Ethereum

Bitcoin ETF

Bitcoin

Ethereum price has been consolidating amid a bigger market structure—the bull flag. Investors are watching closely for when the <a href="https://coingape.com/price-predictions/ethereum-eth-price-prediction/" rel="noopener noreferrer nofollow">price of Ethereum</a> 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 <a href="https://coingape.com/price-predictions/bitcoin-btc-price-prediction/" rel="noopener noreferrer nofollow">BTC price</a> 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.
<h2 id="span-style-font-weight-400-eth-btc-price-analysis-ethereum-price-creeping-up-channel-may-breakout-in-less-than-1-week-span">ETH/BTC Price Analysis: Ethereum Price Creeping Up Channel, May Breakout in Less than 1 Week</h2>
<figure id="attachment_200982" aria-describedby="caption-attachment-200982" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-200982" src="https://coingape.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-07-at-07.54.11.jpeg" alt="Eth/btc" width="1280" height="565" srcset="https://coingape.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-07-at-07.54.11.jpeg 1280w, https://coingape.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-07-at-07.54.11-300x132.jpeg 300w, https://coingape.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-07-at-07.54.11-1224x540.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-07-at-07.54.11-768x339.jpeg 768w, https://coingape.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-07-at-07.54.11-150x66.jpeg 150w" sizes="(max-width: 1280px) 100vw, 1280px">
 <figcaption id="caption-attachment-200982" class="wp-caption-text">
 ETH/BTC Price Chart
 </figcaption>
</figure>
<a href="https://coingape.com/price/ethereum/" rel="noopener noreferrer nofollow">Ethereum price</a> 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.
<figure id="attachment_200983" aria-describedby="caption-attachment-200983" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-200983" src="https://coingape.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-07-at-07.54.11-1.jpeg" alt="Bitcoin Price" width="1280" height="565" srcset="https://coingape.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-07-at-07.54.11-1.jpeg 1280w, https://coingape.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-07-at-07.54.11-1-300x132.jpeg 300w, https://coingape.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-07-at-07.54.11-1-1224x540.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-07-at-07.54.11-1-768x339.jpeg 768w, https://coingape.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-07-at-07.54.11-1-150x66.jpeg 150w" sizes="(max-width: 1280px) 100vw, 1280px">
 <figcaption id="caption-attachment-200983" class="wp-caption-text">
 BTC Price Chart
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</figure>
On the other side, <a href="https://coingape.com/price/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin price</a> 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.
<h2 id="span-style-font-weight-400-eth-btc-price-future-outlook-span">ETH/BTC Price Future Outlook</h2>
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.&nbsp;
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.
<h2 id="span-style-font-weight-400-bottom-line-span">Bottom Line</h2>
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 <a rel="noopener noreferrer nofollow" href="https://www.sec.gov">SEC</a> is stalling and that ETF approval is inevitable. Investors eagerly await the outcome of this ETF struggle.
The post <a href="https://coingape.com/markets/eth-btc-price-analysis-why-ethereum-price-can-break-out-to-5000/" rel="noopener noreferrer nofollow">ETH/BTC Price Analysis: Why Ethereum Price Can Break Out to $5000</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

ETH/BTC Price Analysis: Why Ethereum Price Can Break Out to $5000

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