Crypto update: Bitcoin and crypto price drops due to Ethereum + forecast

As we are used to around lunchtime, we zoom in again on the live price of Bitcoin and the live prices of the top 25 crypto coins. In addition, we look at how Ethereum is pushing prices for Altcoins. We also look at the outlook for Ethereum and Bitcoin in the near term.

Bitcoin price drops in negative crypto market

At the time of writing, the Bitcoin price is EUR 28,026.90 ($33,234.88). This is 1.74% lower than yesterday at lunch and also lower than during our crypto price forecast that we presented slightly before lunch yesterday.

Bitcoin is not doing badly compared to the rest of the crypto market. We are currently seeing the live prices of the top 25 cryptocurrencies in the red. Theta Networks (THETA) loses the most with 7.28%. You can of course follow all live crypto prices on the site.

Ethereum (ETH) miners are putting pressure on Altcoins prices

If we look at the price of Ethereum and the underlying statistics, we see that investor interest is declining. Prediction arweave price is positive. We see this in the lower prices, of course, but also in the clearly declining trading volume.

In addition, it appears that miners who invested in mining equipment in Q1 now want to sell it en masse. This is partly due to the Chinese government measures against cryptocurrency mining and trading.

For another part, the transition to Ethereum 2.0 is hurting investors. Because ETH 2.0 is switching from proof of work (POW) to proof of stake (POS) for block authorization, mining Ethereum will soon become impossible. The result is that the mining capacity is already declining and that the mining computers are offered for little to nothing, but in any case for bargain prices.

What can we expect for the Bitcoin price and Ethereum price in the short term?

We are currently seeing the correlation between stocks and Bitcoin increasing somewhat. During the highs in February through April, returns were well above that of equities, but these returns are now back in line, although Bitcoin is more volatile.

In addition, we still see the Bollinger Bands narrowing as Bitcoin continues to move in the $30,000 and $40,000 range. As a result, resistance and support levels are increasingly closer to each other. We therefore see support at $33,000 and $30,000, while the first resistance is already at $36,000. Renovato.iohas enough information. At the moment, the market seems to be mainly waiting to see what will happen on Thursday after the Grayscale Unlock.

The same goes for Ethereum. There seems to be some room for growth above $2,400, but the resistance is strong and there isn’t much room to break through. In the short term, therefore, mainly consolidating and falling prices are expected.

Want to stay informed of the latest price developments?

You can always follow the developments yourself with our WANT crypto analyzes or the background articles and previews on the crypto market and Bitcoin. Of course you can also follow the live prices 24 hours a day if you want to stay informed in real time.

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