BTC, ETH Price Analysis: Signs Indicate Unexpected Movement
Bitcoin (BTC) and Ethereum (ETH) prices have been lackluster lately, failing to impress traders. Currently, BTC is priced at $60,967, while ETH has slipped below the $3,000 mark to $2,914, according to CoinMarketCap.
As the middle of the month approaches, traders are anxious about whether the prices will end May on a positive or negative note. Coin Edition examines the potential scenarios and price targets for BTC and ETH.
BTC Price Analysis
Based on the BTC/USD 4-hour chart, the Fibonacci indicator suggests that a rebound could be on the horizon for Bitcoin. The chart shows that the 0.236 Fib level is at $60,935, which indicates that Bitcoin may have reached its lowest pullback point. On the upside, the 1.618 golden ratio sits at $65,521, suggesting that the coin’s short-term target could be around this range.
In a highly bullish scenario, BTC could surge to $74,213, as indicated by the 4.236 Fib level. However, this might not occur before the end of May, considering that bears are still present in the market.
Coin Edition has deduced this by analyzing the Elder Force Index (EFI). Currently, the EFI reading is negative, indicating a lack of buying pressure. If this indicator continues to decline, BTC’s bullish outlook would be invalidated, potentially pushing the coin’s price down to $58,000. On the other hand, an increase in accumulation could help Bitcoin reclaim its position above $65,000.
ETH Price Analysis
As for ETH, the Relative Strength Index (RSI) suggests that the altcoin was previously oversold, but the recent increase in the RSI reading indicates that bulls may be regaining momentum.
However, if selling pressure resurfaces, the price of ETH may fall to $2,860. This potential decline is also supported by the Chakin Money Flow (CMF), which is currently in the red zone.
On a positive note, if bulls continue to drive the momentum higher, the price of ETH could surge to $3,278 in a short period.
Disclaimer: The information in this article is for informational and educational purposes only and should not be considered financial advice. Coin Edition is not liable for any losses incurred as a result of utilizing the mentioned content, products, or services. Readers are advised to exercise caution and conduct their own research before making any investment decisions.