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The price of the altcoin king Ethereum (ETH) has been in a consolidation phase recently as the market closely watches the approval of an S-1 filing. Currently trading at $3,787, ETH has seen a slight increase of 0.6% in the last 24 hours. Meanwhile, Bitcoin (BTC) has surpassed the $70,000 level for the first time in over a month, indicating a potential move towards an all-time high.
ETH/BTC Dynamics
ETH/BTC trading pair experienced downward pressure as Bitcoin’s price momentum strengthened. Bitcoin’s rise caused it to lose value against many cryptocurrencies, including Ethereum.
Ethereum’s price fell from the consolidation region and is moving towards the 50% Fibonacci retracement level around 0.052 BTC. This level is expected to act as a support zone and potentially lead to a rebound towards the 27% Fibonacci extension level around 0.06 BTC. However, resistance may be encountered at 0.057 BTC and 0.058 BTC, while support around 0.052 BTC could prevent further declines.
Bitcoin’s Bullish Breakout
Bitcoin recently broke out of a descending triangle formation, a classic bullish signal, and is now poised to rise further. The profit target for this breakout formation is around $74,000, which could lead to a new all-time high for Bitcoin. However, resistance levels around $72,200 and $74,000 may pose challenges, while a significant support level at $67,000 could help maintain upward momentum.
While the Ethereum community eagerly awaits the approval of the S-1 filing, Bitcoin continues to lead in mass adoption. Known as the ‘Bitcoin State,’ El Salvador currently holds 5,660 BTC worth over $402 million and continues to accumulate. Additionally, the University of Texas at Austin announced it would accept Bitcoin for tuition and establish a long-term Bitcoin fund.
In the Ethereum ecosystem, liquid staking and restaking are gaining traction, bringing more liquidity to the system. This increased liquidity could drive up ETH’s price. Notably, Ethereum’s mainnet TVL (Total Value Locked) recently approached 2% of its all-time high, indicating strong activity and investor interest.
The crypto world is currently optimistic about the approval of the S-1 form because it was submitted by BlackRock, a company with a strong track record in successful ETF applications. The Ethereum community is hopeful that this approval could push ETH’s price to $10,000, marking a significant milestone for the cryptocurrency.
