In this article we look at a recap of the crypto news of the last week and the future price forecasting of Bitcoin and Ethereum according to multi-asset investment broker eToro.
The price action of the industry’s two major cryptocurrencies remains somewhat dull, with prices hovering between $28,000 and $29,000 for BTC and between $1,800 and $1,900 for ETH. In what direction will the market sprint next?
All the details below.
Summary
Recap of the last week’s news in the crypto sector
Before moving on to look at the charts of Bitcoin and Ethereum, let’s see what memorable things happened within the cryptocurrency sector with the help of broker eToro.
Early last week there was a brief rally in the charts of BTC and ETH, then suppressed in the following days, motivated by a major announcement by PayPal that it plans to launch a stablecoin linked to the dollar price.
The new cryptocurrency, which will compete with Tether (USDT) and USD Coin (USDC) will be 100% backed by dollar deposits, short-term US Treasury bonds, and cash.
Another excellent piece of news that prompted positivity within the crypto communities was Visa’s new test that seeks to explore new solutions to make it easier for its customers to access Ethereum services without going through the difficult decentralized processes.
Specifically, the company is looking for a way to enable payment of Ethereum “gas fees” in FIAT currency via credit/debit cards, simplifying the user experience and introducing a new model with which to access the world of decentralized applications.
This news holds the potential for major disruptive effects since if Visa really succeeds in its intentions, a giant hurdle for mainstream adoption of Web3 services would have been overcome.
Other news reported by eToro, less important than the first two mentioned, relate to the presidential elections in Argentina and the pro-Bitcoin candidate, Javier Milei, who would take the lead.
The latter allegedly favors the dollar, which is expected to replace the now-defunct Argentine peso, as well as having positive views on Bitcoin.
In a country like Argentina, where inflation weighs heavily on the purchasing power of citizens, the introduction of the Bitcoin standard could lift the fortunes of the economy by putting in the hands of the people a currency of the people, not controlled by any central entity.
Finally, it is worth mentioning that Bitcoin mining could drive the coming transition to a greener model of energy production.
According to eToro, a scientific study has suggested that the process driving bitcoin mining could itself drive the worldwide adoption of wind and solar power.
This is because in times when demand for these energy sources is low and prices are cheap, renewable energy providers have an incentive to use some of their stock to supply the Bitcoin grid and get a significant reward.
All of this could subsidize sustainable mining operations around the world where there is a lack of government incentives, driving faster and faster growth toward the use of renewables.
eToro: Bitcoin and Ethereum price forecasting
Let’s now see what the analysis and future price forecasts are for Bitcoin and Ethereum according to investment broker eToro.
Following the rally that led Bitcoin and the rest of the crypto market to record excellent gains with the advent of BlackRock and the narrative of spot ETFs on the major cryptocurrency, we have witnessed a very boring few weeks on the charts.
Since mid-June, the price action of Bitcoin and Ethereum has been nearly flat with slight downside attempts that have been unsuccessful.
In the last week the world’s largest cryptoasset saw a slight 1.25% rise from the previous week with prices rising as high as $29,700 before being pushed back by bears.
Vitalik Buterin‘s favorite coin also posted weekly gains of slightly more than 1% with prices reaching as high as the local top of $1,870, then broken to the downside.
According to eToro’s analysis, the cryptocurrency market continues to look for good news to cling to, with sterile price changes in the sector’s most capitalized assets.
This justifies a quiet summer as far as prices are concerned for the entire crypto sector, with the whales and big investors seemingly having gone on vacation and not interested at all in this financial environment.
In fact, low interest seems to have been present since mid-March, when market volumes dropped dramatically and have remained low until today.
It’s enough to consider that on the BTC-USDT pair on Binance, compared to the first trading week of March, volumes in the past week have been 10 times lower.
Until a large flow of capital returns to the crypto market, it will be difficult to predict a feasible future price for Bitcoin and Ethereum.
In any case, based on current data we can confirm that for BTC the trend remains positive, with prices on a weekly basis remaining above the EMA 10 and the “Supertrend” indicator indicating positive momentum for the cryptocurrency.
The same situation applies to Ethereum as well, with prices near the EMA 10, ready for a new bullish push supported by the positive “Supertrend” factor.
Next medium-term targets: BTC at $35,000 and ETH at $2,400.
