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Bitcoin steady at $108k as market awaits move; Ethereum eyes $3,000
The bellwether currency was quoted trading at around $108,810.13, lower by 0.21 per cent at 11:40 AM on Wednesday, May 28. The world's most popular cryptocurrency had a 24-hour trading volume of $52.64 billion. Bitcoin's market capitalisation stood at $2.16 trillion, the highest among all cryptocurrencies. The last 24-hour trading range for Bitcoin was between $108,445.43 and $110,744.21, according to data from CoinMarketCap.
Bitcoin, Edul Patel, Co-founder and CEO of Mudrex, said, is currently in a re-accumulation phase, where steady buying interest is helping maintain bullish momentum. "Market sentiment was further boosted by US President Donald Trump's media company announcing plans to raise $2.5 billion to establish a Bitcoin treasury."
Calling Bitcoin's consolidation healthy, Vikram Subburaj, CEO, Giottus Crypto Platform, said that, "As long as BTC holds above the weekly open near $109,000, the path to a renewed breakout above $110,000 is likely." A brief dip into the $106,000–$108,000 zone, Subburaj believes, would fall within normal volatility.
Ethereum faces resistance at $2,750
Ethereum (ETH), on the other hand, touched the $2,700 mark briefly but failed to hold. Last seen, it was quoted trading at $2,629.79, up 0.92 per cent, with a trading volume of $24.32 billion. It has fluctuated in the range of $2,566.49–$2,712.29 in the last 24 hours.
Ethereum's market cap stood at $317.5 billion, making it the second-largest cryptocurrency by market capitalisation.
Despite the dip, Harish Vatnani, head of trade, ZebPay, said, the Relative Strength Index (RSI) remains at 64—comfortably below the overbought threshold of 70—suggesting there's still room for bullish momentum if buyers regain control. "However, caution is warranted, as the MACD flashed a bearish crossover on Friday, signalling potential short-term weakness and a possible continuation of the downward move. Traders will likely keep a close eye on these technical levels for confirmation of the next trend direction," said Vatnani.
ETH is facing strong resistance at $2,750. If it breaks and closes above this level with good volumes, then Vatnani expects the price to further rally up to $3,000 and $3,350.
Altcoins trade mixed
Among other popular altcoins, Binance Coin (BNB) was trading higher by 0.69 per cent, while Cardano (ADA) was trading lower by 1.9 per cent, Ripple (XRP) was trading lower by 0.56 per cent, and Solana (SOL) lower by 0.33 per cent.
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Yes, a full settlement could push XRP into double digits and bring in institutional investors.
