Ethereum
Can Bitcoin Price Reach $70,000 This Week as Ethereum and Solana Scream Buy?
Crypto markets have been swimming in a sea of red in recent days after Bitcoin Price crashed into the $66,000 zone. Investors are now scanning the markets for optimal re-entry positions before the next upward move. Major market-moving events this week include the FOMC meeting of June 12 and the Producer Price Index (PPI) data release on June 13. Market analysts predict that Bitcoin will react strongly to these developments.
In the meantime, Ethereum And Solana are also preparing for their next upward movements. Here’s a full look at how these assets could perform in the coming days.
Bitcoin Price Targets $72,000 as ETF Volumes Hit ATH
Bitcoin Price was trading around $67,405 during European business hours on Wednesday, down 0.2% over the past 24 hours. Only 9 hours from FOMC meeting, Bitcoin is struggling to stay above $67,000.
BTC Price The stock is moving above the 50-day and 20-day simple moving averages (SMA), which is a bullish indicator for Bitcoin investors. The June 12 daily candle also shows signs of struggle and indecision between bulls and bears.
The asset has been moving within a consolidation zone over the past four weeks. Despite the drop in prices, Bitcoin Fundamentals stay strong, with BTC spot ETF total cumulative flow exceeding $292 billion. This signals the second round of massive accumulation. For comparison, the first round of BTC ETF The accumulation saw Bitcoin rise from $38,000 to $73,000.
With this important move underway and with dovish comments from FOMC officials, Bitcoin price could reach and exceed $70,000 this week.
Ethereum Price Prepares to Test $3,600
Ether fell 7.6% to $3,521 over the past 7 days, following the market-wide crash. According to the recent Ethereum Price Prediction by CoinGap analysts, ETH price had already soared after SEC 8 approval ETH ETF. However, facts that later emerged about the nature of the approved applications put an end to the hype. BlackRock is still seeking approval for its Form S-1, which many Ethereum investors find bullish.
Ethereum Price came out of a consolidation zone it had been in for about 3 weeks. Initially, the zone was part of a bull flag that usually resolves upward. However, following the fall in the price of Bitcoin, the market structure was invalidated.
Ethereum may be preparing to bounce higher, using $3,300 as support. Investors await FOMC results to make their decisions later today. If any bullish news arrives in the crypto space, Ethereum price could return to the previous range and reach $4,000.
Solana Price Issues Huge Buy Signal, $285 Target in the Works
Although the recent general market downturn has affected many cryptocurrencies, Solana’s price has weathered the storm relatively well. Solana Price Prediction shows the staking token trading around $151 during European business hours on Wednesday, down 2% in 24 hours and a further 12.9% decline in 7 days. Nevertheless, SOL Price the stock remains bullish and in an uptrend.
With a market capitalization of $69.7 billion, Solana dominates the markets. Currently, price action is trading above the 200-day simple moving average (SMA) but below the 50-day moving average.
SOL price has made higher lows for 275 consecutive days, an impressive bullish streak. The asset is now in a symmetrical triangle, which can resolve in either direction. However, since Solana price is in an uptrend, the chances of an upside resolution may be higher than not.
A break above the symmetrical triangle could result in a 59% price rise that would set the GROUND price around $285. This will also be a record price for this asset. The Solana network has seen exceptional performance, with almost half a million tokens launched in May 2024.
Moving higher, SOL price may encounter resistance around $196, $228, and $267. Conversely, $132, $126, and $110 can provide strong support for the asset.
Conclusion
Crypto investors are eagerly awaiting the FOMC announcement in less than 10 hours (as of press time). Experts’ forecasts call for neither hikes nor cuts, but officials’ comments could either hurt or boost. cryptocurrency prices. Investors hope for conciliatory comments from Jerome Powell and its counterparts to avoid further hemorrhaging in the crypto markets.
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