Ethereum
Why Ethereum Price May Reach $5,000
Ethereum price has consolidated amid a larger market structure: the bull flag. Investors are closely watching when the Ethereum price decides to move up, as gains of 30% could be at stake if they miss the move. At the same time, Bitcoin adoption continues to grow as BTC Price looking to break the previous record price.
ETH price was hovering around $3,811 during European trading hours on Friday, down 1.3% in 24 hours and up 1.4% in 7 days.
ETH/BTC Price Analysis: Ethereum Price Skyrockets, May Break Out in Less Than a Week
ETH/BTC Price Chart
Ethereum Price has been stuck in the current consolidation zone for eight days. Nonetheless, this chart pattern is part of a previously formed bull flag, with huge profit implications if it breaks out.
Ethereum price is moving above the 50-day and 200-day simple moving averages (SMA), signaling bullish sentiment among investors.
Additionally, ETH price action has been progressing in an ascending channel, which indicates a short accumulation phase before a breakout.
The channel extension shows that ETH price could attempt a breakout in around 4 days if all factors remain constant. However, fundamental news can make or break Ethereum’s current market structure.
BTC Price Chart
On another side, Bitcoin Price also flies a bull flag, but within 4 hours. The price is also moving above the 50-day and 200-day SMAs, a bullish signal for the asset. BTC price is currently on track to test the upper limit of the range.
If it manages to break out, we could see a Bitcoin price of $74,000 in the coming days. $72,300 could push some resistance, but if the bulls are strong enough, they could easily break through this barrier. On the other hand, there is strong support around $67,000, which could keep the price higher.
Future ETH/BTC Price Outlook
Ethereum price rose from $2,800 to $3,900 in a single candle, and it is currently holding between $3,700 and $3,800. All of this happens before S-1 applications are approved and an ETF is launched.
As Bitcoin slowly rises, ETH price holds the key to big gains after $4,000 with the ETF launch. The market is eagerly awaiting clarity from the S-1 as the 10-day deadline to revoke the ETF has passed.
On the other hand, Bitcoin open interest hits a new high at 520,000 BTC, surpassing March’s all-time high. Meanwhile, Bitcoin ETFs are thriving with inflows of $488.1 million.
Conclusion
Cryptocurrency markets are full of speculation, which often turns out to be correct. The Bitcoin ETF represents the best case scenario. As investors speculate on the ETA of the Ethereum ETF, there is a general feeling that the SECOND is stalled and approval of the ETF is inevitable. Investors are eagerly awaiting the outcome of this fight against ETFs.
Related Articles