Cryptocurrency Forecasts: Ethereum Continues to Outperform Bitcoin, while PEPE Makes a Comeback

Investing.com – Trading is quiet ahead of the global market open tomorrow, Monday, with Ethereum trading at $27.2K and $1903.7 a symbol. However, the current calm may be the first storm with some predictions released for the crypto market this month.

And after May, which witnessed the first decline in the digital currency markets in 2023, June came with great hopes that it will be a decisive month for the digital currency bulls, in which the currencies will succeed in regaining the ascent and completing the Bitcoin rally, which made it the best performing asset in the first half of the year. Today’s forecast, however, is a little different.

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Cryptocurrency prices now

The market value of digital currencies, at the time of writing the news, at exactly 18:45 Riyadh time, is $ 1.15 trillion, according to Investing data.

Bitcoin forecast

Cryptocurrency writer Waldrin Tahiri said that Bitcoin is poised to drop to $25,000 levels. He said that Bitcoin broke the head and shoulders pattern on May 11, which is a bearish sign, but the decline did not happen.

He said that although the signal came on May 11, Bitcoin’s reaction came in the opposite direction, as the currency rose twice and rose above the average line on May 30, but it returned again to decline and failed to break the resistance in the last days of May.

Therefore, bitcoin price is now expected to fall strongly to the support channel at the $25,000 level. He added that this is also the 0.382 Fibonacci retracement support level when measuring the entire previous upward move. Therefore, it is very likely that the bottom level will be.

The RSI movement also supports this possibility. Using the Relative Strength Index (RSI) as a momentum indicator, traders can determine whether the market is overbought or oversold and decide whether to accumulate or sell an asset.

If the RSI reading is above 50 and the trend is up, the bulls have the advantage, but if the reading is below 50, the opposite is true. The indicator is below 50 and falling, a sign of a downtrend.

The Ethereum Surprise

Waldrin predicted that Ethereum would continue to outperform Bitcoin. After Ethereum managed to rally better than Bitcoin during the month of May, Waldrin believes that the advantage will continue.

Waldrin said that the Ethereum-BTC pair could reach a record high for Ethereum. He explained: “ETH/BTC price has been falling inside a bearish parallel channel since the beginning of 2022. In April 2023, it bounced at the middle line of the channel. It was the second time it bounced at this line. Since the price is now trading at the top of the channel, breakout from it is the most likely scenario.

In addition, the weekly RSI supports the continued rise. The index broke from the descending resistance line (the black line) and moved above 50 after that (the green circle).”

He continued, “If the price breaks the channel resistance line, it is likely to break the 0.078 resistance area against BTC and move to 0.01 BTC.

Waldrin added, “Although the bullish price of ETH is expected, if the price of Ethereum closes below the center line of the channel, it means that the trend is still bearish. In this case, the price of ETH may drop to the support line of the channel at 0.045 against Bitcoin.”

The return of PEPE coin again

Waldrin’s latest forecast was that the currency that created the hype in May, PEPE, will rise again and recover after its sharp decline.

PEPE price reached its highest level on May 5th and then fell violently. Valdrin says that despite this decline, June seems likely to provide some recovery for the altcoin.

Waldrin justified his expectation with more than one reason, the most important of which is that the decline has been contained since May 13 within a parallel descending channel. The channel is also a corrective pattern, which means that an exit from it is the most likely scenario.

On May 31, the price bounced at the channel support line (green symbol). The retracement combined with the lowest RSI reading ever (green circle). The index has increased since then.

Therefore, the most likely PEPE price prediction is to increase the next resistance at $0.0000022.

For a bearish scenario, Waldrin said that despite this bullish outlook, a dip below the channel support line means that the trend is down. In this case, PEPE could resume its long-term fall to $0.0000009.