On May 23rd, the US Securities and Exchange Commission approved numerous Ethereum spot exchange-traded funds. However, the commission’s decision did not fuel rallies in the cryptocurrency markets, leaving many to wonder whether the ETF verdict was already priced in.
However, some analysts are optimistic that the price action that happened post-approval of Bitcoin spot ETFs in January will occur again in the next few weeks. They expect ETH to exceed its current peak price before the year ends.
All approved Ethereum spot ETFs will start trading in mid-June. Eric Balchunas, a Bloomberg ETF analyst, said on Friday that Ethereum ETFs will garner approximately 10% of inflows witnessed by Bitcoin spot ETFs. He argued that when money begins to flow into Ethereum ETFs, the crypto markets will resume their rallies.
As Bitcoin continues to trade sideways, the head of research at Fundstrat Global Advisors, Tom Lee, is super bullish. He told a CNBC journalist on Thursday that he expected BTC to cross $150,000 before December 31st.
Let’s now find out the major levels that Bitcoin and leading altcoins need to break above to start rallying again.
Bitcoin Price Analysis
The price reversal from $71,893 on May 21st suggested that the sellers are still determined to keep Bitcoin within a tight range. The coin is changing hands for $68,639 at press time. If it declines further and reaches the 20-day Exponential Moving Average of $66,027, a rebound from here will increase the prospects of a surge to $73,749 and later to $80,000. However, if the sellers force a break below $66,027, Bitcoin may plunge below the 50-day Simple Moving Average of $65,102 to head toward $59,613, where solid buying pressure is anticipated.
Ethereum Price Analysis
The sellers dragged ETH below the $3,729 critical support on May 24th, but they couldn’t keep up with the intense buying activity that happened below that level. The buyers have pushed the coin to $3,747 as of this writing. More buying pressure could cause the resistance at $3,900 to collapse, allowing ETH to rally above $4,090 to the $4,860 strong resistance. On the negative side, if ETH is pulled and sustained below $3,749, it could come under massive selling pressure, depreciating to the 20-day Exponential Moving Average of $3,308 in the process.
BNB Price Analysis
The $634.88 resistance level hasn’t been easy for Ethereum to cross above, suggesting that the sellers continue to defend it. BNB is trading at $602. If it keeps falling and turns up from the 20-day Exponential Moving Average of $591.40, it could start rallying. If this assumption is true, BNB is likely to cross $634.88 and grow towards the $692.12 resistance level.
However, if $591.40 collapses, the 50-day Simple Moving Average of $585.42 may also fail to hold, causing BNB to trend downwards to the $559.30 support.
Solana Price Analysis
SOL has dropped 2.45% this week. It reversed from $188.87 on May 21st, indicating that the sellers haven’t stopped selling on every rally. If the buyers fail to purchase the dip at the $162.56 breakout level, the sellers could attempt to drag the coin toward the $140.38 support level.
Meanwhile, if SOL starts rallying from $162.56, it will indicate that the buyers are looking to flip that price into solid support. We anticipate a move to $204.95 if that happens.
Dogecoin Price Analysis
Dogecoin has been in the green over the past 24 hours. The primary reason behind the rally is the news regarding the death of the dog that inspired its creation in 2013. As of this writing, Dogecoin is valued at $0.1697. It has to cross above $0.1782 to shift the advantage to the bulls. As such, Doge could surge toward the $0.2104 resistance level and even to $0.2205.
Conversely, if Dogecoin reverses from $0.1782, the possibility of a price fall below the 20-day Exponential Moving Average of $0.1609 to the $0.1344 support will increase.
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