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Ethereum bulls are setting their sights on the $5,000 mark as the recent approval of the Ethereum Spot ETF injects renewed optimism into the market. This development has sparked significant interest among investors, potentially paving the way for a strong upward momentum in ETH/USD prices. The Ethereum price at press time is $3,876, which signifies a 1.1% increase in the last 24 hours and a 2.2% increase in the past 7 days. Meanwhile, Bitcoin price remains sluggish unable to breach the $70,000 resistance amid the risk of another fall to $65,000.
ETH/BTC Price Analysis: ETH Bulls Getting Ready for $4500 As Bitcoin Price Consolidates
ETH/USD Price ChartETH price is trending above the 50-day and 200-day simple moving averages (SMA), reinforcing a bullish narrative on the asset.
The price action is still in an ascending triangle, albeit almost at the end. A breakout to the upside, which is typical for this chart pattern, would lead to an 11% gain in the ETH price in the short term, bringing it to around $4,500.
In an inverse scenario, the ETH price may find strong support around $3,600. This level has been tested multiple times in the near and distant past, making it resilient.
Jelle, a crypto analyst, shares his insight on X, noting that the Ethereum price has concluded a three-year accumulation phase. He also cites Ethereum ETF approvals as a key catalyst that should “send ETH into the stratosphere.”
This took much longer than I anticipated, but people are finally seeing bull-market ethereum again.
3 years of re-accumulation completed, the ETFs have been approved.
It's time to send $ETH into the stratosphere. pic.twitter.com/ZJH6Mo0XMR
— Jelle (@CryptoJelleNL) May 27, 2024
The spot Ethereum ETFs were approved last week, resulting in an explosive upward move for ETH and an equally generous rally for the entire crypto market. ERC20 meme coins moved the highest and fastest.
On the other hand, Bitcoin price has formed a strong support at $68,000. This, to some extent, assures market watchers of a possible uptrend above $70,000 this week. However, it may not be enough to rule out a correction to collect more liquidity at $65,000.
In May alone the ETH/BTC chart shows that Ethereum has gained more than 25% against Bitcoin. If this uptrend continues, the pair could close the month above $0.06. This move would imply a stronger Ethereum, ushering in the altcoins season.
ETH/BTC price chartEthereum Price Future Outlook
Post-ETF, Ethereum bulls look to continue working the hype to break certain key resistances for the asset. The first of them is around $3,900. This resistance has been tested twice and is proving to be stubborn.
Above that, ETH bulls may have to contend with the previous all-time high ($4,868) as a possible resistance. After that, the ETH price may enter the price discovery zone and fly off.
From the current price to the previous all-time high price, ETH needs to gain about 25%, a small feat for the king of altcoins.
In a recent interview with Beagle, Michael Saylor, CEO of MicroStrategy, expressed his approval of ETH Spot ETFs, citing that they would positively impact the crypto space and Bitcoin in particular.
Bottom Line
Ethereum bulls are targeting the $4,500 mark as the recent approval of the Ethereum Spot ETF fuels renewed optimism in the market. This approval has sparked significant interest among investors, setting the stage for strong upward momentum in ETH/USD prices. Additionally, the Ethereum network plans to launch its Pectra upgrade in early 2025, following the Dencun upgrade in March. The upgrade will help make Ethereum’s PoS more secure and more functionally efficient.
The post ETH/BTC Price Analysis: Ethereum Bulls Eye $4,500, Bitcoin Price Risks Falling To $60,000 appeared first on CoinGape.
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