Ethereum

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Ethereum price dropped 5.9% in the past 24 hours to trade at $3,292 as the markets turned red today. Eth seems to be struggling more compared to other cryptocurrencies like Bitcoin whose price has gone down by 4.6% in the same period. 
Bitcoin closed the day on Sunday at $63,154 but slid further downward in the early hours of Monday morning to trade around $61,355 at press time headed for its support at $60,000. 
<h2 id="span-style-font-weight-400-ethereum-price-eth-gears-up-for-46-breakout-span">Ethereum Price: ETH Gears Up For 46% Breakout&nbsp;</h2> 
<img decoding="async" class="aligncenter size-full wp-image-203943" src="https://coingape.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-24-at-10.03.23-1.jpeg" alt="Ethereum Price" width="1280" height="565" srcset="https://coingape.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-24-at-10.03.23-1.jpeg 1280w, https://coingape.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-24-at-10.03.23-1-300x132.jpeg 300w, https://coingape.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-24-at-10.03.23-1-1224x540.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-24-at-10.03.23-1-768x339.jpeg 768w, https://coingape.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-24-at-10.03.23-1-150x66.jpeg 150w" sizes="(max-width: 1280px) 100vw, 1280px"> 
<a href="https://coingape.com/price/ethereum">ETH price</a> has been trending inside a giant ascending triangle, but it is not until lately that the patterns have become clear. Zooming in, Ethereum price was stuck in a tiny range, from which it recently broke out downward. 
The asset’s price action is currently trending below the 50-day but above the 200-day simple moving average (SMA). Furthermore, the 200-day SMA coincides with the rising trendline of the ascending triangle, setting up potential support for the ETH price of around $3,126. 
The price of Ethereum may drop by about 7% to this support level before bouncing back up to retest the $4,000 level for the third time. If bull power is strong, Ethereum may break to the upside in a 46% move that launches it to $5,600.&nbsp; 
An alternative scenario is the price action remaining inside the ascending triangle and snaking its way to the very end before an eventual breakout.&nbsp; 
Albeit unlikely, a converse scenario may entail Ethereum breaking out downward from the ascending triangle, and finfin support around $2,357, and $1,898. 
According to <a rel="nofollow" href="https://www.coingecko.com/en/coins/ethereum">CoinGecko</a> data, Ethereum’s daily trading volume skyrocketed by 98%, signaling a recent uptick in interest among investors.&nbsp; 
<img decoding="async" class="aligncenter size-full wp-image-203944" src="https://coingape.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-24-at-10.04.11-1.jpeg" alt="Onchain data" width="1145" height="343" srcset="https://coingape.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-24-at-10.04.11-1.jpeg 1145w, https://coingape.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-24-at-10.04.11-1-300x90.jpeg 300w, https://coingape.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-24-at-10.04.11-1-768x230.jpeg 768w, https://coingape.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-24-at-10.04.11-1-150x45.jpeg 150w" sizes="(max-width: 1145px) 100vw, 1145px"> 
Data from <a rel="nofollow" href="https://defillama.com/compare?chains=Ethereum&amp;chains=Solana&amp;volume=true&amp;fees=true&amp;revenue=true&amp;addresses=true&amp;txs=true">DefiLlam</a><a rel="nofollow" href="https://defillama.com/compare?chains=Ethereum&amp;chains=Solana&amp;volume=true&amp;fees=true&amp;revenue=true&amp;addresses=true&amp;txs=true">a</a>, a blockchain on-chain analysis platform shows that Ethereum continues to dominate other layer 1 (L1s) and layer 2 (L2) blockchains in total value locked, volume, fees, revenues, and number of transactions. 
Meanwhile, BTC has dropped nelow $62,000 for the first time in a while now and fast approaching its support at $60,000. This has resulted to liquidations worth over $130 million, further punishing its prospects. However, if bulls stay above this support <a href="https://coingape.com/price-predictions/bitcoin-btc-price-prediction/">Bitcoin price</a> canbounce back to $66,000. 
<h2 id="span-style-font-weight-400-ethereum-price-future-outlook-span">Ethereum Price Future Outlook</h2> 
The main catalyst points for Ethereum currently hinge on the potential approval of its Spot ETF S-1s and the recent win against the SEC. However, this win is still eclipsed by the fact that the SEC has not classified Ethereum as not a security. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 Institutions are now bidding on ETH 
 Ethereum CME futures OI is rising just like it happened with BTC before the ETF trading started. 
 Time for $5,000 ETH soon ? 
 GIGA BULLISH <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f525.png" alt="🔥" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/JPZZ2GqBoF">pic.twitter.com/JPZZ2GqBoF</a> 
 — Ash Crypto (@Ashcryptoreal) <a href="https://twitter.com/Ashcryptoreal/status/1804937350625345933?ref_src=twsrc%5Etfw">June 23, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Ash Crypto, a crypto analyst on X (formerly Twitter) posted an analysis of the future of Ethereum price, citing that institutions are now bidding on ETH. He noted that Ethereum CME futures Open Interest is rising, similar to Bitcoin right before its ETF trading began. 
In the same time, Andrew Kang, believes the price of ETH may now see much movement even after the launch of Spot ETH ETF. He argues thats Ethereum lacks the institutional appeal that Bitcoin has. He reffers to Ethereum as a jack of all trades, master of none. On the launch of BTC ETFs, its price soared hitting new all time highs and pulled the entire crypto market along before colling off. 
<h2 id="span-style-font-weight-400-bottom-line-span">Bottom Line</h2> 
The Ethereum community hinges on the hope of an ETF approval and recent developments in the crypto space seem to indicate this as a potential conclusion. An approval of ETF S-1 and commencement of trading may result in <a href="https://coingape.com/price-predictions/ethereum-eth-price-prediction/">Ethereum price</a> breaking all-time high prices. 
The post <a href="https://coingape.com/markets/eth-btc-price-prediction-ethereum-price-targets-56000/">ETH/BTC Price Prediction: Ethereum Price To Crash Another 7%?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

ETH/BTC Price Prediction: Ethereum Price To Crash Another 7%?

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