $1,975. If Arbitrum maintains its position above this neckline resistance, the price could aim for the rounded bottom pattern target of $2.9, which would be an increase of 45%.
However, the traditional pivot levels on the daily chart suggest potential resistance at $2.07 and $2.49 during this expected rally.
