Crypto Market Update: Ethereum (ETH) Soars Above $3.1k, Bitcoin Holds $51k – Flare (FLR) +18%, PIXEL +13% & GALA +9.6%

Crypto prices remain sideways as the altcoins await the next Bitcoin and Ethereum price action. The lack of any significant breakout or breakdown in the biggest cryptocurrency has resulted in cautious price action in the altcoins. Nevertheless, Flare (FLR), Arweave (AR), PIXEL, and GALA still emerged as the standout performers.

At press time, FLR is the biggest gainer among the top 100 digital assets, with a 16.8% surge in the last 24 hours. Mantle (MNT, GALA, and ApeCoin (APE) are the other top assets with 12.6%, 9.4%, and 7,7% upticks, respectively.

The focus of most investors appears to have shifted to Ethereum, with the latest ETH price surge above $3,100. Due to a pullback in BTC price, ETH stood at $3,045, but the bullish sentiment persisted due to the high timeframe strength in the ETH/BTC pair.

As far as the BTC/USD pair is concerned, it seems to have found strong support within the $50,500 to $51,000 region. However, the bulls lack the momentum to orchestrate a breakout above the range highs of around $53,000. This remains a key level to watch in the coming days.

Ethereum Price Prediction

On the fundamental level, the ongoing Ethereum rally is driven by the ETF hype and the scheduled Dencun upgrade. The bullish sentiment is pushing the price of the most valuable smart contract asset toward its weekly resistance of $3,555. However, a pullback might occur before this key retest due to the bearish divergences on the 1D relative strength index.

In this regard, the $3,033 level might play a decisive role as the bulls need to flip this previous resistance level into support to aim for more upside. This will turn Ethereum price prediction very bullish, with the first target of $3,283.

Pixel Price Outlook

Considering the very short price history of the PIXEL coin, it has recently broken out of the accumulation range, as mentioned in the following chart. I anticipate a retest of the $0.55 level from the upside in the coming days, which will be very critical for the future price action.

In case of a successful retest, PIXEL price might immediately head toward a new all-time high of around $0.69. Even though the outlook appears to be bullish at the moment, the risk to reward ratio is not favorable to go long at the current price level.