The anticipation surrounding the Ethereum ETF decision has put the crypto community on edge. The prices of Bitcoin and Ethereum have been experiencing wild swings, reflecting the market’s uncertainty. According to TradingView data, Bitcoin has surpassed the $69,000 mark after briefly dipping below it twice the previous day.
Meanwhile, Ethereum is riding a wave of speculation and hope as market watchers eagerly await the SEC’s approval of ETF products. Just a few weeks ago, approval seemed unlikely, but now it is considered a real possibility, causing excitement and anxiety among investors.
Market expert Michaël van de Poppe perfectly captured the community’s mood in his latest analysis. He predicts that Bitcoin will reach $80,000 in May and climb to a local top of $95,000 in June. However, he also expects a sharp decline from this local top in June, keeping the overall timeline unchanged.
On the other hand, ETH bulls are still in control of the market. QCP Capital is optimistic about Ethereum’s future if the ETF is approved, projecting a 60% upside potential. They believe that approval is highly likely, with trading expected to start as early as next week.
Based on Bitcoin’s performance after its US spot ETF approval in January, QCP Capital predicts that Ethereum’s price could reach around $6,000. The momentum indicator for Ether has surged to $880, its highest level since May 2021, signaling a strong bullish trend. Traders use this indicator to confirm trends and spot divergences, and currently, no bearish divergence is visible, indicating that bulls are still in control.
Ethereum’s technical analysis shows that its 14-day RSI, a momentum oscillator, has crossed above 70, indicating strong bullish momentum. The cryptocurrency has been trading within a range of approximately $3,710 to $3,860, reflecting significant short-term volatility. If Ethereum can sustain above the $3,830 level, it may attempt to break the resistance at $3,900, potentially leading to higher levels around $3,960 or $4,000.
Overall, the crypto community is eagerly awaiting the SEC’s decision on the Ethereum ETF, and both Bitcoin and Ethereum prices are responding to the market’s anticipation. The future of Ethereum looks promising if the ETF is approved, with the potential for significant price increases.