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TA: Bitcoin Turns Green, Why BTC Could Soon Breach $50K

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Ethereum gained strength above $3,200 and $3,350 against the US Dollar. ETH price could start a fresh rally if it clears $3,450 and $3,500.

  • Ethereum started a steady increase after it settled above the $3,200 level.
  • The price is now trading above $3,300 and the 100 hourly simple moving average.
  • There was a break below a key bullish trend line with support near $3,400 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could might remain supported near the $3,300 and $3,250 levels.

Ethereum Price Stuck Below Resistance

Ethereum formed a base above the $3,000 level and started a fresh increase. ETH broke the $3,150 and $3,200 resistance levels to move into a positive zone.

There was also a close above the $3,300 level and the 100 hourly simple moving average. The price traded as high as $3,489 and recently corrected lower, similar to bitcoin. Ether declined below the $3,400 support level. There was a break below the 23.6% Fib retracement level of the upward move from the $2,970 swing low to $3,489 high.

There was a break below a key bullish trend line with support near $3,400 on the hourly chart of ETH/USD. It is now trading above the $3,320 support level.

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Ethereum Price
Source: ETHUSD on TradingView.com

An immediate resistance on the upside is near the $3,400 level. The first major resistance is near the $3,420 level. A break above the $3,420 level could start a steady increase. The next main resistance is near the $3,500 zone, above which the price might accelerate higher.

Dips Limited in ETH?

If ethereum fails to continue higher above the $3,420 and $3,500 resistance levels, it could start a fresh downside correction. An initial support on the downside is near the $3,300 level.

The first key support is now forming near the $3,250 level and the 100 hourly simple moving average. If ether fails to stay above $3.250, it could test the $3,230. It is near the 50% Fib retracement level of the upward move from the $2,970 swing low to $3,489 high.

Technical Indicators

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Hourly MACD – The MACD for ETH/USD is now losing pace in the bullish zone.

Hourly RSI – The RSI for ETH/USD is just below the 50 level.

Major Support Level – $3,250

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Major Resistance Level – $3,420

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Altcoin

Billionaire Mark Cuban Identifies Altcoin With ‘Most Upside’ As Bitcoin Blasts Above $60,000

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As Bitcoin shoots above $60,000, business magnate Mark Cuban says one altcoin stands above the rest in terms of investment potential.

In a new interview with CNBC Make It, the billionaire says that Ethereum (ETH) is the best crypto prospect on the market.

“As an investment, I think Ethereum has the most upside.”

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Cuban, who previously stated that smart contracts on Ethereum’s blockchain have revolutionized the cryptocurrency market, believes that the second-largest crypto by market cap is the digital asset which most resembles legal tender.

“I wish I had bought [Ethereum] sooner. I think it’s the closest thing we have to a true currency.”

Cuban went on to reiterate his position that Bitcoin (BTC) is superior to gold because not only is its supply scarce, but it’s easier to transfer, store, trade, and fractionalize. That sentiment is shared by fellow billionaire CEO Chamath Palihapitiya of Social Capital and Virgin Galactic.

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Cuban’s comments come on the heels of him saying that customers prefer making payments in Dogecoin (DOGE) rather than BTC at his venues because Bitcoin tends to be a highly appreciable asset.

Ethereum is exchanging hands at $3,839 at time of writing, an 11% increase from its seven-day low of $3,431, according to CoinGecko.

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Bitcoin

ProShares Set for Bitcoin Futures ETF Launch on Monday After Apparent SEC Approval

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The US Securities and Exchange Commission has reportedly greenlit the country’s first Bitcoin futures exchange-traded fund (ETF).

ProShares, an ETF provider, filed a post-effective amendment prospectus on Friday that states the company plans to launch the BTC Futures ETF on Monday, a sign that the SEC has approved the product.

The fund doesn’t invest directly in Bitcoin, but it provides price exposure to Bitcoin futures contracts, a first in the US.

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Both Bloomberg and CNBC, citing people “familiar with the matter,” reported earlier in the week that the SEC planned to approve BTC futures ETFs from ProShares and the independent investment firm Invesco Ltd.

Invesco’s ETF is also set to provide exposure to a collection of exchange-traded products (ETPs) and private investment trusts that hold Bitcoin, rather than direct investments in BTC itself.

Last month, SEC Chairman Gary Gensler said he was open to ETFs for Bitcoin futures, noting that they are filed under mutual fund guidelines which provide “significant investor protections.”

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Bitcoin is trading at $61,549.38 at time of writing and is up 6.6% in the past day and more than 40% in the past two weeks, according to CoinGecko.

BTC hit its all-time high of $64,804.72 in mid-April.

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Bitcoin May See Real Peak If ETF Is Approved and I May Cash Out Half My ETH: CNBC’s Jim Cramer

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Jim Cramer shares a common view that Bitcoin has the opportunity to reach a short-term peak or even a real peak if Bitcoin ETFs are approved next week.

Host of CNBC’s Mad Money, Jim Cramer, has talked to Andrew Sorkin from CNBC’s Squawk Box show about the prospects of the Bitcoin price if or when four Bitcoin futures ETFs get the SEC’s approval next week.

Cramer also stated that he may cash out half of his Ethereum stash.

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SEC approval for ETF may push Bitcoin up, Cramer says

Answering Sorkin’s question, Cramer stated that a lot of people believe there is a high chance that the senior cryptocurrency, Bitcoin, may hit a short-term or even a real price peak if four BTC-based ETFs are approved by the SEC next week.

He corrected the host and said that the regulatory agency may approve not just one but four Bitcoin futures ETFs next week.

However, he stated that people are running ahead of a possible ETF approval.

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Bitcoin spikes to $59,500 as chance for ETF approval emerges

Earlier today, the flagship digital currency, Bitcoin, soared to a multi-month high of $59,500 on the Bitstamp exchange. It happened after Bloomberg released a report, saying that so far the Securities and Exchange Commission has not objected to approving multiple Bitcoin futures ETFs that were submitted to it earlier this year.

The Bloomberg article stated that the information had been confirmed by multiple sources close to the SEC and to the matter in question.

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The media giant’s ETF analyst, Eric Balchunas, believes that the likelihood of Bitcoin ETFs getting the green light has now risen to more than 90%. Still, he is not ready to “close the case” yet.

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