Bitcoin and Ethereum Price Prediction as BTC Surpasses $42,000 Resistance and ETH Turns Red

Publikováno: 29.1.2024

In the dynamic world of cryptocurrencies, Bitcoin and Ethereum continue to be the key players with their recent price movements catching the attention of investors. Bitcoin, the trailblazer of the crypto market, has recently rebounded, breaking through the $42,000 resistance level and registering a current price of $42,292. This nearly 0.50% increase in the last […]

The post Bitcoin and Ethereum Price Prediction as BTC Surpasses $42,000 Resistance and ETH Turns Red appeared first on Cryptonews.

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In the dynamic world of cryptocurrencies, Bitcoin and Ethereum continue to be the key players with their recent price movements catching the attention of investors. Bitcoin, the trailblazer of the crypto market, has recently rebounded, breaking through the $42,000 resistance level and registering a current price of $42,292. This nearly 0.50% increase in the last 24 hours coincides with the overall crypto market valuation at $1.63 trillion, despite a slight 0.15% drop.

Bitcoin’s surge is linked to favorable stock market trends and the significant achievement of BlackRock’s Bitcoin ETFs amassing over $2 billion in Assets Under Management. This bullish trend in Bitcoin’s price is a focal point for price prediction analyses.

On the other side, Ethereum, the second most notable cryptocurrency, has seen a minor setback, trading at $2,269 with nearly 0.50% decline. However, the buzz around the potential approval of a spot Ethereum ETF, as suggested by analyst James Seyffart, signals an optimistic future for Ethereum. The approval, expected in May, could attract more investment, influencing Ethereum’s price positively.

Moreover, the global interest in cryptocurrencies is evident with developments like Harvest Hong Kong’s application for a Bitcoin ETF and a Binance survey revealing growing crypto acceptance in Europe. These factors collectively contribute to the evolving narrative of Bitcoin and Ethereum price predictions.

Harvest Hong Kong’s ETF Bid: A Global Boost for Bitcoin’s Value


Harvest Hong Kong, a prominent Chinese fund company, has officially submitted an application for a Bitcoin spot exchange-traded fund (ETF) with the Hong Kong Securities and Futures Commission.

The approval of this ETF, which is poised for launch after the Lunar New Year holiday on February 10, would mark Hong Kong’s first Bitcoin spot ETF. This initiative follows the successful introduction of spot Bitcoin ETFs in the United States, igniting worldwide interest.

Rachel Aguirre of BlackRock has acknowledged the impressive performance of the U.S. ETF, which has surpassed expectations. China’s entry into this sector adds a significant dimension to the dynamic landscape of digital asset investments, signaling a transformation in investor preferences.

Thus, Harvest Hong Kong’s application for a Bitcoin ETF reflects increasing global interest. Its potential approval could further elevate Bitcoin’s price by attracting additional investors and reinforcing its legitimacy in mainstream financial markets.

Binance Report: Rising Crypto Acceptance in Europe and Bitcoin’s Prospects


Binance’s latest survey reveals an increasing acceptance of cryptocurrencies in Europe, driven by their potential for high returns, decentralization, and continuous innovation. The study indicates that 73% of Europeans hold a positive view of digital currencies, with 55% utilizing them for regular transactions. This trend aligns with the global increase in cryptocurrency ownership, which soared from 432 million in January to 580 million by December 2023.

Despite a temporary decline in adoption following the FTX exchange issues in late 2022, confidence rebounded, partly due to the U.S. Securities and Exchange Commission’s (SEC) approval of 11 Bitcoin ETFs. High-profile sponsorships, including Crypto.com’s collaboration with the LA Lakers and OKX’s partnership with Manchester City, further enhanced trust in the sector.

As a result, the optimistic sentiment in Europe, highlighted by Binance’s survey, may positively impact Bitcoin’s price. The growing adoption, coupled with heightened optimism and usage, could attract more investors, potentially elevating the cryptocurrency’s market value.

Seyffart’s Forecast: Ethereum ETF Approval in May Could Elevate ETH Value


Bloomberg Intelligence analyst James Seyffart sees a 60% chance of a spot Ethereum ETF getting approved in May. Despite recent delays for BlackRock and Grayscale proposals, Seyffart marks May 23 as a crucial date, expecting the SEC’s decision around that time. The SEC, having approved Bitcoin ETFs, is now considering proposals from BlackRock, Grayscale, Ark 21Shares, and VanEck.

Seyffart is hopeful but acknowledges the SEC’s ability to delay decisions. Grayscale aims for a summer 2024 SEC decision on turning its Ethereum Trust into an ETF. As May approaches, Seyffart keeps an eye on filings, with May 23 as a key date for potential updates. Consequently, the prospect of a spot Ethereum ETF approval, highlighted by James Seyffart, could positively impact ETH price.

Bitcoin Price Prediction

As of January 29, Bitcoin’s (BTC/USD) technical analysis on the 4-hour chart underscores critical price points crucial for its short-term movement. The pivot point is set at $42,161, confronting immediate resistance at $43,394. Additional resistance levels are observed at $44,372 and $45,581. In contrast, the support levels are at $40,957, $39,644, and $38,618.

Bitcoin Price Chart - Source: Tradingview
Bitcoin Price Chart – Source: Tradingview

The Relative Strength Index (RSI) reads at 70, reflecting robust buying interest that is nearing overbought territory. The 50-day Exponential Moving Average (EMA) is located at $40,820, providing a key support line.

A significant pattern on the chart is Bitcoin’s ascend past a double top near the $42,160 region. A sustained closure above this level could be indicative of a strong upward trend. Thus, Bitcoin’s trend remains bullish as long as it stays above the $42,160 threshold.

Ethereum Price Prediction

As of January 29, Ethereum (ETH/USD) continues to hover around the $2,250 mark, demonstrating a phase of consolidation. The 4-hour chart sheds light on essential levels that are shaping Ethereum’s immediate market behavior. Its pivot point is identified at $2,321, facing immediate resistance at $2,388.

Further resistance levels are located at $2,476 and $2,560. Conversely, Ethereum finds its initial support level at $2,241, followed by $2,169 and $2,102.

Ethereum Price Chart - Source: Tradingview
Ethereum Price Chart – Source: Tradingview

The Relative Strength Index (RSI) is currently at 54, suggesting a balanced market condition. The 50-day Exponential Moving Average (EMA) stands at $2,314, reflecting a close alignment with Ethereum’s current price movement.

Technical analysis indicates that Ethereum has achieved a 38.2% Fibonacci retracement level at $2,313. However, a descending trendline near the $2,300 level could act as an obstacle to any potential upward progression.

In summary, Ethereum’s trend appears bullish above the $2,320 level. Short-term expectations include testing the resistance at $2,388, offering essential insights for traders and investors monitoring Ethereum’s market trends.

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The post Bitcoin and Ethereum Price Prediction as BTC Surpasses $42,000 Resistance and ETH Turns Red appeared first on Cryptonews.

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