🚀ETH/BTC Price Prediction: Why Is Ethereum Price Stuck Below $3,800?

📈 Ethereum Price Surge: Ethereum's price spiked following the approval of the Ethereum Spot ETF. The ETH to BTC ratio rose to 0.054, a 22% gain. ETH is priced at $3,762, with a slight decrease in the past 24 hours and 7 days. Bitcoin trades at $68,293, up by 0.3%.

📊 Price Analysis: ETH is strong against BTC despite a general downward trend. The ETH/BTC ratio trended below the 50-day and 200-day SMAs for 482 days, but Ethereum is now above these averages. A bull flag pattern suggests a potential 22% rally to 0.07 BTC.

🛡️ Support Levels: If ETH retraces, support is around 0.051 BTC and 0.053 BTC, tested three times before.

🔺 Bitcoin Analysis: Bitcoin is nearing the end of a symmetrical triangle on the 4-hour chart, likely to break upward. Key resistance levels: $71,600, $74,724, $77,490. Key support areas: $66,200, $65,700, $62,900.

📑 ETF Developments: Blackrock filed for a Spot Ethereum ETF, boosting bullish sentiment. Their BTC holdings are nearing Grayscale's, with their Bitcoin ETF reaching $20 billion in 137 days.

📉 Options Expiry: On May 31, 2024, 69,000 Bitcoin options worth $4.7 billion and 354,000 Ethereum contracts worth $1.5 billion expire. The put-call ratios indicate bullish sentiment but could cause short-term pullbacks.

🔮 Outlook: Ethereum's price surged with ETF news, showing strength against Bitcoin. With significant options expiry and ETF developments, market volatility is expected. Despite possible pullbacks, overall sentiment remains bullish.