As a seasoned crypto investor with a few years of experience under my belt, I’ve seen my fair share of market fluctuations. The recent 4.6% drop in Ethereum price over the past week and Bitcoin’s descent to $61,000 have left me both concerned and optimistic.
In the previous week, Ethereum experienced a decline of 4.6%, with a minor decrease of 0.2% over the last day, causing its price to settle at $3,382. Simultaneously, Bitcoin saw its value drop to $61,000, approaching the significant resistance point of $60,000.
A 20% Ethereum Price Breakout Could Happen Before End of June
The behavior of Ethereum’s price within its large ascending triangle formation is noteworthy. Over the past month, a descending wedge has emerged inside this triangle. This pattern is narrowing, leaving less space for further price fluctuations. Typically, descending wedges indicate bullish market trends due to their higher likelihood of culminating in an upward break.
The Ethereum price is currently displaying a struggle between buyers and sellers, as shown by its position below the shorter-term 50-day moving average yet above the longer-term 200-day moving average.
If Ethereum’s price surpasses the falling wedge pattern on the chart, it may lead to a significant increase of approximately 20%, lifting the asset back above the $4,000 mark. Conversely, Ethereum benefits from a strong support level around $3,000 that could prevent further price declines.
As an analyst, I’ve observed that the delay in Ethereum’s price increase, despite improving fundamentals, could be attributed to Bitcoin’s behavior. The latter’s approach to a potentially perilous support level has left numerous market participants apprehensive and cautious, which may have indirectly affected Ethereum’s performance.
I analyzed the cryptocurrency market yesterday and noticed that Bitcoin experienced a decline of 1.59%, closing the session at a price of $60,807. Although the price has ticked up slightly today, this uptick does not signal positive momentum based on current market trends.
In simpler terms, if the price falls below the range between $60,198 and $62,252, it may trigger a significant decline in price down to the $50,000 mark of support.
As a researcher studying the cryptocurrency market, I can share an optimistic perspective. If the price of Bitcoin can rebound from its current position, there’s a strong possibility that it could reach new heights, potentially surpassing the $70,000 mark in the near future.
Ethereum Price Lags Despite Positive Fundamentals
The price trend of Ethereum is shaping up for a potential surge as speculation mounts over the impending approval of an Ethereum Exchange-Traded Fund (ETF) by the U.S. Securities and Exchange Commission (SEC) before July. During a talk at Bloomberg Invest, SEC Chairman Gary Gensler reported that the ETF application process was progressing well. In another interview with the Financial Times, Gensler hinted that trading of these Ethereum-backed funds would commence soon. These developments have left Ethereum investors on the precipice of excitement, anticipating what could be a monumental rally for Ethereum and other altcoins in the crypto market’s history.
Bottom Line
Bitcoin is currently facing downward pressure, while Ethereum is hinting at a substantial breakthrough. As Bitcoin nears the pivotal $60,000 mark, this trend could indicate a temporary bearish mood in the wider crypto sector, demanding careful consideration and tactical moves.
Read More
- LUNC PREDICTION. LUNC cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- USD COP PREDICTION
- SOL PREDICTION. SOL cryptocurrency
- Ethereum (ETH) Crashes Dramatically, What’s Next? Solana (SOL) Can Still Reach $200, XRP Struggling Before $0.63 Test
- ETHW PREDICTION. ETHW cryptocurrency
- Terraform Labs Reveals Key Update On Crypto Loss Claims Voting
- Major Dogecoin Downtrend Might Finally Be Over
- Lucky Animal Crossing: New Horizons Player Discovers Infinite Clam Glitch
- BREAKING: Spot Ethereum ETFs Get SEC Nod, Debut Set For Tomorrow
2024-06-27 08:46