Ethereum surpasses $3,900 for first time in last 2 years, BTC consolidates below $68K

Crypto market overview: The positive momentum in the crypto market has continued as Ethereum led the rally with close to 4 per cent gains between Thursday to Friday, crossing the mark of $3,900 after 2 years. Bitcoin on the other hand have shown strong consolidation below the $68,000 level and currently hovering at $66,956 with close to 1.5 per cent gains in the last 24 hours. 

The strong positive sentiment in the crypto market was also reflected in the Crypto Fear and Greed Index as it continued to levitate above 81 points. 

Image credit: Alternative.me

Talking about the crypto market movement in the last 24 hours, Rajagopal Menon, Vice President, WazirX said, “Currently valued at $67,277 with a 1.57 per cent growth, Bitcoin commands attention, while Ether is set for substantial growth in 2024. Analysts predict Ether (ETH) will double or surpass its current value, potentially reaching $8,000 to $10,000. The upcoming Dencun upgrade, promising cost-effective transactions on Layer 2 networks, fuels anticipation. Additionally, optimism surrounds Ether ETF applications awaiting a May regulatory decision.” 

“Meanwhile, the Market Value to Realised Value (MVRV) ratio indicates Bitcoin's price is 40 per cent above short-term holders' cost basis, historically preceding corrections. This surge in MVRV observed over the past 155 days, suggests increased profit-taking potential amid Bitcoin's current price volatility, around $67,700. Investors should closely monitor the MVRV ratio for potential market shifts,” added Menon. 

Sharing the technical indicators for Bitcoin, Parth Chaturvedi, Investments Lead, CoinSwitch Ventures said, “BTC seems to be consolidating within a range of $66,500-$68,000, with $68,000 acting as a crucial resistance level. On the other hand, ETH is displaying a notable price action to reach its all-time high; current price at $3,900. Technical analysis shows bullish momentum across multiple indicators. The token has demonstrated significant resilience while maintaining a bullish performance.” 

“SOL too, has witnessed a significant breakthrough after it broke past its resistance at $140; the crypto token has gained ~37 per cent this year and ~600 per cent over the past year,” added Chaturvedi. 

Sudeep Saxena, Co-founder, CoinGabbar said, “Amidst intense volatility, Bitcoin has retested the $68,000 price level, signalling a resurgence of bullish sentiment. The Fed Chair underlined reliance on data for future policy decisions while discussing potential rate cuts later in the year. Weaker-than-anticipated US labour market data on Wednesday bolstered expectations for earlier rate adjustments.” 

Edul Patel, CEO, Mudrex said, “Bitcoin has been trading at the $67,000 level in the last 24 hours, witnessing increased investor confidence. Bulls are currently dominating at $65,000, propelling prices upwards with the next resistance levels at $69,000 and $70,200 in focus. The substantial capital inflow from traditional finance sectors into spot Bitcoin ETFs is a key driver of the current price surge. Additionally, the upcoming Bitcoin Halving is contributing to the positive sentiment in the market.”

Vikram Subburaj, CEO, Giottus shared, “Bitcoin continues to recover from a brief selloff earlier this week. The asset has managed to stay above its 20-day EMA at $66,000 as the inflows into ETFs have resumed at a moderate pace. A strong consolidation here can lead Bitcoin to test key resistance at $69,000. Among key altcoins, BNB continues to rally well with a 9 per cent gain yesterday after the introduction of Japanese yen spot trading pairs. Ethereum, trading above $3,900, could hit $4,000 next week. Key upside targets for altcoins: Ethereum ($4,000), BNB ($500), Solana ($154), Cardano ($0.8), Avalanche ($46), Polkadot ($12).” 

AI-related tokens are reacting positively ahead of Nvidia’s conference later this month speculated to feature a crypto product. According to CoinGecko data, AI tokens market cap. is up by 4.3 per cent in the last 24 hours.