Opening Early June Bitcoin Rises To IDR 1.15 Billion, What's The Fate Of Ethereum?

Ethereum illustration (photo: Unsplash)

JAKARTA - On Wednesday, June 5, the price of Bitcoin was perched at US$70,822 (Rp1.15 billion), continuing the increase after Bitcoin managed to close in May with positive results with an increase of 11.07 percent.

On the other hand, Ethereum also experienced a surge as a result of the SEC's decision on May 23, 2024, the SEC approved 8 Ethereum spot ETF applications, marking a milestone for the crypto industry.

BTC moved between 56,555 - 71,946 US dollars (Rp920 million - 1.17 billion) throughout May 2024. In addition, Ethereum (ETH) surpassed the BTC increase by closing up by 24.65 percent in May 2024 and moving around 2,815 - 3,973 US dollars (Rp45.8 - 64.6 million), said the Financial Expert Ajaib Kripto, Panji Yudha.

According to Panji, entering early June, Bitcoin opened at a price of 67,490 US dollars (Rp1.09 billion), and based on data from Coininglass, over the past decade (2013-2023) Bitcoin on average tends to close slightly by about 0.33 percent.

On the other hand, Ethereum (ETH) was opened at a price of 3,760 (IDR 61.19 million) on June 1, Panji revealed, ETH on average decreased by 6.38 percent every June (average from the 2016-2023 period).

In terms of technical analysis, Bitcoin (BTC) managed to rebound from support trendline to increase to more than US$70,000 (Rp1.13 billion).

Furthermore, if BTC can survive in support of US$69,000 (Rp1.12 billion), the potential to continue to strengthen to US$71,500 (Rp1.16 billion) and the next target is US$73,000 (Rp1.18 billion).

"Meanwhile, if it goes down again below USD 69,000 (IDR 1.12 billion), then the potential for re-moving sides is around USD 65,000-68,000 (IDR 1.05 - 1.10 billion)," explained Panji further.

Meanwhile, Ethereum (ETH) has the potential to continue the rally for a US$400 breakout (Rp65.1 million) supported by potential inflows from ETF trading in the US.