Crypto Market Tensions Rise as ETF Decision Nears for Ethereum
The crypto community is on edge as the decision on the Ethereum ETF nears. Bitcoin and Ethereum prices swing wildly, reflecting the market’s anticipation. TradingView data shows Bitcoin above $69,000 after dipping past that point twice the previous day.
Also read: BlackRock’s New Spot Ethereum ETF Filing Excludes Staking
Meanwhile, Ethereum is riding a wave of speculation and hope. Market watchers eagerly await the United States SEC’s green light on the ETF products. Just weeks ago, an approval seemed unlikely. Now, it’s a real possibility, stirring excitement and anxiety.
Bitcoin Will Skyrocket After ETF Approval
Michaël van de Poppe, a market expert, captured the community’s mood perfectly in his latest analysis on X. He wrote:
Very clean price action on BTC. Expecting a test at $67,500-68,000 before continuation. Everything is in anticipation of a potential Ethereum ETF to be approved.
BitQuant also has a super bullish view. He sees Bitcoin hitting $80,000 in May, then climbing to a local top of $95,000 in June. He predicts that although $95,000 will extend to June, a sharp decline from this local top will also occur in June, keeping the overall timeline unchanged.
Ethereum Bulls Are in Control
Meanwhile, ETH bulls continue to make waves. QCP Capital is bullish about Ethereum’s future if the ETF gets approved. They see a 60% upside potential. “We think an approval is now highly likely with trading expected as early as next week,” they stated in a recent update to their Telegram channel subscribers.
Also Read: Ethereum Price Will Hit $6,600 After Spot ETF Approval: Bernstein
This would push Ethereum’s price to around $6,000, based on Bitcoin’s performance after its US spot ETF approval in January. Ether’s momentum indicator, which tracks the rate of price changes over ten days, has surged to $880, the highest since May 2021, according to TradingView. This bullish trend is strong.
Traders use this momentum indicator to confirm trends and spot divergences. A bearish divergence happens when the indicator moves away from rising prices. Currently, no such divergence is visible, keeping bulls in control.
Ethereum Technical Analysis
Ethereum’s 14-day RSI, a momentum oscillator, has crossed above 70, indicating strong bullish momentum. This oscillator ranges between 0 and 100. Readings above 70 suggest strong upward momentum, while readings below 30 indicate accelerating price declines.
Ethereum has shown a trading range between approximately $3,710 and $3,860, which reflects significant short-term volatility. Given the recent strong push towards the upper end of the range, if Ethereum sustains above the $3,830 level, it might attempt to break the resistance at $3,900. A successful break above this level could potentially lead to testing higher levels around $3,960 or $4,000.
Cryptopolitan reporting by Jai Hamid
