Let’s see in this article how the top 2 cryptocurrencies in the market, Bitcoin and Ethereum, are moving, and their price predictions.
Sembra che in questa fase sia Ethereum la vera protagonista delle borse crittografiche, con l’attenzione degli investitori che è canalizzata attorno alla questione ETF spot ETH, mentre Bitcoin segue i rialzi della regina.
What are the short and medium-term forecasts? Are we about to attack new historical highs in both assets?
All the details below.
Summary
Analysis and forecasts of the crypto market price: Bitcoin supported by the news of Ethereum ETFs
On this Monday, May 27th, Bitcoin records a price of 68,500 dollars, slightly down by 1% compared to the last 24 hours but up by about 9% in the last 30 days.
The king of the crypto market has managed to bounce back very well from the recent retracement, thanks especially to the news that involved the issue of Ethereum spot ETFs on Wall Street, approved officially on May 23 by the Securities and Exchange Commission.
BTC reports a market capitalization of 1.4 trillion dollars, volumes in the last 24 hours equal to 18.8 billion dollars, and dominance at 52.5%.
I prezzi si trovano ben al di sopra dell’EMA 50 daily con un RSI14 a 57 punti, in un pausa dalla foga delle speculazioni, in attesa che la domanda torni a spingere riportando la moneta sopra i 70.000 dollari ed oltre.
The prices are well above the EMA 50 daily with an RSI14 at 57 points, in a pause from the frenzy of speculations, waiting for the demand to push the currency back above 70,000 dollars and beyond.
The short-term forecasts indicate a strong probability of a continuation of the lateral trend, with the quotations likely oscillating within the trading range of 61,000-71,500 dollars in the coming days.
In any case, it seems more likely that, should the market take a clear direction shortly, the path will be that of the bull.
We remind you that today the US stock market is closed on the occasion of “Memorial Day”, therefore we might witness relatively reduced volatility during these hours.
Bitcoin is supported by the enthusiasm of the crypto market for Ethereum spot ETFs, which is monopolizing the attention of investors.
Since Bloomberg analysts increased the approval estimates of this investment instrument on May 20, BTC has grown by about 3%, even reaching the resistance of 71,500 dollars before a slight price drop.
Regarding this event so disruptive for the future of Ethereum and many other tokens developed within it, Michael Saylor expressed his enthusiasm about how all this could have a positively implicit impact also for Bitcoin.
Despite always declaring himself against Ethereum, this time he stated in a recent interview that the approval of exchange-traded funds on ETH “makes the entire asset class bigger and therefore more money can flow into Bitcoin.”
In the meantime, however, Bitcoin ETFs also continue to churn out encouraging numbers with funds on Wall Street that have recorded so far inflow of 13.68 billion dollars.
As a positive note, we highlight that Grayscale seems to have interrupted the trend of sales that characterized the recent price declines of the asset, while Fidelity, BlackRock, and Ark continue to increase their market share by adding satoshi to their respective holdings.
In particular BlackRock with its IBIT is about to match the numbers of Grayscale and its GBTC fund, having come to hold over 280,000 BTC for a value of almost 20 billion dollars.
ETH Price Prediction: attack on 4,000 dollars
As mentioned, at this moment the true protagonist of the price evolution in the crypto market is Ethereum, which graphically seems to be in a much better position compared to the king Bitcoin.
With a clearly bullish pattern, the quotations are currently at 3,917 dollars, up by 3.2% in the last 24 hours and by 25.6% in the last 30 days.
The market capitalization is equal to 470 billion dollars, with volumes in the last 24 hours of 18 billion dollars and a dominance of 18.3%.
Since May 20, the day when the ETF narrative became decidedly hotter, the coin has surged by 27%, suddenly changing the sentiment of investors who until then were much more negative about short-term price forecasts.
Now Ethereum is on the road to break 4,000 dollars and attack the local high located in the 40,091 dollars area, to then aim for the ATH above 5,000 dollars.
In the short term, downward movements are not excluded, with prices that could easily return to 3,500 dollars, while still remaining in a positive momentum.
L’RSI14 è appena entrato in zona iper comprata a 72,5 punti con un open interest ai massimi storici a circa 13 miliardi di dollari, come testimonianza della forza dell’asset e dell’attenzione degli investitori per le speculazioni.
Sembra che in questa fase in cui Ethereum viene acclamato dalla folla, con le previsioni che indicano un futuro radioso per la seconda criptovaluta del mercato, i bitcoiners maxi stanno cambiando le loro rigide prospettive.
Gente del calibro di Jack Mallers, CEO e fondatore di Strike, che in precedenza aveva definitivo Ethereum come una “roba schifosa” ora la definisce come una “tecnologia” pur mantenendo la preferenza verso Bitcoin come forma di riserva di valore mondiale.
We remain waiting to discover when the SEC will approve the S-1 documents for the issuers of the ETH exchange-traded funds (it is now only a matter of time) to be able to make further assessments on the state of the asset market.
If the listing were to have the same effect recorded on Bitcoin for the launch of BTC ETFs, we could expect weak price action in the first two weeks, followed by a price pump in the following months with quotations that could soar up to 8,000 dollars by the end of 2024.
In a context like this, even the altcoin would benefit from fertile ground to fuel speculations and the influx of new resources into the market.
