Bitcoin Price and Ethereum Prediction: BTC Revisits $30,000 – Can Both Cryptocurrencies Bounce Back?

cryptonews.com:

Bitcoin and Ethereum are two major cryptocurrencies that have gained significant popularity since the beginning of this year. Ethereum (ETH), which is the second-most popular cryptocurrency, recently surpassed the $2,000 milestone for the first time since May of last year.

Meanwhile, Bitcoin, the world's largest cryptocurrency, started the new week on a positive note, remaining constant within the $30,000 level. Bitcoin reached $31,005 last week, its highest price since June 2022.

However, the gaining streak in the Ethereum price was mostly driven by the success of the Shanghai Upgrade. It is worth recalling that the Shapella upgrade was implemented on April 12, and there were concerns that the update might cause the price of Ether to drop.

Although, it seems that most validators who own Ether are only withdrawing their rewards instead of selling their Ether. However, it appears that the majority of validators that possess Ether are just withdrawing their incentives rather than selling their Ether. This suggests that the Shapella update had no negative influence on Ether's pricing.

Despite hawkish comments from Federal Reserve officials regarding the path of interest rate hikes, the global cryptocurrency market has been flashing green and remained steady in early Asian trade on Monday. 

At the time of writing, the global crypto market valuation was $1.27 trillion, up 0.19 percent in 24 hours. However, the Fed's latest comments overshadowed its previous speculation that it was on the verge of cutting interest rates, which caused a jump in Bitcoin prices. Notably, the potential for rate cuts was fueled by low inflation and indicators of a sluggish employment market.

Although, this appears to be a temporary trend, as hawkish