Daily Crypto Signals: Bitcoin Targets $140K on Stimulus Hopes, Ethereum Battles Resistance Ahead of Upgrades
Bitcoin and Ethereum are navigating through complex macroeconomic conditions, with BTC holding strong above $94,000 while ETH shows some
Quick overview
- Bitcoin remains resilient above $94,000, while Ethereum shows signs of recovery after a tough first quarter.
- Recent macroeconomic data indicates potential interest rate decreases, which could positively impact cryptocurrencies.
- Institutional interest in Bitcoin is strong, highlighted by significant inflows into BlackRock's iShares Bitcoin Trust ETF.
- Ethereum's on-chain indicators suggest it may be undervalued, with a target price of $2,100 based on recent technical patterns.
Bitcoin and Ethereum are navigating through complex macroeconomic conditions, with BTC holding strong above $94,000 while ETH shows promising signs of recovery after a challenging first quarter.
Crypto Market Developments
Since the Federal Reserve keeps a strict monetary policy, the bitcoin market keeps reacting to changing macroeconomic data. Recent labor data from the US Department of Labor revealed job opportunities declining to 7.2 million in March, below the 7.5 million projection, so reaching their lowest levels in four years. US consumer confidence fell concurrently for the fifth straight month, lowest point since January 2021. Usually helpful for risk assets like cryptocurrencies, these economic data are driving conjecture about possible interest rate decreases.
With BlackRock’s iShares Bitcoin Trust (IBIT) ETF showing a notable $970.9 million daily inflow on April 28, marking its second-largest daily inflow since inception in January 2024, institutional interest in digital assets is still robust. IBIT has amassed almost $4.5 billion in net inflows since April 22, bucking more general market trends whereby rivals faced withdrawals.
With Nasdaq submitting to list 21Shares’ Dogecoin ETF, the regulatory scene is changing and there are now over 70 crypto ETF applications under SEC review. The crypto sector is also closely observing changes in court rulings, notably the Department of Justice’s suggestion of a 20-year jail term for former Celsius CEO Alex Mashinsky following his guilty plea connected with fraud allegations.
Macroeconomic Data Indicates Bullishness in Bitcoin
Currently trading at almost $94,400, Bitcoin BTC/USD is keeping resilience in face of recent market swings. Fidelity Digital Assets claims that Bitcoin is still in a “acceleration phase,” in which rallies to new all-time highs are not unusual, but the company issues a caution regarding a blow-off peak.
Based on patterns found by market analysts, Bitcoin seems to rally notably when low leverage meets more than expected retail sales and hawkish Federal Reserve signals. Over three distinct historical 7-week periods, these elements combined to cause price rises ranging from 50% to 84%. Should this trend maintain and consumer confidence rises from April 2025 and US employment vacancies show improvement, Bitcoin might perhaps hit $140,000 by October.
With illiquid supply rising from 61.50% to 63.49% and liquid supply declining by 4%, suggesting holders are progressively committed to long-term positions, on-chain data support a positive picture. Measuring BTC’s market capitalization divided by its hashrate, the “Bitcoin Yardstick” statistic points to the cryptocurrency’s moving toward “undervaluation” relative to the security of its network.
Ethereum Getting Ready to Cross $2,000?
Currently trading at $1,801, Ethereum ETH/USD shows indications of recovery following a difficult first quarter in which it dropped 45%, therefore negating post-US election gains at high in January. Notwithstanding this setback, several on-chain indicators point to ETH perhaps bottoming out and being underpriced right now.
Entering the “undervalued” zone, Ethereum’s MVRV Z-Score dipped to -0.18 in March, according Fidelity Digital Assets. Such levels have historically marked market lows. Also falling to 0, the Net Unrealized Profit/Loss (NUPL) ratio indicated “capitulation,” in which unrealized gains equal losses.
With 13.6 million unique addresses interacting with layer-2 networks achieving a new all-time high, Ethereum’s ecosystem remains clearly active. This shows the network’s rising acceptance and scalability gains—a 74% rise over the past week. Comprising roughly 5.82 million weekly active addresses, Unichain is a novel layer-2 protocol developed by Uniswap.
Technically speaking, ETH has created a bull flag pattern on the four-hour chart with a target of $2,100, roughly 15% above present levels. Analysts view the latest closing over the $1,800 resistance level as a positive indication since keeping this level might cause more appreciation toward the $2,000 mark in the near future.
Growing Downside Risks in XRP Price?
Currently selling at $2.23, XRP XRP/USD has rebounded by over 40% in the past three weeks however still sits roughly 30% behind its previous high of $3.39. The coin receives contradicting technical indications that could affect its price direction during the next weeks.
From the bearish side, XRP’s 4-hour chart shows indications of a possible breakdown with a growing wedge pattern developing. Should this be verified by a breach below the lower support of the wedge, XRP may be pushed toward $1.89, a 17% drop from present levels. XRP is also trading more than 120% above its realized price of $1.02, a departure from past trends that has preceded notable drops.
But XRP’s position above its 50-week exponential moving average near $1.67, a level that historically acted as resistance throughout the 2022–2024 market cycle and is presently providing strong support, is optimistic. On the weekly chart, the token also shows a declining wedge shape, usually indicating a bullish reversal. Targeting the $2.92 level by June, a successful breakout would signify a 25% increase from present prices.
Nasdaq to List Dogecoin ETF?
Trading at about $0.1748, Dogecoin DOGE/USD keeps a market value of almost $26 billion. Following similar applications from competitors Bitwise and Grayscale, the popular memecoin has attracted more interest as Nasdaq filed to list 21Shares’ Dogecoin ETF.
Unlike most other memecoins, DOGE is the native token of the Dogecoin network, a proof-of-work blockchain meant as a quicker, less expensive substitute for Bitcoin for peer-to–peer transactions. The network’s pragmatic value was shown by handling more than 40,000 transactions over the past 24 hours.
The possible acceptance of a Dogecoin ETF might greatly affect the availability of the cryptocurrency to conventional investors, so influencing additional price increase. Furthermore, advances in the Dogecoin ecosystem—including announcements in September 2024 by QED Protocol and Nexus to introduce a layer-2 scaling solution—may improve the functionality of the network by incorporating smart contracts to Dogecoin.
While the crypto market negotiates difficult macroeconomic circumstances, altcoins such as Dogecoin could gain from Bitcoin’s possible surge since historically, good performance of Bitcoin finally attracts more interest and capital flow into other cryptocurrencies.
- Check out our free forex signals
- Follow the top economic events on FX Leaders economic calendar
- Trade better, discover more Forex Trading Strategies
- Open a FREE Trading Account
Related Articles
Comments
Sidebar rates
Related Posts
Save
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals