Crypto Market Highlights: Ethereum Surges on ETF Approval News, Bitcoin Stalls

Post-weekend crypto market rebounds with Ethereum leading gains on ETF hype, while Bitcoin stalls and Jasmy eyes consolidation.
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Key Insights

  • After a bearish weekend, the crypto market is showing budding signs of improvement.

  • Ethereum is leading the gainers, with a price action that is possibly fueled by the recent spot ETF approvals.

  • Bitcoin remains stuck between $65,000 and $70,000 and is awaiting a breakout in either direction.

  • Jasmy and Floki have just experienced price surges after breakouts, and are poised for more gains.

  • Investors should be careful of an overbought RSI indicator on Ethereum and a possible consolidation phase for Jasmy in the next few days

The market is slightly green today, after spending the entire weekend under bearish pressure.

Bitcoin currently sits further away from $70,000 at the time of writing, and the crypto heatmap looks like this:

<div class="paragraphs"><p>The crypto market’s heatmap</p></div>

The crypto market’s heatmap

As shown, Ethereum is outperforming Bitcoin by a wide margin and is on the verge of crossing the $4,000 mark.

Even though there is no clear indication of why Ethereum is suddenly outperforming Bitcoin, the cryptocurrency is likely rallying by this much on the hype around the recent approval of several spot Ethereum ETFs in the US last week.

<div class="paragraphs"><p>The crypto market’s liquidations</p></div>

The crypto market’s liquidations

The crypto liquidation data from the last 24 hours shows us a very, very mild figure—on a relative scale that is, with leveraged traders losing around $96 million.

As expected, most of the liquidations came from Ethereum shorts, and in general, the bears lost around $51 million, leaving the bulls with a loss of $44 million.

Today, we can say that there is no clear display of dominance between the bulls and bears and that the market is currently choppy.

Bitcoin’s Ongoing Consolidation

As shown in the chart below, Bitcoin is currently consolidating after its rejection from the $72,000 price level last week.

The cryptocurrency’s price now sits in between its 25-day EMA and the $72,000 zone, with a break above or below either, indicating strength from the bulls or bears.

<div class="paragraphs"><p>Bitcoin’s consolidation phase</p></div>

Bitcoin’s consolidation phase

The RSI on the daily chart sits strongly in bullish territory though, indicating that despite the ongoing correction/consolidation, the bulls may have the upper hand against the bears.

In sum, Bitcoin’s volatility has tanked, and investors might want to wait for the market’s conditions to improve before making any decisions.

$4,000 Soon on Ethereum?

Sometime last week, Ethereum made an attempt at breaching the $4,000 zone but was rejected by the bears at around $3,950.

This time around, the cryptocurrency is making another attempt at breaking this psychological price level and is currently changing hands at around $3,910.

<div class="paragraphs"><p>Ethereum’s price action</p></div>

Ethereum’s price action

At the current rate, the bulls will likely push Ethereum further up to the $,093 local high before long, where the bears will likely be waiting (and might even succeed) in pushing Ethereum downwards.

This is considering the overbought reading on Ethereum’s RSI on the daily chart.

New ATH on Jasmy

According to the chart below, Jasmy has just broken above the $0.0275 local high for the first time since its rejection from this price level in March 2024.

<div class="paragraphs"><p>Jasmy’s price action</p></div>

Jasmy’s price action

Considering Jasmy’s almost vertical price action between Saturday and now, we can expect the cryptocurrency to consolidate after this most recent breakout, somewhere around $0.0275.

At least until its 25-day EMA comes close enough to this $0.0275 zone for Jasmy to continue its upward trajectory.

Floki Just Broke Out

At the time of writing, Floki just broke out of the ascending triangle shown below, around $0.000233.

This is a big deal, considering how the cryptocurrency has spent the last month and a half, trading inside this formation and being rejected from $0.000233.

<div class="paragraphs"><p>Floki’s price action</p></div>

Floki’s price action

At the time of writing, we have a clear and confirmed breakout above this price level, as well as a possible rally that takes the memecoin straight up by another 20% in the next one to four days, to the $0.0003 price level.

We only need to see a daily candle close above $0.000233 to confirm this price outlook.

Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

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