- Price Performance: Currently reported at approximately $103,140, down slightly by 0.11% from yesterday, with an intraday fluctuation range of $101,430-$104,180. After breaking through the $100,000 milestone, it remains in a high-level range oscillation, digesting profit-taking pressure.
- Technical Form: RSI index is approximately 40.47, retreating from the overbought area to a neutral weak zone; MACD indicator is -266.5, indicating a short-term momentum shift towards a sell signal; Williams %R indicator is in the overbought area, indicating a demand for adjustment in the short term, but the price is operating above the key moving averages, with an upward trend in the medium to long term.
- Market Sentiment and On-chain Signals: Strong inflow of funds into U.S. Bitcoin ETFs, with a net inflow of 2,494 BTC (approximately $255 million) on May 15. BlackRock's iShares increased holdings by 2,250 BTC in a single day, and its spot Bitcoin ETF IBIT has seen a net inflow for 20 consecutive days, accumulating over $5 billion in funds. However, Bitcoin's dominance dropped from about 65% to 62%, ending a five-month rising trend, with funds beginning to shift to altcoins.
Ethereum
- Price Performance: Currently reported at approximately $2,527.77, down 1.46% over 24 hours. It has risen more than 40% from a low of around $1,800 since early May, possibly ending the downward trend that began in early April.
- Technical Form: RSI index is 45.71, in a neutral zone with upward potential; MACD indicator is -13.87, showing a short-term sell signal, but the overall trend is strong. The 1-hour RSI is 44.36, slightly weak but not oversold, while the daily RSI is 74.34, indicating a pullback from overbought conditions. The price has broken below short-term EMA moving averages consecutively, suggesting a potential short-term adjustment.
- Market Sentiment and On-chain Signals: Institutional fund inflows have turned positive, with a net inflow of 27,202 ETH into the U.S. Ethereum ETF on May 15, following a total net inflow of $6.3499 million for the Ethereum spot ETF on May 14. The Ethereum/BTC trading pair has increased by over 30% in a month, marking the end of the 'decoupling' trend, with funds flowing from Bitcoin to Ethereum. Additionally, the total locked value in DeFi on Ethereum shows signs of recovery, providing fundamental support for ETH prices.
Overall Market Situation
The total market capitalization of cryptocurrencies has increased from $2.9 trillion to $3.24 trillion, with Bitcoin's dominance declining, indicating a shift in investor interest towards altcoins, clearly showing signs of 'altcoin season.' The cryptocurrency fear and greed index stands at 70, in the 'greed' range, reflecting a strong overall optimistic sentiment in the market.
In the short term, Bitcoin may oscillate between $98,000 and $105,000, facing consolidation pressure as funds shift to altcoins, but institutional fund inflows and an improved regulatory environment provide long-term support. Ethereum is expected to continue rising after a short-term adjustment, aiming for the $3,000 mark. The overall cryptocurrency market, with the onset of 'altcoin season,' may welcome broader increases. However, market sentiment is highly volatile, and there are risks of a pullback due to technical overbought conditions, necessitating close attention to related risk factors.