Bitcoin price did not recover as quickly as expected, and sales through ETF channels have had a significant impact. Since the source of the abnormal rise was ETF buyers, the ongoing relaxation can be considered reasonable. Moreover, we are still above the February closing, so the possibility of a 7-month winning streak continues. So, what are the current predictions?
Bitcoin (BTC)
According to Farside Investors data, there have been net outflows from ETFs for four days. It is likely that the net outflow streak will not be broken today. Those experienced in the crypto markets are aware of the importance of such intermediate corrections for the continuation of the long-term uptrend and are not worried.
BTC price’s clear recovery from $61,736 shows that investors view the declines as buying opportunities. The 20-day exponential moving average (EMA) has flattened, and the RSI is returning to the neutral zone. All these developments are beneficial for a stronger rally.
The price, not straying too far from the ATH region and consolidating at higher levels, indicates that the bulls are not running away. This means that a test of $69,000 is not too far off. Moreover, once consolidation is complete, the target of $73,777 will be in sight, and with a break above it, bulls will strive for new peaks between $76,000 and $80,000.
Downward, the supports at $60,775 and $57,623 could elicit strong reactions during potential tests.
Ethereum (ETH)
The SEC has clearly taken a stance against Ethereum. For months, we have been pointing out that the SEC sees the transition to PoS as a problem, based on their postponement decisions and public inquiries. Now, the SEC is trying to substantiate this. However, even though PoS mechanisms may seem risky in doomsday scenarios for security (centralization of nodes, speculation, etc.), the Ethereum Foundation is not centralizing the network as alleged.
It won’t take long for this to be understood, and likely the SEC will eventually give its approval, albeit belatedly. For this hope to fade, BlackRock would need to step back, but they continue to maintain their stubborn stance.
ETH price predictions suggest that Ether reacted off the 50-day SMA ($3,161) on March 20th. However, it cannot sustain above the 20-day moving average of $3,537. Investors seem more inclined to sell due to the ETF concerns, keeping the risk of a drop to $2,717 alive.
But if the key region is reclaimed, targets of $3,700 and $4,100 could be in sight.
