BNB has staged a powerful 16% recovery, surging past $1,350 as optimism builds around potential spot ETF approval and renewed confidence in the Binance ecosystem. The rally outpaces Bitcoin and Ethereum, fueled by whale accumulation and institutional inflows. Daily trading volume jumped 55% to $10.7 billion, signaling strong market conviction as the cryptocurrency demonstrates remarkable resilience following recent geopolitical-triggered sell-offs.
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Reasons Behind Ether’s Recent Underperformance Against Bitcoin
Ether has been underperforming Bitcoin due to decreasing network activity, declining sentiment around spot Ethereum ETF approval, and a drop in the ETH/BTC ratio. Ethereum’s on-chain activity has decreased, with DApps experiencing a drop in active addresses and transaction volume. Additionally, the likelihood of an Ethereum ETF approval by the SEC in May is decreasing, contributing to ETH’s bearish momentum. Bloomberg’s ETF analyst and VanEck CEO have expressed skepticism about the approval, citing a lack of communication from the SEC.
read moreBNB Price Poised for Potential Surge as Bulls Gain Momentum
BNB price is showing signs of a potential surge, with resistance at $610. A break above this level could lead to a rally towards $645 and $680, while a failure to clear the resistance may result in a decline towards $540 and $500. Technical indicators suggest bullish momentum, with support levels at $580, $560, and $540.
read moreBNB Price Faces Resistance at $520, Testing Key Support at $500
BNB price surged above $600 but faced resistance near $645, leading to a correction towards the $500 support. The price is currently near $515, with a key bearish trend line forming at $520. If the price stays above $500, it could attempt a fresh increase, but failure to clear $520 resistance may lead to further losses towards $470 and $430 support levels.
read moreCryptocurrency Price Analysis: Bitcoin, Ether, BNB, Solana, XRP, and More
Bitcoin and altcoins are experiencing a tough battle between buyers and sellers, with the possibility of a short-term correction due to a risk-off sentiment in the market. However, the long-term bullish view remains strong, with investors likely to view every dip as a buying opportunity. Important support levels for Bitcoin and select altcoins are being closely monitored to gauge potential price movements.
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