Ethereum

Spot

Billion

Ethereum price action recently exploded upward following the news of the Ethereum Spot ETF approval. ETH to BTC price ratio is 0.054, which signifies a 22% gain on the part of Ethereum. The <a href="https://coingape.com/price/ethereum/">ETH price</a> on Friday was $3,762, representing a 0.7% decrease in the past 24 hours and a 0.9% decrease in the past 7 days. <a href="https://coingape.com/price-predictions/bitcoin-btc-price-prediction/">Bitcoin price</a> on the other hand, is trading at $68,293, a 0.3% hike. 
<h2 id="span-style-font-weight-400-ethereum-price-analysis-is-a-retrace-in-bound-before-a-pump-higher-span">Ethereum Price Analysis: Is a Retrace In-Bound Before a Pump Higher?</h2> 
<figure id="attachment_199791" aria-describedby="caption-attachment-199791" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-199791" src="https://coingape.com/wp-content/uploads/2024/05/WhatsApp-Image-2024-05-31-at-08.25.25.jpeg" alt="Ethereum/bitcoin Price" width="1280" height="565" srcset="https://coingape.com/wp-content/uploads/2024/05/WhatsApp-Image-2024-05-31-at-08.25.25.jpeg 1280w, https://coingape.com/wp-content/uploads/2024/05/WhatsApp-Image-2024-05-31-at-08.25.25-300x132.jpeg 300w, https://coingape.com/wp-content/uploads/2024/05/WhatsApp-Image-2024-05-31-at-08.25.25-1224x540.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/05/WhatsApp-Image-2024-05-31-at-08.25.25-768x339.jpeg 768w, https://coingape.com/wp-content/uploads/2024/05/WhatsApp-Image-2024-05-31-at-08.25.25-150x66.jpeg 150w" sizes="(max-width: 1280px) 100vw, 1280px">
 <figcaption id="caption-attachment-199791" class="wp-caption-text">
 ETH/BTC Price Chart
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</figure> 
ETH price is strong against Bitcoin, although the general trend is downward. The ETH/BTC price ratio has been trending below the 50-day and 200-day simple moving averages (SMAs) for the past 482 days. This signifies that Bitcoin was gaining on <a href="https://coingape.com/price-predictions/ethereum-eth-price-prediction/">Ethereum</a>. 
However, following the approval of the Ethereum Spot ETF, Ethereum gained on Bitcoin. Ether is currently above these two moving average indicators. The action is also in a massive bull flag market structure on the daily timeframe. If the chart pattern plays out, a rally with a 22% magnitude could erupt to hit 0.07 BTC, levels not witnessed since July 2023. 
In an inverse scenario, the Ethereum price may find support around 0.051 BTC and 0.053 BTC. This level is a resistance-turned-support and has been tested three times before. 
The price of <a href="https://coingape.com/price/bitcoin/">Bitcoin</a> is approaching the end of a symmetrical triangle on the 4-hour chart. Symmetrical triangles can break out on any side but usually follow the direction of the preceding trend, up in Bitcoin’s case. Bitcoin price is also trending above the 200-day SMA, which is bullish. Key resistance levels to look for in the case of a bullish breakout would be $71,600, $74,724, and $77,490. Conversely, key support areas would be around $66,200, $65,700, and $62,900. 
<img decoding="async" class="aligncenter size-full wp-image-199792" src="https://coingape.com/wp-content/uploads/2024/05/WhatsApp-Image-2024-05-31-at-08.32.41.jpeg" alt="etf" width="680" height="491" srcset="https://coingape.com/wp-content/uploads/2024/05/WhatsApp-Image-2024-05-31-at-08.32.41.jpeg 680w, https://coingape.com/wp-content/uploads/2024/05/WhatsApp-Image-2024-05-31-at-08.32.41-300x217.jpeg 300w, https://coingape.com/wp-content/uploads/2024/05/WhatsApp-Image-2024-05-31-at-08.32.41-678x491.jpeg 678w, https://coingape.com/wp-content/uploads/2024/05/WhatsApp-Image-2024-05-31-at-08.32.41-150x108.jpeg 150w" sizes="(max-width: 680px) 100vw, 680px"> 
This week, Blackrock submitted an S-1 statement for their Spot <a href="https://coingape.com/spot-ethereum-etf-s-1-approval-potential-date-revealed-heres-everything/">Ethereum ETF</a>, a move that may result in bullish sentiment for the asset. 
On the other hand, Blackrock’s BTC holding is rapidly closing the gap against that of Grayscale. As of May 15, 2024, Blackrock was just 15,000 BTC shy of closing that gap. That number may be smaller today. In other news, Blackrock’s Bitcoin ETF also became the fastest ETF to reach $20 billion (137 days), defeating JEPI (985 days). 
<blockquote class="twitter-tweet"> 
 The flippening <a rel="nofollow" href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a rel="nofollow" href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> <a rel="nofollow" href="https://t.co/gRGAV35VHM">pic.twitter.com/gRGAV35VHM</a> 
 — Quinten | 048.eth (@QuintenFrancois) <a rel="nofollow" href="https://twitter.com/QuintenFrancois/status/1790758140465586389?ref_src=twsrc%5Etfw">May 15, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
<h2 id="span-style-font-weight-400-8-12-billion-btc-and-eth-options-set-to-expire-today-span">$8.12 Billion BTC And ETH Options Set To Expire Today</h2> 
On May 31, 2024, a whopping 69,000 Bitcoin options with a notional value of $4.7 billion are set to expire on Deribit. The put-call ratio is 0.61, which means there’s been a rise in call open interest recently, as everyone prepares for the monthly expiry. The max pain point is $66,000, which could cause some market tension. 
As for Ethereum, there are approximately 354,000 contracts with a notional value of $1.5 billion expiring on the same day. The put-call ratio for Ethereum is 0.59, which suggests a higher concentration of call options, indicating a bullish sentiment among traders. The options expiry could cause a price pullback as traders and investors navigate the situation. 
<h2 id="span-style-font-weight-400-bottom-line-span">Bottom Line</h2> 
Ethereum price surged following the news of the Ethereum Spot ETF approval, with the ETH to BTC price ratio now at 0.054, marking a 22% gain for Ethereum. Despite recent minor declines, Ethereum is showing strength against Bitcoin, breaking above key moving averages and forming a bullish market structure. 
If this pattern continues, Ethereum could see another 22% rally. With BlackRock’s recent filing for a Spot Ethereum ETF and significant BTC and ETH options set to expire, the market is bracing for volatility. The options expiry could lead to price pullbacks, but the overall sentiment appears bullish as investors navigate these developments. 
The post <a href="https://coingape.com/markets/ethereum-bitcoin-price-set-up-for-a-22-run-as-blackrocks-btc-etf-hits-20-billion/">ETH/BTC Price Prediction: Why Is Ethereum Price Stuck Below $3,800?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

ETH/BTC Price Prediction: Why Is Ethereum Price Stuck Below $3,800?

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