Rare signals tend to create high excitement in the cryptocurrency markets, and this is happening with the altcoin king. The price of BTC rose to $45,200 as the final signals of the ETF approval were received. Following the latest Matrixport report, the price increased by about $5,000. So, what is the current situation with the altcoin king?
Ethereum (ETH) Prediction
After the Spot BTC ETF approval, there are two issues to monitor. The first is how much volume the ETFs will generate in the first week. The second big thing will be when the ETH ETF applications will be approved. Just as the markets have been roiling for weeks over how the BTC ETF process will finally conclude, the same could apply to ETH in the coming months.
On the other hand, the ETH price has not started its long-awaited rise. While most altcoins have seen massive increases, Ethereum has been moving very slowly despite the Ethereum Merge, negative inflation, increased network activity, bonds issued by major banks on the network, and many other positive developments.
Now it’s necessary for this stagnation to break and for the ETH price to also see parabolic increases. Especially since the ETHBTC chart, which shows ETH is at the bottom against BTC, tells us this clearly.
Will ETH Price Rise?
The Ethereum/Bitcoin (ETH/BTC) chart shows that the ETH price has been swinging below a declining resistance line since September 2022. This decline triggered a bottom at 0.049 BTC and the long-term rising support line was confirmed for the fourth time with this decline. This support line has been in place for 1600 days, and the resistance line has not been broken for 600 days. So, high volatility days are coming.
The bullish divergence in the weekly RSI suggests that the price will move upwards with increased volatility. This had happened before when the ETH price increased by 400% during the June-December 2019 period. Analyst Bob Loukas, like everyone else, pointed out the ETH/BTC chart and wrote;
“It’s highly probable that ETH/BTC will bottom out at the end of January and not be tested for at least 2 years.”
Dentoshi, on the other hand, expects a quick rebound from the bottom with the support of the Dencun upgrade and other developments. CryptoMichNL also wrote that BTCD will soon reach its peak, suggesting that an ETH price increase could start.
For a real turnaround in the ETHBTC chart, the 0.06 BTC region needs to be surpassed.
