Price Analysis View Non-AMP

Will Ethereum Follow Bitcoin’s Footsteps & Undergo a 20% Retrace for the Next 15 Days?

Published by
Sahana Vibhute

The recent upswing, followed by the approval of the spot Ethereum ETF, appears to be a short-lived rally as the markets have begun to consolidate. The Ethereum price had also soared close to $4000 but before reaching these levels, the token faced extreme upward pressure. Besides, the Bitcoin price has remained stuck between $67,000 and $67,500 since the early trading hours. Therefore, the current trade set-up indicates the price may follow the previous trend, which ended in a huge retracement of over 20%, which prevailed for over 10 days. 

It was a good day for the crypto space, as after Bitcoin, the Ethereum ETF has also been approved by the SEC. The markets reacted positively as the prices of ETH and other popular tokens breached their respective resistance levels. It is a known fact that Ethereum closely follows the Bitcoin price trend and if history repeats itself, then the ETH price may face a huge plunge. 

The Bitcoin price retraced from $47,000 and reached levels below $40,000 soon after the launch of the spot ETF. This also compelled the other major tokens, including the ETH price, to face a huge pullback. This seemed to express the proverb, ‘Buy the rumour, sell the news,’ which flashed the possibility of the ETH price also mirroring a similar trend and as a result, the ETH price may correct for a while similar to BTC. 

The ETH price managed to break the heavy resistance zone around $3500 with the help of a classic falling wedge. On the other hand, the ETH/BTC also broke above the key resistance line, which continues to flash bullish signals for the crypto and many other altcoins. Hence, if the markets begin to rise, the ETH price may quickly rise, which could be a major signal of the beginning of an altseason. 

Currently, the prices of both Bitcoin & Ethereum appear to be at the foothill of a fresh descending trend. Hence, if the bulls fail to defend the local support, a plunge below $3500 or $3300 may be expected. Meanwhile, if the bulls manage to trigger a rebound, the Ethereum (ETH) price may begin a fresh upswing to find new ATH above $5000.

Also Check Out: Massive Surge In These Altcoins Target A 2x Surge

Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

Recent Posts

Metaplanet Keeps Buying Bitcoin, Now Holds 5,000 BTC

Metaplanet has purchased an additional 145 BTC for around $13.6 million at an average price…

April 24, 2025

El Salvador Proposes Crypto Sandbox to SEC in Bold Cross-Border Move – Is Bitcoin In?

Something big might be happening between El Salvador and the United States in the crypto…

April 24, 2025

Want to Have Dinner with Trump? Here’s How to Qualify and Everything You Need to Know

It sounds unbelievable, but it’s real: holders of a Trump-themed meme coin now have the…

April 24, 2025

$TRUMP Coin Dinner: Private Dinner Announcement with Trump Sparks 70% Surge

The Trump-themed meme cryptocurrency, dubbed the “official token” of the U.S. President Donald Trump, surged…

April 24, 2025

Shiba Inu (SHIB) Price Forecast Today

SHIB price has potentially broken out of a YTD falling channel in the past few…

April 24, 2025

Arbitrum (ARB) Price Analysis: Dead Cat Bounce or Full Blown Recovery Next?

ARB price has followed a similar fractal pattern to the September 2024 bullish breakout. The…

April 24, 2025