|

Cryptocurrencies Price Prediction: Ethereum, Cryptos & Bitcoin – American Wrap 04 November

Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF

Ethereum (ETH) is trading near $2,420, down about 1% on Monday, but could bounce off a key descending trendline close to the $2,258 historically high demand zone. Meanwhile, the State of Michigan pension fund revealed an investment of $11 million in ETH exchange-traded funds (ETFs) despite its underperformance compared to Bitcoin ETFs.
ETH ETF Flows
Bitcoin (BTC) is trading around $67,800 on Monday and has declined by over 7% since seeing a rejection close to its all-time high resistance of $73,777 on Tuesday. If the decline continues, Bitcoin could bounce off the support level near $66,400. Meanwhile, Bitcoin exchange-traded funds (ETFs) recorded $2.172 billion in net inflows last week — one of their best-performing weeks since launch, per Coinglass data.
IMX/USDT daily chart
 
Bitcoin (BTC) continues to trade in the red on Monday after being rejected near its all-time high of $73,777 last week. Analysts suggest that the upcoming US presidential election on Tuesday will likely increase market volatility. Some expect it will trigger another “sell-the-news” reaction like that seen during the Nashville Bitcoin conference, prompting traders to remain cautious amidst the anticipated fluctuations.
Bitcoin Social Volume chart. Source: Santiment
 

Author

More from FXStreet Team
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

BNB Price Forecast: BNB slips below $855 as bearish on-chain signals and momentum indicators turn negative

BNB, formerly known as Binance Coin, continues to trade down around $855 at the time of writing on Tuesday, after a slight decline the previous day. Bearish sentiment further strengthens as BNB’s on-chain and derivatives data show rising retail activity.

Top Crypto Losers: Aster, Midnight, and Ethena extend losses as selling pressure mounts

Aster, Midnight, and Ethena are the altcoins with the most losses over the last 24 hours, as the broader cryptocurrency market weakens amid Bitcoin dropping below $86,000. ASTER, NIGHT, and ENA risk further losses as selling pressure mounts and risk-off sentiment spreads across the crypto market.

Ethereum Price Forecast: BitMine acquires 102,259 ETH as price plunges 5%

Ethereum (ETH) treasury company BitMine Immersion scaled up its digital asset stash last week after acquiring 102,259 ETH since its last update. The purchase has increased the company's holdings to 3.96 million ETH, worth about $11.82 billion at the time of publication.

Strategy scoops about $1 billion in Bitcoin for second consecutive week

Bitcoin (BTC) treasury and financial intelligence firm Strategy expanded its holdings following another round of weekly accumulation.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.