Bitcoin and Ethereum Price Prediction as BTC Spikes Up 2% and ETH Pushes Past $2,300

By CryptoNews - 2 months ago - Reading Time: 4 minutes
Fri, Feb 2, 2024 5:32 PM

Bitcoin and Ethereum Price Prediction as BTC Spikes Up 2% and ETH Pushes Past $2,300

In the realm of cryptocurrency, Bitcoin and Ethereum price prediction remains a focal point for investors. Bitcoin, despite facing a potential sell-off following the release of solid NFP and unemployment rate data, has managed to hold its ground near the $43,000 mark.

Initially dipping to the $42,500 area, BTC has since rebounded, marking a spike of over 2% from Thursday’s low, indicative of a bullish sentiment among traders.

Ethereum, paralleling Bitcoin’s resilience, continues to stabilize near the $2,300 threshold, further emphasizing the optimistic outlook within the crypto market.

With the Bitcoin halving event approaching in less than 75 days, expectations for its market impact are high.

The bitcoin halving is in 75 days pic.twitter.com/sx0G5nhiJz

— Leap (@leap_xyz) January 31, 2024

Historical data indicates a possible dip post-halving but followed by significant rallies within 12 to 18 months.

Based on past cycles after the 2012, 2016, and 2020 halvings, Bitcoin saw substantial increases. If these patterns hold, Bitcoin could see a short-term correction post-April 2024 halving, aiming for a peak between April and October 2025.

US Labor Market Strengthens, Impact on Bitcoin and Ethereum Price

Recent US labor market data reveals a robust employment scenario, with Non-Farm Employment Change exceeding expectations at 353K jobs added, surpassing the forecasted 187K.

This strength in the job market, coupled with a steady unemployment rate of 3.7%, signals a resilient economy.

❖ US Labor Jan Nonfarm Payrolls +353K; Consensus +185K

❖ US Jan Unemployment Rate 3.7%; Consensus 3.8%

❖ US Jan Average Hourly Earnings +0.55%, or +$0.19 to $34.55; Over Year +4.48%

❖ US Jan Private Sector Payrolls +317K and Government Payrolls +36K

❖ US Jan Average…

— *Walter Bloomberg (@DeItaone) February 2, 2024

However, this positive economic data has bolstered the dollar, exerting downward pressure on Bitcoin and Ethereum prices.

A stronger dollar often diverts investment away from cryptocurrencies, potentially affecting their market value.

Legislative Effort Against SEC Rule Boosts Bitcoin Prospects

A legislative push led by North Carolina Representative Wiley Nickel, with support from Senator Cynthia Lummis and Representative Mike Flood, aims to challenge a SEC directive (SAB 121), which mandates banks to include customer crypto assets on their balance sheets.

SAB 121 has been one of the biggest impediments to institutional adoption of #bitcoin and cryptocurrency. We’re breaking down this barrier to make digital assets more accessible to Americans. https://t.co/Cj8pv3zoK4

— Perianne (@PerianneDC) February 1, 2024

Overturning this rule could simplify the process for institutions to embrace Bitcoin and other cryptocurrencies.

This move, endorsed by the Chamber of Digital Commerce, is viewed as a step towards ensuring the SEC remains within its regulatory boundaries, potentially encouraging greater institutional engagement with digital assets.

Thereby, repealing SAB 121 is seen as a positive step to boost institutional adoption of cryptocurrencies.

Bitcoin Price Prediction

Bitcoin (BTC/USD)‘s pivot point is set at $42,940, with key resistance levels are identified at $43,844, $44,585, and $45,558, which could cap upward movements.

Conversely, immediate support is found at $42,336, with subsequent levels at $41,876 and $40,918, indicating potential floors in case of a downturn.

Technical indicators, such as the Relative Strength Index (RSI) standing at 56 and the 50-day Exponential Moving Average (EMA) at 42,915, underscore a potential buying trend above the $42,850 level.

This technical setup suggests that Bitcoin is currently positioned for bullish momentum, provided it remains above this crucial support level.

Ethereum Price Prediction

Ethereum (ETH/USD) is navigating a critical phase, trading around $2,298 in the latest session. Key resistance levels are set at $2,338.10, $2,375.60, and $2,414.30, providing clear targets for upward price action.

Conversely, Ethereum finds immediate support at $2,249.20, with further cushions at $2,205.70 and $2,171.70, marking crucial junctures for potential pullbacks.

Technical indicators bolster the optimistic outlook, with the Relative Strength Index (RSI) at 55 and the 50-day Exponential Moving Average (EMA) at $2,306.10, both signaling a favorable buying trend above the $2,300 threshold.

In summary, Ethereum’s technical analysis suggests a bullish trend as long as it sustains above the $2,300 mark, indicating potential for further gains in the near term.

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Original source: CryptoNews