ETH/BTC Price Prediction: Is Ethereum Price Poised For $4000 As Spot ETF Trading Nears?
Highlights
- Gensler signaled that the ETFs would begin trading soon.
- The US and German governments sent a total of 7,440 BTC to exchanges in a single week.
- Bitcoin price still struggling around the $60,000 support level.
Ethereum has defended support at $3,200, subsequently keeping at bay calls for an extended correction to $3,000. In light of the spot Ethereum ETF trading in July, sentiment in the market is bound to improve and propagate a rebound to $4,000 and higher in the same month.
A 20% Ethereum Price Breakout Could Happen Before End of June
ETH price action is interesting as inside the giant ascending triangle, a falling wedge is forming. In fact, the falling wedge has formed for the last month, and room for price action movement is thinning out. Falling wedges are generally bullish market structures since they have a higher probability of breaking to the upside.
The Ethereum price action is trending below the 50-day but above the 200-day simple moving average (SMA), indicating a tussle between the bears and the bulls.
If the price of Ethereum breaks above the falling wedge, it could trigger a 20% move that restores the asset back above $4,000. On the flip side, Ethereum has robust support at around $3,000 to hold the price up.
The lag in ETH price (despite the increasingly positive fundamentals) may be instigated by Bitcoin, which has left many market participants in a state of panic as it encroaches near a dangerous support level.
Bitcoin price dropped 1.59% yesterday and closed the day at $60,807. While today the price is slightly up, it still doesn’t constitute good news.
The whole region between $60,198 and $62,252 is a danger zone as a close below this range could result in a larger price drop to the $50,000 support level.
On a positive note, if Bitcoin price manages to bounce off this level, we may witness a surge to $70,000 soon after.
Ethereum Price Lags Despite Positive Fundamentals
Ethereum price action is setting itself up for a break to the upside in anticipation of the approval of an Ethereum ETF by July. U.S S.E.C Chair Gary Gensler told a Bloomberg Invest audience that the Ethereum ETF approval process was “going smoothly”. In a separate interview with the Financial Times, Gensler signaled that the ETFs would begin trading soon. These developments have Ethereum investors at the edge of their seats for what could be the biggest ETH and altcoin run in the history of crypto.
Bottom Line
BTC is experiencing downward pressure, with ETH showing promises of a significant breakout. As Bitcoin approaches the critical $60,000 support level, this price action may signal a short-term bearish sentiment in the broader crypto market, warranting caution and strategic decision-making.
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