The emergence of a new bull market in the crypto industry is becoming increasingly evident, especially with Ethereum reaching record highs.
Signals of a Bullish Crypto Phase
The recent rise of Ethereum to an all-time high marks the resurgence of a bullish market for cryptocurrencies. Although the altcoin market has not fully recovered, the total market capitalization of cryptocurrencies is approaching the $4 trillion mark. The Federal Reserve's softened approach to interest rates enhances the outlook for the remainder of the year.
End-of-August Predictions
As we approach the last week of the month, the CME GAP is no longer a concern as it was last week. It has been observed that the BTC price gap on CME predicts price direction on Mondays. This week, the gap has shifted upward, which may lead to a bullish start next week.
Impact of Economic Indicators
At the time of preparing this article, BTC was trading at $114,800, while ETH was at $4,775. Upcoming reports on NVIDIA's earnings, U.S. GDP, and PCE data are expected to positively influence prices. Current expectations for cryptocurrencies as August concludes lean toward further growth.
In conclusion, current events and upcoming economic reports create positive expectations within the crypto industry. However, there are many factors that could impact this dynamic.
