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The Ethereum price dropped more than 1% over the past 24 hours to trade at $4,528.33 as of 10:50 pm EST.
But QCP Capital see better times ahead. “We expect Ether to continue outperforming Bitcoin over the medium term as the narrative rotates to potential ETH spot ETF approvals,” it said in its latest Market Update report.
QCP Capital supported its prediction by highlighting that the ETH/BTC exchange rate has risen from 0.05 to 0.06 in the past week, and added that spot ETH ETFs could be approved “from May.”
Talk about the possibility of regulatory approval for spot ETH ETFs gained momentum following comments from BlackRock CEO Larry Fink in an interview with CNBC last week.
“I see value in having an Ethereum ETF,” he said. “As I mentioned, these are just stepping stones towards tokenization.”
The Ethereum Price Falls Out Of Positive Channel
4-hour chart for ETH/USDT (Source: TradingView)
The Ethereum price broke below a positive price channel that had formed on its charts in the last 2 weeks, and continues to trade outside of this channel. As a result, the leading altcoin is exposed to the risk of potentially falling to $2,440 in the next 24 hours. Continued sell pressure could then pull the Ethereum price to as low as $2,295 in the short term.
This bearish thesis may be invalidated if ETH is able to close a 4-hour candle within the positive price channel in the next 12 hours. The Ethereum price may then begin to climb to the $2,685 resistance level. Bulls may then choose to boost the crypto’s price above this threshold, which will give it the foundation needed to potentially rise to $2,840 in the following few days.
ETH Is Still At The Mercy Of Sellers
ETH may not rise in the upcoming hours as technical indicators on its 4-hour chart support a short-term bearish outlook. The Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) suggest that bulls are currently overpowered by bears.
In the last 24 hours, the MACD line crossed below the MACD Signal line. This is a major bearish technical flag, and signals a continuation of ETH’s negative trend. The slope of the MACD Histogram is also negative, which is a sign that the altcoin’s bearish momentum shows no signs of slowing down yet.
In addition to this, the RSI line broke below its Simple Moving Average (SMA) line during the last day of trading. Traders generally identify this as a signal that sellers have gained an advantage against buyers. As a result, it may be easier for bears to drag the Ethereum price down in the next 24 hours than it will be for bulls to elevate it during the same period.
With the Ethereum price at risk of dropping lower in the short term, investors may want to make use of Launchpad XYZ to manage their ETH trading positions.
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Traders can also unlock more of the platform’s benefits through Launchpad XYZ’s NFT-based five-tiered premium access for presale buyers. The amount investors contribute in the ICO presale will determine the NFT package, as well as the associated benefits and services they will receive.
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Not only will this make Launchpad XYZ a one-stop shop for accessing digital assets, it will also enable investors to unlock the full utility of each digital asset while navigating the ebb and flow of the crypto market.
Investors looking to get in on the promising project will need to act fast. Launchpad XYZ’s presale will end in less than six days. The project’s native token, LPX, is selling for just over $0.045 and can be purchased using either Tether (USDT), Ether (ETH) or bank card.
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