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

ETH/BTC Price Chart

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.

BTC Price Chart

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.

The post ETH/BTC Price Analysis: Why Ethereum Price Can Break Out to $5000 appeared first on CoinGape.

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Filed under: News - @ June 7, 2024 5:16 am