The cryptocurrency community is on edge as the decision on the approval of the Ethereum ETF draws near. The prices of Bitcoin and Ethereum are fluctuating wildly, reflecting the market’s anticipation. According to TradingView data, Bitcoin is currently trading above $69,000 after dipping below that point twice the previous day.
There is a wave of speculation and hope surrounding Ethereum. Market watchers are eagerly awaiting the United States SEC’s approval of the ETF products. Just a few weeks ago, an approval seemed unlikely, but now it is a real possibility, causing excitement and anxiety among investors.
Michaël van de Poppe, a market expert, perfectly captured the community’s mood in his latest analysis on X. He predicts that Bitcoin will hit $80,000 in May and reach a local top of $95,000 in June. However, he also anticipates a sharp decline from this local top in June, keeping the overall timeline unchanged.
Meanwhile, Ethereum bulls are making significant moves in the market. QCP Capital is optimistic about Ethereum’s future if the ETF gets approved, projecting a 60% upside potential. They believe that approval is highly likely and expect trading to begin as early as next week, according to a recent update to their Telegram channel subscribers.
If the ETF is approved, this could push Ethereum’s price to around $6,000, based on Bitcoin’s performance after its US spot ETF approval in January. The momentum indicator for Ether has surged to $880, the highest since May 2021, indicating a strong bullish trend. Traders use this indicator to confirm trends and spot divergences, and currently, there is no bearish divergence visible, keeping the bulls in control.
Ethereum’s 14-day RSI, a momentum oscillator, has crossed above 70, signaling strong bullish momentum. This indicates that there is a strong upward trend in the price of Ethereum. The cryptocurrency has shown a trading range between approximately $3,710 and $3,860, reflecting significant short-term volatility. If Ethereum sustains above the $3,830 level, it may attempt to break the resistance at $3,900, potentially leading to testing higher levels around $3,960 or $4,000.
Overall, the cryptocurrency market is eagerly awaiting the decision on the Ethereum ETF approval, and both Bitcoin and Ethereum prices are experiencing significant fluctuations as a result. The future of Ethereum looks promising if the ETF gets approved, with the potential for substantial price increases.
