Bitcoin (BTC) Price Consolidation, Ethereum (ETH) Predictions After ETF Approvals, and More: Bits Recap May 27

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• BTC saw volatility last week but has calmed down and currently stands at around $68,500, with some analysts anticipating new ATH coins.
• Despite the brief decline, Ethereum has rebounded and is trading above $3,900, an increase of 36% over two weeks. Analysts expect further rises, especially if the asset maintains momentum above key levels.
• XRP may also head north, influenced by technical indicators and ongoing legal proceedings with the Securities and Exchange Commission.

How is Bitcoin?

Saw the underlying cryptocurrency  The philanthropist Volatility has been volatile in the past few weeks, rising from around $61,000 on May 14 to over $71,000 on May 21. to stop By correcting prices any It pushed the asset below the $67,000 mark on May 24. Soon after, BTC recovered some of its losses and has been trading in the $68,500-$69,300 area since then.

Although persistent recessionMany analysts believe that the asset is still in a bullish mode, and expect significant gains in the near future. One example of this is User X Titan of Crypto who Argue that “breakthrough” He is Incoming once BTC crosses the resistance area around $69,000.

Before that The analyst analyzed Fibonacci extensions on the asset price chart pridect The new all-time high is in the range of $173,000 to $224,000.

Such extensions are specific Tools used in technical analysis to predict potential future value targets based on the Fibonacci sequence. They can help traders define their identity key levels to monitor potential price fluctuations, thus helping in making better decisions.

What about Ethereum?

The second largest digital asset by market capitalization – Ethereum – has become one of the hottest topics in the cryptocurrency space recently. Its price jumped from $3,100 on May 21 to more than $3,900 on May 23 after… Hopes returned That the US Securities and Exchange Commission (SEC) may approve spot ETH ETFs.

Official green light happened on May 24, after which the value of the asset fell below $3,700. However, the bulls intervened over the weekend, with ETH currently trading at around $3,910 (according to CoinGecko data), with a daily increase of 4% and a rise of 36% over two weeks.

Many analysts believe that the price of the asset has not yet started a significant rise. X user Rekt Capital noted that ETH “spent a lot of time” around the $2,791 level, Which led historically To rise to about $4000. analyst the summary Their May 26 forecast, arguing that a weekly close in the $3,250-$3,500 range “will confirm that the bulls have regained momentum.” Remember that ETH closed the week well above the level depicted.

XRP price forecast

Ripple's native cryptocurrency also saw some price fluctuations last week, ranging between $0.50 and $0.54., It is currently priced at around $0.52 (CoinGecko data).

While the asset is only up 2% on a 30-day scale, many analysts expect a rally in the following months. One example is Javon Marks, who… Proposal That bullish breakout is In the cards due to XRP approaching a “key convergence point” and an “RSI pattern currently indicating underlying price momentum.”

Relative Strength Index (RSI) It is an indicator measurement Speed ​​and change of price movements. An RSI above 70 indicates that the currency may be in the overbought zone and a price correction is due. Latest data Offers That ratio was On falling Last week, it currently stands at 41.

One key element that may also impact the price of XRP is the potential resolution of the lawsuit between Ripple and the US Securities and Exchange Commission. The legal battle has been going on for more than three years, and the case entered the trial stage last month. Those who are curious to learn more about this and the potential impact on the price of the asset, feel free to watch the dedicated video below: