Bitcoin’s Last Move?
Based on the current situation, it could be argued that Bitcoin (BTC) might have one more move left in it. While the true approval for the Spot Bitcoin ETF is still pending, it shouldn’t be a major obstacle for the SEC to approve it soon.
However, BTC faces a significant resistance at $48,000 and $50,000. If it fails to break through these levels, a rejection is likely, and investors will start looking for alternative opportunities to make gains.
Ethereum’s Rising Potential
As the market looks forward, institutions that are longing BTC may have already shifted their focus to Ethereum (ETH).
Currently, BTC hovers uncertainly between $45,000 and $46,000, while ETH is approaching the $2,400 resistance level and aiming to surpass the local high of $2,445.
Bullish Outlook for ETH
An analysis of the higher time frame reveals the incredible progress of ETH and its potential for the rest of the bull market. ETH has broken out of a long-term bullish ascending triangle, and its price is rising within an upward sloping channel.
Challenges Ahead for ETH
Despite its upward momentum, ETH will face strong resistance at the top of the channel. Breaking through this barrier will require significant tailwinds and momentum. If ETH can overcome this challenge, it will pave the way for further growth in the crypto bull market.
Hot Take: Ethereum Gaining Momentum as Bitcoin’s Rally Fades
While Bitcoin’s rally seems to be nearing its end, Ethereum is gaining momentum and attracting the attention of investors. With the pending approval of the Spot Bitcoin ETF, BTC has limited upside potential, whereas ETH has the potential for growth. However, ETH will need to overcome significant resistance to continue its upward trajectory. As the market shifts its gaze towards Ethereum, it remains to be seen whether it can break through these barriers and lead the way for the crypto market.
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