Key Points
- Gary Gensler signals imminent ETF trading
- U.S., German governments sent 7.44k BTC to exchanges in a week
- Bitcoin battles around $60,000 support level
- Ethereum falls 4.6% this week, trades at $3382
Ethereum (ETH) and Bitcoin (BTC) prices are struggling as ETH dips below the 50 SMA and BTC sits above the $60,000 support level. Both cryptocurrencies are at a crucial point, and investors are looking for any indication of a breakout or further decline.
ETH/BTC Price Prediction: Ethereum Price Eyes $4,000, Will This Chart Pattern Hold?https://t.co/VhvtXLYVSO
— John Morgan (@johnmorganFL) June 27, 2024
Potential for 20% Ethereum Price Surge
The price action by Ethereum has been interesting especially with the formation of a falling wedge within a larger ascending triangle. These patterns usually indicate bullish moves and increase the chances of an upward break out happening.
At the moment, ETH is trading below its 50-day SMA but above its 200-day SMA which shows that there is a fight between buyers and sellers. If ethereum can break above the falling wedge then we might witness a price increase of about 20% that could push its value to over $4000 again; however there is strong support at around $3000 which may act as a floor if it drops further.
Ethereum’s price has failed to keep up with fundamentals given its underperformance versus bitcoin which remains near critical support thereby causing uncertainty across markets.Bitcoin Support at Risk
Yesterday bitcoin declined by 1.59%, closing at $60,807 but has shown some marginal rise today although remaining range-bound in volatility.The area between $60,198-$62,252 is very important; if this zone fails to hold then there could be more downside towards $50000.
On the flip side should BTC recover from this level it could rally towards $70K which would be a significant boost for the wider crypto market.
Ethereum Price Lags as Positive Fundamentals Roll In
Hopes are high for the approval of an Ethereum ETF by July after U.S. SEC Chair Gary Gensler noted that things were going well with the approval process. If this happens then we could see massive gains in ether prices leading to one of the biggest bull runs ever seen in cryptocurrencies.
Bitcoin is bearish while Ethereum is on the verge of breaking out above $4000. With BTC testing key support at $60000, short-term sentiment may turn negative on crypto markets. Investors should be cautious and make decisions based on these developments.
