- Bitcoin price could flip $43,860 into a support floor, bringing the $50,000 psychological level into view.
- Ethereum price could climb 7% to the $2,500 level as bulls show determination.
- Ripple price could extend 10% north as bulls make a comeback in the XRP market.
Bitcoin (BTC) price remains steadfast on the higher timeframe, amid news that spot BTC exchange-traded funds (ETF) discussions are now at the technical stage of approval. Specifically, talks with Spot BTC ETF issuers have advanced to key technical details, with Reuters indicating that it could signal a shift toward a potential approval.
Also Read: This is the level to beat as Bitcoin eyes $50,000 next
Bitcoin price could overcome $43,860
Bitcoin (BTC) price is confronting the $43,860 critical support, marking the midline of a weekly supply zone extending from $40,698 to $46,999. A decisive candlestick close above this mean threshold on the weekly timeframe would confirm the continuation of the primary trend, flipping the supply barrier into a bullish breaker and using it as the springboard for a race to the $50,000 psychological level.
The Relative Strength Index (RSI) remains northbound despite BTC being overbought, indicating momentum continues to rise. Meanwhile, the histogram bars of the Awesome Oscillator (AO) remain in positive territory, flashing green to show that bulls are leading the BTC market. These bolster the case to the upside.
BTC/USDT 1-week chart
On the flipside, if the supply zone holds as a resistance level, Bitcoin price could face a rejection, deflecting south to lose the support offered by the $40,000 psychological level. In a worse case, the fall could extend to the $30,000 psychological level, with a weekly candlestick close below this level invalidating the bullish thesis.
Ethereum price could climb 7%
Ethereum (ETH) price action remains bullish since mid-October, consolidating within an ascending parallel channel. This is a bullish technical formation, promising more growth as long as the asset’s price remains within its confines.
With both the RSI and AO indicators supporting the bullish outlook, Ethereum price could rise 7% to the $2,500 level last tested in May 2022.
ETH/USDT 1-day chart
Conversely, should profit-taking kick in, Ethereum price could fail to realize the $2,500 target. The ensuing selling pressure could see ETH dwindle to lose the $2,147 support.
Ethereum price could then extend a leg down, converting the midline of the April 18 supply zone extending from $2,049 to $2,107 from a resistance area into a support area by breaking and closing below its midline at $2,075. A daily candlestick close below this level would not only invalidate the bullish thesis but also confirm the continuation of the downtrend.
Also Read: Ethereum Price Prediction: ETH attempts to flip $2,300 into support
Ethereum FAQs
What is Ethereum?
Ethereum is a decentralized open-source blockchain with smart contracts functionality. Serving as the basal network for the Ether (ETH) cryptocurrency, it is the second largest crypto and largest altcoin by market capitalization. The Ethereum network is tailored for scalability, programmability, security, and decentralization, attributes that make it popular among developers.
What blockchain technology does Ethereum use?
Ethereum uses decentralized blockchain technology, where developers can build and deploy applications that are independent of the central authority. To make this easier, the network has a programming language in place, which helps users create self-executing smart contracts. A smart contract is basically a code that can be verified and allows inter-user transactions.
What is staking?
Staking is a process where investors grow their portfolios by locking their assets for a specified duration instead of selling them. It is used by most blockchains, especially the ones that employ Proof-of-Stake (PoS) mechanism, with users earning rewards as an incentive for committing their tokens. For most long-term cryptocurrency holders, staking is a strategy to make passive income from your assets, putting them to work in exchange for reward generation.
Why did Ethereum shift from Proof-of-Work to Proof-of-Stake?
Ethereum transitioned from a Proof-of-Work (PoW) to a Proof-of-Stake (PoS) mechanism in an event christened “The Merge.” The transformation came as the network wanted to achieve more security, cut down on energy consumption by 99.95%, and execute new scaling solutions with a possible threshold of 100,000 transactions per second. With PoS, there are less entry barriers for miners considering the reduced energy demands.
Ripple price in recovery mode
Ripple (XRP) price is in a recovery rally, up almost 12% since the $0.5773 support level came into play. With the technicals in favor, XRP price could extrapolate the climb into the supply zone stretching between $0.6572 and $0.7161.
A decisive daily candlestick close above the midline of this order block at $0.6870 would confirm the continuation of the uptrend. This could see Ripple price hit the $0.7000 psychological level, 10% above current levels.
On the other hand, if the supply zone holds as a resistance order block, Ripple price could pull south to invalidate the bullish outlook below the $0.5773 support level.
Also Read: XRP price suggests bullishness as Ripple CEO credits the community with lawsuit win
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Solana price pumps 7% as SOL-based POPCAT hits new ATH, JITO becomes largest protocol on TVL metrics
Solana (SOL) price is the biggest gainer among the crypto top 10, with nearly 10% in gains. The surge is ascribed to the growing popularity of projects launched atop the SOL blockchain, which have overtime posted remarkable success.
High hopes rouse for TON coin with Pantera as its latest investor
Pantera aims to introduce crypto to the masses with investment in TON blockchain. The TON blockchain has received significant recognition among crypto investors following recent partnerships and integrations. TON could see a rally following Pantera's recent investment.
Ethereum to break out of bearish move, ETH ETFs unlikely in 2024
Ethereum shows signs of recovery despite a second consecutive day of poor performance in Hong Kong's spot Ethereum ETFs. Bloomberg analyst James Seyffart has also shared that a spot ETH ETF may not happen in the US in 2024.
Wasabi Bitcoin privacy mixing service to shut down starting June 1, zkSNACKs cites legal certainty concerns
zkSNACKs, the company pioneering the development of Wasabi Wallet, has revealed plans to shut down its Coinjoin coordination service, effective from June 1, 2024.
Bitcoin: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.