Ethereum
Will Ethereum Price Reach $10,000 on BlackRock ETH ETF?
The price of Ethereum has consolidated in recent weeks as the market prepares for the approval of an S-1 filing. Ethereum Price is currently trading at $3,787, an increase of 0.6% in the last 24 hours. On the other hand, Bitcoin has risen above $70,000 again after more than a month of trending below this crucial level and continues its journey in an attempt to breach an all-time high.
ETH/BTC Price Analysis: Ethereum Price Succumbs to Bitcoin Rally, Can ETH Rebound?
The price of ETH against Bitcoin has seen some downward pressure as Bitcoin bulls pushed its price above $70,000 for the first time in the last 30 days. The majority of cryptocurrencies have lost some value compared to BTC, and Ethereum has not been left behind.
Ethereum price has broken out of the consolidation zone and is heading towards the 50% Fibonacci retracement level around 0.052 BTC. Based on Ethereum Price Predictionthis retracement level may act as a support zone and bounce higher towards the 27% Fibonacci extension level around 0.06 BTC.
On the upside, ETH price may encounter resistance around 0.057 BTC and $0.058 BTC. Conversely, the support structure around 0.052 BTC could prevent the ETH price from falling.
On the other hand, Bitcoin Price just broke out of a descending triangle in a classic textbook distribution and retest pattern. BTC Price could increase, with a profit target for this type of setup around $74,000. This would set a new all-time high price for the king of cryptocurrencies.
Bitcoin price may find some resistance around $72,200 and $74,000, but on the other hand, a key support level around $67,000 could help keep the price high.
Future ETH/BTC Price Outlook
While the Ethereum community awaits approval of the S-1 application, the Bitcoin community continues to lead mass adoption of the number one crypto. El Salvador, the “Bitcoin State,” now owns 5,660 BTC worth over $402 million and continues to accumulate.
Additionally, the University of Austin, a private institution in Texas, will now accept Bitcoin for tuition and create a long-term Bitcoin fund.
Meanwhile, liquidity staking and retaking on Ethereum is only just gearing up, and a lot more liquidity is about to hit the ecosystem, a phenomenon that could drive the price of Ethereum even higher. Including liquid staking, Ethereum mainnet TVL recently found itself less than 2% of its ATH
Conclusion
The crypto community is optimistic about the approval of Form S-1 because black rock submitted it. The company has a clear track record of winning only when it comes to ETF applications and the Ethereum community is counting on this to drive the price of ETH to $10,000.
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