Bitcoin (BTC) Price Consolidation, Ethereum (ETH) Predictions After ETF Approvals, and More: Bits Recap May 27
TL;DR
- BTC experienced volatility last week but calmed and currently sits around $68,500, with some analysts forecasting new ATHs.
- Despite a brief drop, ETH has rebounded and is trading above $3,900, a 36% increase over two weeks. Analysts anticipate further rallies, especially if the asset maintains momentum above key levels.
- XRP may also head north, influenced by technical indicators and ongoing legal proceedings with the SEC.
How’s BTC Doing?
The primary cryptocurrency experienced enhanced volatility in the past few weeks, rising from around $61,000 on May 14 to over $71,000 on May 21. The rally was stopped by a price correction, which pushed the asset below the $67K mark on May 24. Shortly after, though, BTC reclaimed some lost ground and has been trading in the $68,500-$69,300 area since then.
Despite the ongoing stagnation, numerous analysts believe the asset remains in a bullish mode, expecting substantial gains in the near future. One example is the X user Titan of Crypto who argued that a “breakout” is incoming once BTC surpassed the resistance zone of around $69,000.
Prior to that, the analyst analyzed Fibonacci extensions on the asset’s price chart to predict a new all-time high in the range of $173,000 to $224,000.
Such extensions are specific tools used in technical analysis to forecast potential future value targets based on the Fibonacci sequence. They could help traders identify key levels to watch for possible price swings, thereby aiding in better decision-making.
What About ETH?
The second-largest digital asset in terms of market capitalization – Ethereum – has become one of the hottest topics in the cryptocurrency space recently. Its price jumped from $3,100 on May 21 to over $3,900 on May 23 after reemerged hopes that the United States Securities and Exchange Commission (SEC) may approve spot ETH ETFs.
The official green light occurred on May 24, following which the asset’s value plunged below $3,700. Nonetheless, the bulls stepped in over the weekend, with ETH currently trading at approximately $3,910 (per CoinGecko’s data), a 4% daily increase and a 36% rise over two weeks.
Many analysts believe the asset’s price is yet to start a substantial rally. The X user Rekt Capital noted that ETH “spent plenty of time” around the $2,791 level, which historically has led to an uptick towards $4,000. The analyst outlined their prediction on May 26, arguing that a weekly close in the $3,250-$3,500 range “will confirm that bulls have reclaimed momentum.” Recall that ETH closed the week well above the depicted level.
XRP Price Outlook
Ripple’s native cryptocurrency has also witnessed some price volatility in the past week, hovering between $0.50 and $0.54, currently standing at around $0.52 (CoinGecko’s data).
While the asset is up a mere 2% on a 30-day scale, multiple analysts anticipate a bull run in the following months. One example is JAVON MARKS, who suggested that a bullish breakout is in the cards due to XRP nearing “a major converging point” and “an RSI Pattern that is currently indicating underlying momentum in prices.”
The Relative Strength Index (RSI) is an indicator measuring the speed and change of price movements. An RSI above 70 signals that the coin could be overbought and due for a price correction. Latest data shows that the ratio has been on a downfall in the last week, currently pointing at 41.
One essential element that may also affect the price of XRP is a possible resolution of the lawsuit between Ripple and the US SEC. The legal battle has been ongoing for over three years, with the case entering a trial phase last month. Those curious to learn more about it and the potential impact on the asset’s price, feel free to watch our dedicated video below:
The post Bitcoin (BTC) Price Consolidation, Ethereum (ETH) Predictions After ETF Approvals, and More: Bits Recap May 27 appeared first on CryptoPotato.