Ethereum Price and Bitcoin Price Prediction: Can Both Cryptocurrencies Recover After BTC Revises $30,000?
Bitcoin and Ethereum are two major cryptocurrencies that have gained significant fashionability since the morning of this time. Ethereum( ETH), which is thesecond-most popular cryptocurrency, lately surpassed the$ 2,000 corner for the first time since May of last time.
Meanwhile, Bitcoin, the world's largest cryptocurrency, started the new week on a positive note, remaining constant within the$ 30,000 position. Bitcoin reached$ 31,005 last week, its loftiest price since June 2022.
still, the gaining band in the Ethereum price was substantially driven by the success of the Shanghai Upgrade. It's worth recalling that the Shapella upgrade was implemented on April 12, and there were enterprises that the update might cause the price of Ether to drop.
Although, it seems that utmost validators who own Ether are only withdrawing their prices rather of selling their Ether. still, it appears that the majority of validators that possess Ether are just withdrawing their incentives rather than selling their Ether. This suggests that the Shapella update had no negative influence on Ether's pricing.
Crypto Prices Hold Steady Despite Hawkish Fed commentary
Despite hawkish commentary from Federal Reserve officials regarding the path of interest rate hikes, the global cryptocurrency request has been flashing green and remained steady in early Asian trade on Monday.
At the time of jotting, the global crypto request valuation was$1.27 trillion, up0.19 percent in 24 hours. still, the Fed's rearmost commentary overshadowed its former enterprise that it was on the verge of cutting interest rates, which caused a jump in Bitcoin prices. specially, the eventuality for rate cuts was fueled by low inflation and pointers of a sluggish employment market.
Although, this appears to be a temporary trend, as hawkish statements from Federal Reserve officers fueled renewed worries about increasing interest rates, allowing the bone to continue its answer from one- time lows.
BTC has been supported by safe- haven demand over the once month, incompletely due to the collapse of several US banks. Although fears of a larger extremity have lessened, prospects of a US recession this time have prompted inrushes into BTC.
thus, BTC had been impacted negatively by risingU.S. interest rates throughout 2022, but this time saw a sharp recovery as investors anticipated an end to unborn rate hikes. Despite prospects of a pause in June, Fed Fund futures prices indicate that requests are still preparing for one further hike in May. This was seen as one of the crucial factors that could cap further gains in the BTC price.
Bitcoin and Ether's Resilience in Turbulent Banking Sector
According to ARK Invest CEO Cathie Wood, Bitcoin, and Ether have shown resiliency in the recent fiscal sector turbulence, outperforming other assets and operating also to gold. She believes that the two cryptocurrencies have become" flight to safety" assets during macroeconomic uncertainty, indicating wider relinquishment and acceptance.
Wood anticipates that cryptocurrency will ultimately become an election issue when it's more astronomicallyaccepted.On the flip side, Bridgewater Associates founder Ray Dalio remains skeptical, claiming that Bitcoin is too volatile to be used as a currency and that central banks would not accept it. This can put some negative energy on BTC prices.
Bitcoin Price
The current Bitcoin price is$ 29,980, and the 24- hour trading volume is$14.9 billion. Bitcoin has fallen by nearly 1 in the former 24 hours. On Monday, the BTC USD is trading with a bearish bias, and it's likely to find immediate support near the$ 29,750 position.
In the 4- hour timeframe, the BTC USD brace has formed a symmetrical triangle pattern that's likely to find support near the$ 29,790 position. A bearish rout of this position has the implicit to push the Bitcoin price further down toward$ 29,190.
The RSI and MACD pointers are both in the selling zone, indicating the possibility of a bearish correction. thus, it's judicious to wait for BTC to retest the$ 29,750 position before taking any buying positions.
still, 250 position, it's likely that the$ 30, If the BTC USD brace breaks above the$ 30.
Ethereum Price
The current price of Ethereum is$ 2,098, with a 24- hour trading volume of$8.9 billion. Ethereum has gained0.10 in recent hours.
Ethereum, the alternate most popular cryptocurrency, is presently experiencing a significant bullish trend after surpassing the resistance level of$ 2,075. The cryptocurrency is now moving toward the$ 2,150 mark.
Still, 150 level, it could trigger an uptrend that could reach as high as$ 2, If ETH manages to successfully close above the$ 2.
Still, if Ethereum fails to close above the$ 2,160 level, its price could drop to$ 2,075 or indeed$ 2,030. It's pivotal to keep a close watch on the$ 2,160 level to determine whether to consider a steal or sell trade today.
