Ethereum Futures Calls on Rise, ETH Price Reversal Soon?

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Why Ethereum Price Can Break Out to $5000 – Crypto News

Published

2 years ago

June 7, 2024

Dripp

Ethereum price has been consolidating amid a bigger market structure—the bull flag. Investors are watching closely for when the price of Ethereum decides to move higher, as 30% gains may be at stake if they miss the move. In the meantime, Bitcoin adoption continues to soar as BTC price seeks to break the previous all-time high price.

ETH price hovered around $3,811 during European trading hours on Friday, a 1.3% decrease in 24 hours and a 1.4% increase in 7 days.

ETH/BTC Price Analysis: Ethereum Price Creeping Up Channel, May Breakout in Less than 1 Week

Ethereum price has been stuck in the current consolidation zone for the past eight days. Nevertheless, this chart pattern is part of a previously formed bull flag with massive profit implications if it breaks out.

The price of Ethereum is trending above the 50-day and 200-day simple moving averages (SMA), signaling bullish sentiment among investors.

Additionally, ETH price action has been creeping up an ascending channel, which indicates a short accumulation phase before a breakout.

Extending the channel shows ETH price may try a breakout in about 4 days if all factors remain constant. However, fundamental news can either make or break the current Ethereum market structure.

On the other side, Bitcoin price is also sporting a bull flag, but in a 4-hour timeframe. The price is also trending above the 50-day and 200-day SMA, a bullish signal for the asset. BTC price is currently en route to testing the upper boundary of the range.

If it manages to break out, we may see a $74,000 Bitcoin price in the coming days. $72,300 may push some resistance, but if the bulls are strong enough, they may slice through this barrier easily. On the flip side, strong support exists around $67,000 that may hold up the price.

ETH/BTC Price Future Outlook

Ethereum price went from $2,800 to $3,900 in one candle, and it is currently holding up well at $3,700 to $3,800. All this is happening before the S-1 applications are approved and an ETF is launched.

While Bitcoin grinds up slowly, ETH price holds the keys to big gains after $4,000 with the ETF launch. The market is eagerly waiting for S-1 clarity as the 10-day window to revoke the ETF has elapsed.

On the other hand, Bitcoin’s open interest hits a new high at 520,000 BTC, exceeding March’s all-time high. Meanwhile, Bitcoin ETFs are thriving with $488.1 million inflows.

Bottom Line

The crypto markets are full of speculation, which often proves accurate. The Bitcoin ETF represents the best-case scenario. As investors speculate on the ETA of the Ethereum ETF, there is a general sentiment that the SEC is stalling and that ETF approval is inevitable. Investors eagerly await the outcome of this ETF struggle.

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