ETH/BTC Price Prediction: Why Is Ethereum Price Stuck Below $3,800?

Highlights

Blackrock's Bitcoin ETF has become the fastest ETF to reach $20 billion.
Blackrock is just 15,000 BTC shy of overtaking Grayscale’s Bitcoin holding.
Ethereum price may rally another 22% to hit 0.07 BTC, levels not witnessed since July 2023.

Ethereum price saw a significant surge following the announcement of the approval for the Ethereum Spot ETF. The ETH to BTC ratio stands at 0.054, indicating Ethereum has experienced a 22% increase. Bitcoin rested support at $67,000 and could drop $65,000. Meanwhile, Ether holds at $3,700 amid heightened volatility.

Ethereum Price Analysis: Is a Retrace In-Bound Before a Pump Higher?

Ethereum/bitcoin Price — ETH/BTC Price Chart

ETH price is strong against Bitcoin, although the general trend is downward. The ETH/BTC price ratio has been trending below the 50-day and 200-day simple moving averages (SMAs) for the past 482 days. This signifies that Bitcoin was gaining on Ethereum.

However, following the approval of the Ethereum Spot ETF, Ethereum gained on Bitcoin. Ether is currently above these two moving average indicators. The action is also in a massive bull flag market structure on the daily timeframe. If the chart pattern plays out, a rally with a 22% magnitude could erupt to hit 0.07 BTC, levels not witnessed since July 2023.

In an inverse scenario, the Ethereum price may find support around 0.051 BTC and 0.053 BTC. This level is a resistance-turned-support and has been tested three times before.

The price of Bitcoin is approaching the end of a symmetrical triangle on the 4-hour chart. Symmetrical triangles can break out on any side but usually follow the direction of the preceding trend, up in Bitcoin’s case. Bitcoin price is also trending above the 200-day SMA, which is bullish. Key resistance levels to look for in the case of a bullish breakout would be $71,600, $74,724, and $77,490. Conversely, key support areas would be around $66,200, $65,700, and $62,900.

This week, Blackrock submitted an S-1 statement for their Spot Ethereum ETF, a move that may result in bullish sentiment for the asset.

On the other hand, Blackrock’s BTC holding is rapidly closing the gap against that of Grayscale. As of May 15, 2024, Blackrock was just 15,000 BTC shy of closing that gap. That number may be smaller today. In other news, Blackrock’s Bitcoin ETF also became the fastest ETF to reach $20 billion (137 days), defeating JEPI (985 days).

The flippening #Bitcoin $BTC pic.twitter.com/gRGAV35VHM

— Quinten | 048.eth (@QuintenFrancois) May 15, 2024

$8.12 Billion BTC And ETH Options Set To Expire Today

On May 31, 2024, a whopping 69,000 Bitcoin options with a notional value of $4.7 billion are set to expire on Deribit. The put-call ratio is 0.61, which means there’s been a rise in call open interest recently, as everyone prepares for the monthly expiry. The max pain point is $66,000, which could cause some market tension.

As for Ethereum, there are approximately 354,000 contracts with a notional value of $1.5 billion expiring on the same day. The put-call ratio for Ethereum is 0.59, which suggests a higher concentration of call options, indicating a bullish sentiment among traders. The options expiry could cause a price pullback as traders and investors navigate the situation.

Bottom Line

Ethereum price surged following the news of the Ethereum Spot ETF approval, with the ETH to BTC price ratio now at 0.054, marking a 22% gain for Ethereum. Despite recent minor declines, Ethereum is showing strength against Bitcoin, breaking above key moving averages and forming a bullish market structure.

If this pattern continues, Ethereum could see another 22% rally. With BlackRock’s recent filing for a Spot Ethereum ETF and significant BTC and ETH options set to expire, the market is bracing for volatility. The options expiry could lead to price pullbacks, but the overall sentiment appears bullish as investors navigate these developments.

Trending
Price Analysis

Best Crypto Presales To Invest In September 2025 – Top Upcoming Presale Tokens

Best Crypto AI Trading Bots In 2025

Top Meme Coins To Buy In September 2025

Evans Karanja

Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.

Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.