Bitcoin, Dogecoin Stay Weak, Ethereum Revels In Spot ETF Euphoria — Analyst Says King Crypto Needs To Cross $70K To Hit New Highs

The cryptocurrency market witnessed downsides during the weekend while Ethereum continued to build strength on its spot ETF approvals.

What Happened: Ethereum consolidated in the $3,800 zone as significant volatility was on the show for the world's second-largest cryptocurrency. The coin gained 24% over the last week over the bullish anticipation and eventual greenlighting of investment avenues tracking its spot price in the U.S.

Bitcoin moved sideways in the $68,000 zone, as much of King Crypto's limelight was stolen by Ethereum last week. 

The underwhelming price action dampened the sentiment of derivatives traders as the Open Interest fell 0.34% in the last 24 hours. 

That said, the majority of Bitcoin futures traders were betting on its price increase, as evidenced by the jump in Long-to-Shorts Ratio for the coin. 

The Cryptocurrency Fear & Greed Index cooled from "Extreme Greed" to "Greed" over the weekend, potentially paving the way for increased buying pressure in the days to come. 

The market was galvanized by former President Donald Trump's yet another passionate endorsement for cryptocurrencies, as he promised to build a safeーhaven for the industry in the U.S.

Top Gainer (24 Hour)

The global cryptocurrency market cap stands at $2.57 trillion, shrinking narrowly by 0.10% in the last 24 hours.

Stock market futures were trading lower as of this writing. The Dow Jones Industrial Average Futures fell 40 points, or 0.10%, as of 8:30 p.m. EDT. Futures tied to the S&P 500 were down 0.11%, while Nasdaq 100 Futures sank 0.18%.

Stocks finished last week on a record high as shares of tech giant Nvidia Corp. NVDA sailed on its smashing first-quarter earnings report.

The Federal Reserve policymakers have already signaled they want to see more progress on inflation before moving to decrease interest rates. Investors will pay close attention to key macroeconomic statistics, such as Personal Consumption Expenditures, which is due on Friday. 

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Analyst Notes: Widely-followed cryptocurrency analyst Michaël van de Poppe underlined a breakout above $70,000 as a necessary criterion to justify a new all-time high for Bitcoin.

Another popular analyst, Rekt Capital, drew attention to the significance of Ethereum's weekly close.

Pointing out $2791 on the price chart, the researcher noted that this level has historically preceded upward momentum to $4,000. He added, "Weekly Close above the orange box seems inevitable and will confirm that bulls have reclaimed momentum." 

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