As a researcher with a background in cryptocurrency and blockchain technology, I’ve been closely monitoring the recent price movements of Ethereum (ETH) and Bitcoin (BTC). Based on my analysis of the available data and market trends, I believe that Ethereum price is currently in a consolidation zone following its 8% jump over the weekend.
Over the weekend, Ethereum‘s price surged by 8%, regaining investor attention. The asset had earlier touched a low of $3,362, but a bullish trend took hold, pushing the price upwards. By European business hours on Monday, Ethereum was trading around $3,586, representing a 1.2% gain in a day but a 2.7% decrease over the last week. In contrast, Bitcoin‘s price remained stable within a consolidation range, with market analysts predicting an imminent significant price movement.
Ethereum Price Prediction: Bulls Take Advantage of Major Support
Last week, the Ethereum price experienced a steady decline for eight consecutive days, dropping from $3,878 to $3,362. A significant support level at around $3,650 was breached during this downtrend, allowing bears to capitalize on the market’s instability and push prices further down.
As an analyst, I’ve observed Ethereum’s price action bouncing back into an uptrend after finding another strong support structure between $3,400 and $3,250. However, it’s possible that the asset has entered a consolidation zone between $3,600 and $3,300. It’s too early to make a definitive statement on this. The primary hurdle for the bulls is breaking above the $3,600 level, which was previously a support but has now turned into resistance. If they manage to overcome this obstacle, Ethereum may surge towards $4,216, though there could be some resistance at $3,800 and $3,900 along the way.
As a crypto investor, I’m closely monitoring Bitcoin’s daily chart right now, as it hovers around a pivotal support level at approximately $65,000. Last week, bears successfully dipped the price below this mark, but their efforts were met with fierce resistance from the bulls. A clear break beneath this level could lead to further declines towards $57,000. However, it’s important to note that this support has been tested three times previously and remains strong. If Bitcoin rebounds from here, we might see a significant price surge up to $72,500 or even beyond to new all-time highs if the price breaks above this level.
Spot ETF S-1’s Will Likely be Approved by the End of Summer
According to Gary Gensler, the Chair of the Securities and Exchanges Commission (S.E.C), it’s plausible that an Ethereum Exchange-Traded Fund (ETF) will receive approval from the commission by the summer’s end. This potential development might have contributed to the recent surge in Ethereum prices over the weekend.
Over the past five weeks, there’s been a noticeable increase in Ethereum’s blob usage due to the surging activity on rollups. Blobs enhance the functionality of Layer 2 (L2) solutions by making transactions more efficient, thereby alleviating network congestion and potentially lowering gas fees.
Bottom Line
As a researcher studying the crypto market, I’ve observed that Exchange-Traded Funds (ETFs) for specific cryptocurrencies, such as Ethereum, have historically driven up prices. With summer coming to an end, there’s heightened anticipation in the industry regarding the approval of an Ethereum Spot ETF. This announcement has put Ethereum investors into a buy-the-rumor phase, where they might continue purchasing Ethereum in expectation of the eventual ETF approval.
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2024-06-17 08:51