Bitcoin, Ethereum, and other altcoins were largely muted on Thursday as the market reflected on the recent Federal Reserve minutes and the court’s decision to end Donald Trump’s tariffs against other countries. This article provides a forecast for top cryptocurrencies like Internet Computer (ICP), Bitcoin (BTC), and Ethereum (ETH).
Internet Computer (ICP) price is showing bottoming signs
Internet Computer’s ICP token peaked at $15.5 in November last year as most cryptocurrencies rallied. It then plunged sharply and found a bottom at $4.20 in April when Trump unveiled his tariffs against other countries.
The coin has now stabilized at the 50-day Exponential Moving Average (EMA). It has also moved above the upper side of the descending channel shown in black. This channel has a close resemblance to the a falling wedge, one of the most popular bullish reversal patterns in technical analysis.
The coin has formed an inverse head and shoulders pattern, another bullish reversal sign. It also formed a double-bottom pattern at $4.475. Therefore, there are signs that the coin is bottoming, which will lead to more gains in the coming weeks. More gains will be confirmed if the coin rises above the key resistance level at $6.133, the highest point on May 12.
Read more: Toncoin, Mask Network, and Pepe price predictions
Heightened investor interest bolsters Ethereum price to a three-month high
Ethereum price has been up by over 3% over the past 7 days as highlighted by CoinMarketCap, compared to Bitcoin’s drop of 2.90% during the same period. The crypto major’s trading volume and ETF inflows point to heightened investor interest.
According to data from SoSoValue, ETH spot ETFs recorded 8 consecutive sessions as of 28th May. On Wednesday, 4 out of the top 9 ETFs recorded a total of $84.89 million in daily net inflows while the rest had zero flows. At the same time, the altcoin’s trading volume is up by 21.38% over the past 24 hours.
In the short term, I expect Ethereum price to hold steady above the 20-day EMA at around $2,500. On the upside, the entry of more buyers may help break the resistance at the three-month high hit earlier on Thursday. If successful, the next hurdle will likely be at $2,956 as the bulls eye the psychologically crucial zone of $3,000.
Bitcoin price in consolidation mode as profit-taking continues
Bitcoin price has been in consolidation mode for a week now after topping the all-time high hit earlier in the year to reach a fresh high at $112,051. Even with the profit-raking, the bulls remain in control with data from SoSoValue indicating ten consecutive sessions of daily net inflows for US Bitcoin sport ETFs.
Even with the pullback, Bitcoin price is set to remain above the crucial zone of $100,000, which is along the medium-term 50-day EMA. In the near term, the all-time high of $112,051 is a resistance level worth watching. On the lower side, Bitcoin price will likely find support at $106,284, below which the crypto major may drop to $104,583.
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