Bitcoin price witnessed sharp volatility this April as the bear market comes to an end and Bitcoin prepares for the Bitcoin halving event. While traders anticipate upcoming bullish run amid the banking crisis, U.S. debt-ceiling crisis, and weakening macro, the outlook for Ethereum price and altcoins remains weak.
Ethereum price has mostly been under pressure after the Shanghai (Shapella) upgrade as all platforms slowly opened staked ETH withdrawals. The largest liquid staking platform Lido is expected to open withdrawals at the end of May.
Ethereum Price and Other Altcoins Under Selling Pressure
Popular analyst Michael van de Poppe shared his new analysis on altcoins on April 29 as the month comes to an end, with Bitcoin and Ethereum prices need to break key levels in order to maintain upside momentum.
He believes the bear market looming for Ethereum and altcoins as altcoins loses momentum against BTC and continues to fall. The collapse of First Republic Bank amid the brink of depression and recession will be huge trigger adoption of DeFi.
Other news impacting the crypto prices includes the U.S. Fed rate hike decision, if Fed hike rates it will put addition pressure on the government and banks as they have to give more interest on the money they borrow. US Treasury Secretary Janet Yellen warned an economic catastrophe if the U.S. debt ceiling is not raised. The US House has passed the debt ceiling bill, and it now faces the Democratic-led US Senate hurdle.
In the weekly timeframe, Ethereum (ETH) against Bitcoin (BTC) is showing weakness and altcoins are in correction. ETH/BTC needs to break the 0.069 level for a bullish move and start an altcoin season. The resultant rally in Bitcoin above $30,000 will bring strength in the market and altcoins will follow suit, but BTC price needs to consolidate for ETH price to rally higher.
Michael van de Poppe predicts BTC price reaching $50,000 in the next quarter as positive sentiment in the market considering macro weakness and bitcoin halving.
Also Read: Bitcoin Price To Hit $35000 As First Republic Starts Second Wave Of Banking Crisis
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
