Ether Price Reaches Two-Month High Against Bitcoin as Bitcoin Tests $69K Level Ahead of ETF Decision

According to Cointelegraph: Bitcoin sought to establish support above $69,000 on May 22, following a slight decrease from local highs. Market data suggested weakening BTC price action, resulting in two tests of the previous all-time highs from 2021. BTC/USD 4-hour chart. Source: TradingView Consequently, commentators noted potential concerns. A popular trading resource, Material Indicators, stated, "Support at $69k needs to hold to have a chance to validate an R/S flip at the prior ATH,” suggesting a significant resistance/support flip at the $69,000 mark. BTC/USD chart with trading signals. Source: Material Indicators/X Meanwhile, volatility indicator Bollinger Bands' creator, John Bollinger, expressed short-term concerns, suggesting potential consolidations or pullbacks. BTC/USD chart with Bollinger Bands data. Source: John Bollinger/X Despite concerns of a more extensive BTC price retracement, Decentrader's co-founder, Filbfilb, suggested that the impending decision on the U.S. spot Ether ETFs could influence Bitcoin’s next move. He predicted that a positive outcome could spark renewed Bitcoin price discovery, potentially hitting $80,000. BTC/USD chart. Source: Credible Crypto/X However, in the case of an ETF rejection by regulators, Filbfilb expects the market to reset to its pre-impulse level. This speculation comes as Ether reached its highest levels against Bitcoin since mid-March on May 21. ETH/BTC 1-day chart. Source: TradingView