Crypto News: BTC and ETH Struggle While XLM Makes a Cryptic Move

Key Insights:

• BTC and ETH saw red on Monday, with investor angst over the future of crypto-spot ETFs resonating.
• Stellar (XLM) gained 4.71% on Monday, spurred by a vague weekend announcement teaser.
• Bybit welcomed XRP/EUR, responding to the Judge Torres ruling on programmatic sales.

The Monday Overview

Stellar (XLM) on the Move: Stellar (XLM) rose 4.71% on Monday after a 4.53% increase on Sunday. This boost followed a weekend tweet hinting at an exciting announcement in 10 days, with no further details provided.

ByBit Lists XRP/EUR: Crypto exchange Bybit listed XRP/EUR on its spot trading platform. The inclusion of XRP likely came because of the Judge Torres ruling on programmatic sales. XRP has enjoyed a wave of listings following the favorable Court ruling.

Binance Executives Head for the Door: Mayur Kamat, Binance global head of product, resigned. Kamat joined a growing list of Binance executives heading for the door. The ongoing SEC v Binance case leaves Binance under the watchful eye of regulators globally.

Elon Musk – Dogecoin (DOGE) News Resonated: Thursday’s Wall Street Journal report about Elon Musk funding DOGE development did the rounds. Despite the news, DOGE only slightly outperformed the market (+0.32%) and faced challenges. Musk briefly replaced his Twitter logo with the DOGE logo.

Bitcoin (BTC) fell by 0.77% on Monday. Reversing a 0.45% gain from Sunday, BTC ended the day at $25,851. Dip buyers failed to prevent a return to sub-$26,000. Uncertainty surrounding the future of BTC-Spot ETFs contributed to the pullback.

Ethereum (ETH) declined by 0.35% on Monday. Following a 0.06% loss on Sunday, ETH ended the day at $1,630. SEC activity and broader crypto market bearish sentiment left ETH tracking BTC and the pack. The pushback on the BTC-Spot ETF decisions further delays the prospect of an ETH-Spot ETF market.

Technical Analysis

Bitcoin Analysis

BTC avoided the trend line and the $25,506 support level for the third consecutive session. However, BTC remained below the 200-day and 50-day EMAs, a bearish price signal. A break below the trend line and $25,506 resistance level would bring sub-$25,000 into play.

However, a BTC hold above the trend line would bring $26,500 and the $26,755 resistance level into play. Investors would need a shift in sentiment toward the future of the crypto-spot ETF market to support a breakout.

The 14-Daily RSI reading of 35.37 shows BTC has room to fall before entering oversold territory.

Ethereum Analysis

ETH hovered at the $1,626 support level this morning. Failure to return to $1,650 would leave ETH under selling pressure.

However, a move through the $1,626 resistance level would support a breakout from $1,650 to target $1,700. Sentiment toward the future of the crypto-spot and the ongoing SEC cases against Ripple and Coinbase remain the key drivers. SEC Chair Gensler threw ETH into the SEC securities basket earlier this year.

Looking at the 14-Daily RSI, 35.25, ETH can revisit sub-$1,600 before entering oversold territory.