As a seasoned crypto investor with a few years under my belt, I’ve seen my fair share of market fluctuations. The recent consolidation of Ethereum price and the surge in Bitcoin price have piqued my interest once again.
The price of Ethereum has remained relatively stable over the last few weeks as the market awaits news on the S-1 application approval. Currently, Ethereum is priced at $3,787, representing a modest 0.6% rise in the previous 24 hours. In contrast, Bitcoin surged past $70,000 once again after staying below this significant threshold for over a month and is now making another attempt to set a new all-time high.
ETH/BTC Price Analysis: Ethereum Bulls Succumb to Bitcoin Rally, Can ETH Bounce Back?
The price of Ethereum relative to Bitcoin experienced a decline as Bitcoin’s bulls managed to drive its price past $70,000 for the first time in the previous month. Most cryptocurrencies saw their values decrease when compared to Bitcoin, and Ethereum was no exception.
Ethereum’s price has slipped below the consolidation area and is trending towards the 50% Fibonacci mark, approximately 0.052 BTC. This level could provide a foundation for Ethereum’s price to rebound and advance toward the 27% Fibonacci extension at around 0.06 BTC.
As Ethereum (ETH) advances, it might face resistance near the levels of 0.057 Bitcoins (BTC) and $0.058 BTC. On the other hand, the support around 0.052 BTC could hinder ETH’s price from dropping further.
As a crypto investor, I’m excited to share that Bitcoin’s price has just shattered the resistance level in a textbook descending triangle breakdown and retest pattern. With this bullish development, Bitcoin’s value could surge higher, potentially reaching profit targets around $74,000. This would set a new all-time high price for the cryptocurrency market leader, crowned as the King of cryptos.
As a crypto investor, I’ve noticed that the Bitcoin price could potentially encounter some resistance levels around $72,200 and $74,000. However, on the other hand, there is a significant support level at $67,000 that might prevent the price from falling further.
ETH/BTC Price Future Outlook
The Ethereum community is in anticipation of the S-1 application approval, while the Bitcoin community is driving widespread usage for the leading cryptocurrency. El Salvador, referred to as the “Bitcoin State,” currently holds approximately 5,660 Bitcoins valued at over $402 million and continues to acquire more.
Additionally, the University of Austin, a private university in Texas, has announced that it will start accepting Bitcoin as payment for tuition fees and establish a permanent Bitcoin investment fund.
Currently, Ethereum’s liquid staking and restaking are gaining momentum, leading to a significant influx of liquidity into the ecosystem. This trend could potentially cause Ethereum’s price to surge even further. Notably, the total value locked (TVL) on Ethereum’s mainnet came very close to its all-time high when taking liquid staking into account.
Bottom Line
The crypto world is hopeful that the Security and Exchange Commission (SEC) will approve the S-1 Form submitted by BlackRock due to the firm’s unblemished track record of success in ETF applications. This positive sentiment among Ethereum enthusiasts is fueling optimism that ETH‘s price could reach $10,000 if the application is successful.
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2024-06-05 09:24