The launch of an Ethereum spot ETF was supposed to be a boon for ETH prices and the entire cryptocurrency space. However, the market performed a classic “buy the rumor, sell the news” drama, with prices falling to lows near $3,000 before the daily close. Furthermore, while Bitcoin price is showing significant strength, if bulls can push it above the key range, a strong uptrend could ensue.
Bitcoin (BTC) Price Analysis
After BTC price fell below the temporary resistance level, the market speculated that it would fall below the lower support of $63,500. However, as strong bullish forces drove liquidity back into Bitcoin, the price once again broke through $65,600. Currently, the price is close to regaining a key resistance level, which indicates that a bullish trend is expected to close the month.
The market has been turbulent recently, and investors need to pay close attention to changes in key support and resistance levels. The price trends of Bitcoin and Ethereum will continue to dominate the direction of the entire cryptocurrency market, and a cautious and rational investment strategy will be the best choice to cope with market fluctuations.
In summary, although the launch of the Ethereum spot ETF failed to immediately bring about the expected price increase, the market potential is still huge. Bitcoin's strong performance has also injected confidence into the entire market. As the power of bulls gradually increases, a more significant upward trend may occur in the future. Investors need to remain alert and seize every opportunity in the market.
As shown in the figure, BTC price is currently in a rising wedge, and after completing the retracement, it is preparing for a new round of bullish trend. After several weeks of bearish trend, the Ichimoku cloud has turned bullish, and at the same time, the DMI indicator has rebounded before sending a bearish signal. These technical indicators show that the probability of the bullish trend continuing is quite high. Bitcoin bulls seem to be ready to push the price above $68,000 in the coming week.
Ethereum (ETH) Price Analysis
Following the recent launch of an ETH ETF, traders took advantage of the opportunity to profit, leading to a sharp price drop. After rebounding from $3,000, the coin fell from around $3,500 during a period of consolidation to around $3,150 currently. However, the current trading pattern opens the door for more bearish action as bulls do not appear to be in command regardless of the recent bullish divergence.
ETH price has fallen below a crucial support area, which sends a bearish signal for the second-largest coin. Buyers have entered but sellers are dominant enough, so the possibility of a drop back below $3,000 arises. The MACD is giving a ‘sell’ signal as selling pressure increases, but the RSI is showing bullish potential on a bounce. However, it shows a greater probability of lower highs, thus activating lower targets. The bearish narrative could be suppressed if the bulls manage to lift the levels to the support-turned-resistance zone between $3,265 and $3,322.
