26 Mar, 2024
Bitcoin (BTC), Ethereum (ETH), Coinbase (COIN) – Prices, Charts, and Analysis:
- Bitcoin – Bullish descending channel breakout.
- Ethereum – Moving higher but still underperforming.
- Coinbase – Moving higher on increased market turnover.
Bitcoin Daily Price Chart
Ethereum is also pushing higher but continues to lag Bitcoin. While Bitcoin has already made a new ATH, Ethereum remains around 30% its peak and is struggling to regain its mid-March multi-month high of around $4,100. The proposed Ethereum spot ETFs look like they will not be approved by May 23rd – the Van Eck ETF deadline date – and this is weighing on the cash Ethereum price. With the ETF potential approval being pushed further out, Ethereum may struggle to match Bitcoin’s performance over the coming weeks. Any further move higher will likely be kept in check by the mid-March high.
Ethereum Daily Price Chart
Ethereum Spot ETF – The Next Cab Off the Rank?
Coinbase (COIN), the largest cryptocurrency exchange in the US continues to benefit from the increased interest, and turnover, in the space. Coinbase shares are back at highs last seen in December 2021 and remain a proxy for overall crypto-market performance. Coinbase is trading around the 61.8% Fibonacci retracement of the May 2021 – January 2023 sell-off and targets the 78.6% retracement level at $343. Support on the weekly chart is seen at the 50% retracement level at $230.
Coinbase Weekly Price Chart
All charts via TradingView