The crypto community is on edge as the decision on the Ethereum ETF nears. Bitcoin and Ethereum prices swing wildly, reflecting the market’s anticipation. TradingView data shows Bitcoin above $69,000 after dipping past that point twice the previous day.

Also read: BlackRock’s New Spot Ethereum ETF Filing Excludes Staking

Meanwhile, Ethereum is riding a wave of speculation and hope. Market watchers eagerly await the United States SEC’s green light on the ETF products. Just weeks ago, an approval seemed unlikely. Now, it’s a real possibility, stirring excitement and anxiety.

Bitcoin Will Skyrocket After ETF Approval

Michaël van de Poppe, a market expert, captured the community’s mood perfectly in his latest analysis on X. He wrote:

Very clean price action on BTC. Expecting a test at $67,500-68,000 before continuation. Everything is in anticipation of a potential Ethereum ETF to be approved.

BitQuant also has a super bullish view. He sees Bitcoin hitting $80,000 in May, then climbing to a local top of $95,000 in June. He predicts that although $95,000 will extend to June, a sharp decline from this local top will also occur in June, keeping the overall timeline unchanged.

Source: BitQuant Ethereum Bulls Are in Control

Meanwhile, ETH bulls continue to make waves. QCP Capital is bullish about Ethereum’s future if the ETF gets approved. They see a 60% upside potential. “We think an approval is now highly likely with trading expected as early as next week,” they stated in a recent update to their Telegram channel subscribers.

Also Read: Ethereum Price Will Hit $6,600 After Spot ETF Approval: Bernstein

This would push Ethereum’s price to around $6,000, based on Bitcoin’s performance after its US spot ETF approval in January. Ether’s momentum indicator, which tracks the rate of price changes over ten days, has surged to $880, the highest since May 2021, according to TradingView. This bullish trend is strong.

Traders use this momentum indicator to confirm trends and spot divergences. A bearish divergence happens when the indicator moves away from rising prices. Currently, no such divergence is visible, keeping bulls in control.

Ethereum Technical Analysis

Ethereum’s 14-day RSI, a momentum oscillator, has crossed above 70, indicating strong bullish momentum. This oscillator ranges between 0 and 100. Readings above 70 suggest strong upward momentum, while readings below 30 indicate accelerating price declines. 

Source: ETH/USDT trading chart. Source: TradingView

Ethereum has shown a trading range between approximately $3,710 and $3,860, which reflects significant short-term volatility. Given the recent strong push towards the upper end of the range, if Ethereum sustains above the $3,830 level, it might attempt to break the resistance at $3,900. A successful break above this level could potentially lead to testing higher levels around $3,960 or $4,000.

Cryptopolitan reporting by Jai Hamid