Bitcoin and Ethereum Price Predictions: BTC and ETH Recover Over 3%
Bitcoin, the world’s largest cryptocurrency, halved its downtrend and regained momentum on the day. Meanwhile, Ethereum, the second largest cryptocurrency, outperformed BTC, gaining more than 4%.
The upward movement in the cryptocurrency market has been spurred by a number of factors, including a rise in US consumer confidence in March, recent advances in the cryptocurrency industry and Bitcoin’s status as a safe haven.
It is worth mentioning that consumers are losing trust in traditional banks as a result of recent bank collapses, which was seen as a key factor in the Bitcoin price increase.
The crypto market cap has increased by 2.56 percent to $1.16 trillion, led by Bitcoin and ETH. In particular, the CFTC has specifically focused on Ethereum by stating its support for ETH as a commodity, resulting in a rise of more than 4% in the last few hours.
The head of the US CFTC recently reiterated his stance that Ether is a commodity, not a value, which could lead to an increase in Ether’s value.
CFTC declares Ethereum and Litecoin as commodities, like Bitcoin
The Commodities Futures Trading Commission (CFTC) has recently recognized Ethereum (ETH) and Litecoin (LTC) as commodities, in the same way that Bitcoin is. This means that Ethereum (ETH) and Litecoin (LTC) are seen as trading assets, similar to gold or oil. The CFTC issued this statement as part of an investigation into Binancea well-known cryptocurrency exchange.
This news will have a positive impact on BTC and ETH prices as it verifies their commodity status, which could ultimately improve their legitimacy and adoption in traditional financial markets. It may also result in improved regulatory oversight and approval of institutional investors.
Thus, it will be interesting to see how this news affects the cryptocurrency market and whether additional cryptocurrencies will eventually be categorized as commodities or securities.
Strong Predictions on BTC Future Price
Another factor that has boosted BTC prices is recent strong predictions about Bitcoin’s future. It should be noted that former Coinbase CTO Balaji Srinivasan recently bet $2 million that bitcoin would reach $1 million in value within 90 days. This suggests that the value of Bitcoin will rise sharply in the near future.
Meanwhile, Marshall Beard, Chief Strategy Officer for The twinsa cryptocurrency exchange based in America, is more concerned and shows its interest, predicting that Bitcoin will reach $100,000 this year
These forecasts are influenced by many factors. One of them is the growing use of cryptocurrencies by institutional investors, which could increase the demand for Bitcoin and ultimately its price.
Bitcoin price
The current Bitcoin price is $27,550, and the 24-hour trading volume is $18 billion. Bitcoin has increased by almost 2.5% in the last 24 hours.
Bitcoin, the leading cryptocurrency, is trading with a strong bullish bias near the $27,500 level. During the two-hour time frame, Bitcoin has formed a bullish engulfing candle, suggesting that buyers may dominate the market.
On the upside, Bitcoin is likely to face immediate resistance at the $28,000 level, and an additional upside of this particular level could potentially drive Bitcoin’s price towards the next resistance level of $28,900.
Meanwhile, the downtrend line, which has already been broken, also supports the bullish potential for Bitcoin. Furthermore, Bitcoin’s immediate support level prevails at $26,600, and a bearish break below this particular level is likely to expose Bitcoin’s price towards the $25,600 level.
Further selling pressure below the $25,600 level could expose BTC’s price towards the $24,000 level
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Ethereum price
Meanwhile, the current price of Ethereum is $1,788.73, with a 24-hour trading volume of $8,762,886,075. In the last 24 hours, Ethereum has risen 4.13%.
ETH/USD is trading with a strong bullish bias at the $1,790 level. On the upside, Ethereum is likely to find immediate resistance at $1,850, and a bullish breakout of the $1,850 level could expose Ethereum’s price to the next resistance level of $1,960.
On the downside, Ethereum’s immediate support prevails at the $1,700 level, and a bearish breakout of this particular level could potentially drive Ethereum’s price towards the next support level of $1,720.
The leading technical indicators, such as RSI and MACD, are in the buy zone; therefore, the market will most likely look for buying opportunities above the $1,760 support level. Ethereum is likely targeting $1,850 right now.
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Top 15 Cryptocurrencies to Watch in 2023
Stay informed about the latest ICO projects and altcoins by frequently referring to the handpicked selection of the 15 most promising cryptocurrencies to monitor in 2023, which have been suggested by the specialists at Industry Talk and Cryptonews.
Disclaimer: The Industry Talk section contains insights from crypto industry players and is not part of the editorial content of Cryptonews.com.
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