- Ethereum appears poised for a breakout rally and retest of late January highs around $2,700 as it consolidates in a bullish technical pattern.
- Bitcoin has stalled and remains rangebound between key levels around $43,000 as traders turn their attention to Ethereum and altcoins.
- Continued inflows into Bitcoin spot ETFs confirm growing institutional demand for crypto as the market consolidates ahead of Ethereum upgrades and Bitcoin’s next halving.
Bitcoin has entered a consolidation phase as traders turn their attention to Ethereum. Ether appears technically ready to retest its late January highs around $2,700.
Ethereum Gaining Momentum
Ether has been consolidating within a narrowing wedge formation, suggesting an imminent breakout. The Ethereum network also has some major upgrades on the horizon that could further propel ETH price.
Bitcoin Rangebound
Meanwhile, Bitcoin remains stuck between key levels around $43,000. Without clear direction, BTC has drifted sideways as traders look for opportunities in altcoins like Ethereum. This period of consolidation may persist until Bitcoin’s next halving event.
Bullish Signs in ETF Markets
The Bitcoin spot ETF market continues to see positive inflows. Outflows from the Grayscale Bitcoin Trust remain low, while ETFs like BlackRock saw another influx of $68 million. This marks the 7th straight day of net inflows, confirming growing institutional demand.
Conclusion
In summary, Ethereum looks poised for a breakout rally as Bitcoin trades sideways. The upcoming network upgrades coupled with bullish technicals point to ETH retesting its January highs. At the same time, steady inflows into Bitcoin ETF products signal strengthening institutional interest in crypto more broadly.
