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Bitcoin price has fallen below $62,000 in the past 24 hours, and the possibility of a new low in April still hasn’t been ruled out. This week, investors are expected to remain cautious and mindful of risks. Our main focus in Sunday’s weekly forecasts was the roadmap outlined by the Fed. Investors continue to exercise caution as risks become more apparent.
Should You Buy Ethereum?
Ethereum, the largest altcoin by market value, had been experiencing losses against BTC for a long time. Ethereum recently regained a critical trading range, confirming strong support at the 0.049 level against BTC. If this support level holds, an impressive recovery expected by ETH investors in BTC parity could begin.
DaanCrypto, known by his pseudonym, mentions that this narrow range is noteworthy. Analysts like AltcoinSherpa suggest that while we may see a short-term rise, it’s too early to declare a bottom, expecting a strong reversal movement.
“I think we might see some more rise in the short term, but I don’t believe it’s the bottom yet.”
ETH vs BTC May Predictions
A critical ETF decision for Ethereum is due on May 23. Nearly all experts believe that the SEC will not approve the spot Ether ETF next month. Indeed, the price dropping below $4,000 already reflects this bad news. Anbessa stated that a potential ETH ETF approval or rejection would be a real catalyst.
“Is the SEC trying to shake you before a reversal? Still, we might see the support retested and could consolidate for a few months. Volatility from ETF rejection and then unapproved insider trading could be profitable.”
Analysts like ColdBloodShill highlight the ongoing loss of interest on the ETH front. For ETH price to make a strong turnaround against BTC, we need an environment more favorable to ETH.
ColdBloodShill’s chart shows how ETH failed to maintain its fundamental support and essentially turned it back into resistance. ETH was trading at $3,166 at the time of writing, with losses over the last 24 hours nearing 4%, more than those of BTC.
