The price of altcoin king Ethereum (#ETH ) has been in a consolidation phase recently as the market closely monitors the approval of an S-1 filing. Currently trading at $3,787, ETH recorded a slight increase of 0.6 percent in the last 24 hours. Meanwhile, Bitcoin (BTC) surpassed the $70,000 level for the first time in over a month, signaling a potential move towards an all-time high.

ETH/BTC Dynamics

The ETH/BTC trading pair experienced downward pressure as Bitcoin's price momentum strengthened. Bitcoin's rise has caused it to lose value against many cryptocurrencies, including Ethereum.

Ethereum price has fallen out of the consolidation zone and is moving towards the 50 percent Fibonacci retracement level near 0.052 BTC. This level is expected to act as a support zone, potentially leading to a bounce back towards the 27 percent Fibonacci extension level around 0.06 BTC. However, resistance may be encountered at 0.057 BTC and 0.058 BTC, while support around 0.052 BTC could prevent further declines.

Bitcoin's Bullish Breakout

Bitcoin recently broke out of a descending triangle formation, a classic bullish signal, and is now poised to move higher. The profit target for this breakout formation is around $74,000, which could lead to a new all-time high in Bitcoin. However, resistance levels near $72,200 and $74,000 might pose challenges, while a key support level at $67,000 could help maintain upside momentum.

While the Ethereum community eagerly awaits the approval of its S-1 application, Bitcoin continues to lead the way for mass adoption. El Salvador, known as the 'Bitcoin State', currently has and continues to accumulate 5,660 BTC worth over $402 million. In addition, the University of Texas at Austin announced that it will accept Bitcoin for tuition and establish a long-term Bitcoin fund.

In the Ethereum ecosystem, liquid staking and re-staking are gaining traction by bringing more liquidity to the system. This increased liquidity could push the price of ETH higher. Notably, Ethereum's mainnet TVL (Total Value Locked) recently approached 2 percent of its all-time high, indicating strong activity and investor interest.

Currently, the cryptocurrency world is optimistic about the approval of the form S-1, primarily because it was filed by BlackRock, a company with a strong track record of successful ETF implementations. The Ethereum community is hopeful that this approval could mark a major milestone for the cryptocurrency, pushing the price of ETH to $10,000.