The crypto market has seen significant volatility during this week amid the pending approval of the ETH ETF by the SEC. Furthermore, major tokens have experienced massive price movements this week, indicating an increase in price action in the crypto space.

Furthermore, the market leader Bitcoin price successfully maintained its price above the $68K mark, highlighting a growing bullish sentiment in the crypto space. Furthermore, ETH price continues to hover near its $3,750 level, indicating a strong possibility of bullish price action soon.

With the approval of the Ethereum ETF, will market leaders Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) begin a new rally in the crypto market?

Bitcoin price suggests positive price action:

The market leader, BTC Price, exhibited a consolidated trend in the 1D period, resulting in the formation of a channel pattern on the chart. Positively, the supporting trendline of the symmetrical triangle pattern records a steady uptrend, suggesting a long-term bullish sentiment in the crypto space.

TradingView: BTC/USDT

The SMA technical indicator supports the price chart in the 1D time frame, suggesting a strong bullish sentiment in the crypto space. However, the MACD shows a steady decline in the histogram, with its averages registering a potential bearish curve, suggesting mixed sentiment.

If the market regains dynamism, the Bitcoin Price will prepare to retest its resistance trendline over the weekend. Maintaining the price at this level will set the stage for Bitcoin price to test its previous ATH at $73,750.07 and potentially reach a new all-time high.

However, an increase in selling pressure could result in the market leader falling towards its support trendline during the next period.

ETC price forms a bullish flag pattern!

Following the hype surrounding the approval of the Ethereum spot ETF, the Ethereum Price it added approximately 21% this week, highlighting the increasing bullish influence for the altcoin.

Positively, leading altcoin ETH Price has formed a bullish flag pattern on its price chart, highlighting a growing bullish influence in the crypto market. Furthermore, Ethereum price constantly maintains its price above the $3,727 support level, suggesting a bullish outlook for the altcoin.

TradingView: ETH/USDT

Furthermore, the 50/200 day Cross EMA shows a bullish curve on the price chart, suggesting an increase in buying pressure over selling for the Ethereum Price in the market.

On the other hand, the Relative Strength Index (RSI) continues to hover near its overbought range, with its average showing a significant upward trend on the chart.

If the bulls break out of the flag pattern, Ethereum price will prepare to test its upper resistance level of $4,094.75 during the next week. On the other hand, bearish price action could pull the ETH token towards its lower support level of $3,400 this month.

Ripple’s XRP Token on the Verge of a Major Breakthrough:

Despite increased price volatility in the crypto space, the XRP Price showed a neutral trend by adding approximately 3% in the last day and 1.98% in the last seven days. Additionally, the Ripple token has a YTD return of 13.08%, indicating mixed sentiment.

TradingView: XRP/USDT

The XRP token has formed a symmetrical triangle pattern on the 1D timeframe and is hovering near its resistance trendline. Additionally, the 50-day EMA acts as a resistance to the price chart, highlighting mixed sentiment in the crypto market.

Furthermore, the Moving Average Convergence Divergence (MACD) has shown a steady green histogram since mid-April, indicating a positive influence on the Ripple Price in the crypto space.

If the market breaks out of the resistance trendline, the bulls will prepare to retest its important resistance zone in the coming time. Negatively, a trend reversal could pull XRP price towards its support trendline this month.

Conclusion:

With the approval of the Ethereum ETF in sight by the SEC, the cryptocurrency market has entered a new bull cycle, highlighting a high potential for a new recovery during the coming weeks.

Additionally, major altcoins displayed a strong bullish pattern on their respective charts, indicating a strong possibility of an AltSeason that could result in the crypto market recording a new all-time high (ATH).

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