ETH/BTC Price Prediction: Will Ethereum Price Hit $10,000 On BlackRock ETH ETF?
Ethereum price has been in consolidation for the past few weeks as the market prepares for an S-1 application approval. Ethereum price is currently trading at $3,787, a 0.6% increase in the past 24 hours. On the other hand, Bitcoin broke above $70,000 once more after more than a month of trending below this crucial level and continues its journey to try and break an all-time high.
ETH/BTC Price Analysis: Ethereum Price Succumbs to Bitcoin Rally, Can ETH Bounce Back?
ETH price against Bitcoin witnessed 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 shed some value against BTC, and Ethereum was not left out.
The price of Ethereum broke downward from the consolidation zone and is headed toward the 50% Fibonacci retracement level around 0.052 BTC. Based on the Ethereum price prediction, this retracement level may act as a zone of support a bounce back higher toward the 27% Fibonacci extension level around 0.06 BTC.
On the way up, ETH price may encounter resistance around 0.057 BTC, and $0.058 BTC. Conversely, the support structure around 0.052 BTC may prevent the price of ETH from falling lower.
On the other hand, Bitcoin price just broke out of a descending triangle in a classic textbook breakout and retest pattern. BTC price may move higher, with a profit target for this kind of setup anywhere around $74,000. This would establish a new all-time high price for the king of cryptocurrencies.
Bitcoin price may find some overhead resistance around $72,200 and $74,000, but on the flip side, a key support level around $67,000 may help keep the price up.
ETH/BTC Price Future Outlook
As the Ethereum community awaits S-1 application approval, the Bitcoin community continues to spearhead mass adoption for the number one crypto. El Salvador, the ‘Bitcoin State’ now owns 5,660 BTC worth over $402 million, and is still accumulating.
Moreover, the University of Austin, a private Texas institution, will now accept Bitcoin for tuition and create a long-term Bitcoin fund.
Meanwhile, liquid staking and restaking on Ethereum is only gearing up, and much more liquidity is about to hit the ecosystem, a phenomenon that could pump the price of Ethereum even higher. When including liquid staking, Ethereum mainnet TVL came within 2% of its ATH recently
Bottom Line
The crypto community is optimistic about an S-1 Form approval because BlackRock submitted it. The firm has a clean history of only wins when it comes to ETF applications and the Ethereum community is banking on this to pump ETH price to $10,000.
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