Bitcoin (BTC) and Ethereum (ETH) prices have failed to put up a good show in recent times. At press time, BTC changed hands at $60,967, ETH, on the other hand, lost its grip on $3,000 while trading at $2,914, according to CoinMarketCap.
With mid-month closing in, traders are concerned that the price would end May with a postive return or otherwise. Coin Edition looks at the possibility and price targets of BTC and ETH.
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BTC Price Analysis
According to the BTC/USD 4-hour chart, a bounce could be in place for the coin soon. This was shown by the Fibonacci indicator.
On the chart, the 0.236 Fib level was at $60,935, indicating that Bitcoin might reached its lowest pullback point. On the upside, the 1.618 golden ratio was at $65,521, meaning that the short-term target of the coin could be around this region.
However, a highly bullish scenario could send BTC to $74,213 as indicated by the 4.236 Fib level. But this might not happen before the end of May considering that bears were not completely out of the market.
Coin Edition was able to deduce this after looking at the Elder Force Index (EFI). At the time of writing, the EFI reading was negative, suggesting a dearth of buying pressure. If this indicator falls, then BTC’s bullish outlook would be invalidated.
This could take the coin price to $58,000. On the other hand, an increase in accumulation might help Bitcoin begin its journey back above $65,000.
ETH Price Analysis
For ETH, the Relative Strength Index (RSI) showed that the altcoin was previously oversold. However, the RSI reading has begun to increase again, indicating that bulls might be working on dictating the momentum.
Invalidation of this might occur if selling pressure returns again, and the price of ETH might fall to $2,860. This potential decline was also supported by the Chakin Money Flow (CMF) which was in the red zone.
But on the brighter side, the price of ETH could jump if bulls continue to drive the mometum higher. Should this be the case, ETH might change hands at $3,278 within a short period.
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