Let’s see in this article how the top 2 cryptocurrencies in the Bitcoin and Ethereum market are moving, and their price forecasts.
It seems that at this stage Ethereum is the real protagonist of the crypto exchanges, with investors’ attention being channeled around the ETH spot ETF issue, while Bitcoin follows the queen’s rises.
What are the short and medium term forecasts? Are we about to attack new all-time highs in both assets?
All the details below.
Crypto market price analysis and forecasts: Bitcoin supported by Ethereum ETF news
On this Monday 27 May Bitcoin records a price of $68,500, down slightly by 1% compared to the last 24 hours but up about 9% over the last 30 days.
The king of the crypto market managed to rebound very well from the recent tracking, thanks above all to the news involving the issue of Ethereum spot ETFs on Wall Street, officially approved on May 23 by the Securities and Exchange Commission.
BTC reports a market capitalization of $1.4 trillion, volumes in the last 24 hours of $18.8 billion and dominance of 52.5%.
Prices are well above the 50 daily EMA with an RSI14 at 57 points, in a break from the heat of speculation, waiting for demand to push again, bringing the currency back above 70,000 dollars and beyond.
Short-term forecasts indicate a strong probability of a continuation of the lateral trend, with prices likely to fluctuate within the 61,000-71-500 dollar trading range in the next few days.
In any case, it seems more likely that, should the market take a clear direction from here shortly, the path will be upward.
Recall that today the US stock market is closed on the occasion of the “Memorial Day”, therefore we could see relatively little volatility in these hours.
Bitcoin is supported by the crypto market’s enthusiasm for Ethereum spot ETFswhich is monopolizing investors’ attention.
Since Bloomberg analysts increased their estimates of the approval of this investment instrument on May 20, BTC has grown by around 3%, even reaching the resistance of $71,500 before a slight drop in prices.
Regarding this disruptive event for the future of Ethereum and many other tokens developed within it, Michael Saylor said he was enthusiastic about how all this could have an implicit positive impact for Bitcoin too.
While he has always come out against Ethereum, this time he stated in a recent interview that the approval of exchange-traded funds on ETH “it makes the entire asset class bigger and therefore more money can flow into Bitcoin.”
In the meantime, however, Bitcoin ETFs also continue to generate encouraging numbers with Wall Street funds having so far recorded inflows of 13.68 billion dollars.
On a positive note, we underline that Grayscale seems to have interrupted the sales trend that has characterized the asset’s recent price drops, while Fidelity, BlackRock and Ark continue to increase their market share by adding satoshi to their respective holdings.
In particular, BlackRock with its IBIT is about to match the numbers of Grayscale and its GBTC fundhaving come to hold over 280,000 BTC for a value of almost 20 billion dollars.
ETH price prediction: attack on $4,000
As mentioned, Right now the real protagonist of the price evolution of the crypto market is Ethereumwhich graphically seems to be much better placed than the Bitcoin king.
With a clearly bullish pattern, the prices are currently at 3,917 dollars, up 3.2% in the last 24 hours and 25.6% in the last 30 days.
The market capitalization is equal to 470 billion dollars, with volumes in the last 24 hours of 18 billion dollars and dominance of 18.3%.
Since May 20, the day in which the ETF narrative became significantly hotter, the currency has risen by 27%, suddenly changing the sentiment of investors who until then were much more negative on short-term price forecasts.
Now Ethereum is on the way to breaking $4,000 and attacking the local high located in the $40,091 areaand then aim for the ATH above $5,000.
In the short term, downward movements are not excluded, with prices that could easily return to around $3,500, while still remaining in a positive momentum.
The RSI14 has just entered the overbought zone at 72.5 points with a open interest at historic highs of around $13 billionas evidence of the strength of the asset and the attention of investors for speculation.
It seems that at this stage when Ethereum is being cheered by the crowd, with predictions indicating a bright future for the second cryptocurrency on the market, the big bitcoiners are changing their rigid outlook.
People like Jack Mallers, CEO and founder of Strike, who previously defined Ethereum as a “gross stuff” now defines it as a “technology” while maintaining a preference for Bitcoin as a form of global store of value.
We are waiting to find out when the SEC will approve S-1 filings for ETH exchange-traded fund issuers (now it’s only a matter of time) to be able to make further assessments on the state of the asset market.
If the listing were to have the same effect recorded on Bitcoin for the launch of the BTC ETFs, we could expect a weak price action in the first two weeks, and then observe a price pump in the following months with prices that could skyrocket even up to $8,000 by the end of 2024.
In such a context, altcoins would also benefit from fertile ground to fuel speculation and the influx of new resources onto the market.
