Key takeaways 

• Pi Network’s PI token holds steady at $0.1730, up 4.5% from the previous day. 
• The Pi Core Team’s upgrade to enable smart contracts, with a deadline set for April 27, is a potential catalyst. 

Pi Network’s PI token has managed to hold steady around $0.1770 as of Friday, adding a 4.5% gain from the previous day. 

The Pi Core Team (PCT) is driving momentum with the impending upgrade to the mainnet, which will enable smart contract functionality—expected to be a key catalyst for price movement.

PI rallies ahead of the Protocol 22 upgrade

PI is up 4.5% in the last 24 hours, outperforming the broader cryptocurrency market. The rally comes after the Pi Core Team announced that April 27 is the final deadline for all mainnet nodes to complete necessary steps for remaining connected to the network, as part of the Stellar Protocol version 22 upgrade. 

While this upgrade will cause a brief 15-minute downtime during internal data transfer, it lays the groundwork for future improvements. Additionally, the full upgrade to version 26 is slated for June 22, ahead of Pi2Day on June 28.

Will PI rally higher in the near term?

The PI/USD 4-hour chart is bearish and efficient, trading above the $0.1770 level. However, Pi Network remains in a bearish posture, with the token still trading below the 50-, 100-, and 200-day Exponential Moving Averages (EMAs). 

The immediate resistance level is marked at $0.1785, corresponding to the 50-day EMA, followed by stronger resistance at $0.1865 (100-day EMA) and $0.2334 (200-day EMA).

However, momentum indicators present mixed signals. The Relative Strength Index (RSI) at 71 is above the neutral 50 line, and is heading into the overbought region.

The Moving Average Convergence Divergence (MACD) crossing above its signal line indicates growing bullish momentum. 

On the downside, key support is found at $0.1556, near the February 23 low, with further weakness potentially exposing $0.1310 if the market slips below this level.

Key takeaways

• Bitcoin is holding near $69K as Iran-related geopolitical tensions keep markets cautious.
• Rising oil prices and inflation concerns are limiting upside, but strong ETF inflows and institutional support are helping BTC stay resilient.

Bitcoin is trading sideways near the $69,000 mark as investors remain cautious amid escalating geopolitical tensions tied to the conflict in Iran.

The leading cryptocurrency briefly pushed above $70,000 on Monday—its first move past that level since March—but failed to sustain momentum. 

Geopolitics dominate market sentiment

The ongoing situation in Iran continues to shape global risk appetite. U.S. President Donald Trump has warned of severe consequences if a deal to reopen the Strait of Hormuz is not reached by the Tuesday 20:00 ET deadline.

Iran has rejected a proposed 45-day ceasefire, instead calling for a permanent end to hostilities alongside the removal of sanctions.

For Bitcoin, this macro backdrop is significant—higher oil prices tend to support inflation, push Treasury yields higher, and reinforce expectations that the Federal Reserve will keep interest rates elevated for longer.

Despite the current situation, Bitcoin has held up better than some traditional markets. While it has not staged a breakout, its ability to maintain levels above $65,000 suggests underlying support from positioning and institutional demand.

Meanwhile, Gold has lost more than 10% of its value as investors scale back expectations for Federal Reserve rate cuts this year.

Flows into spot Bitcoin ETFs have been a key factor. After four consecutive months of outflows, March saw $1.2 billion in net inflows. Momentum has continued into April, with spot ETFs recording $471.3 million in inflows in a single day—the largest since February.

These inflows have helped keep Bitcoin’s price, although resistance near $76,000 continues to cap upside.

For Bitcoin to break higher, a clear catalyst is likely required. A confirmed ceasefire between the U.S. and Iran could be pivotal, particularly if it drives oil prices below $100 per barrel and alleviates inflation concerns.

Technical forecast: Bitcoin eyes the $70k resistance once again

The BTC/USD 4-hour chart remains bearish and efficient as Bitcoin continues to defend the $65,000 support level. 

The price has recovered from this low and is testing resistance around 69k, the 50-day EMA, and the lower band of the rising channel. 

The RSI of 61 on the 4-hour chart is above the neutral level, indicating a growing bullish bias. The MACD lines are also above the zero line, adding further confluence to the bullish narrative. 

Buyers will need to rise above $69,000 to bring $74,000 into focus, the mid-point of the rising channel and the falling trendline resistance dating back to October’s $126,000 record high. 

A surge above the $74,000 resistance level would allow BTC to test the March high of $76,000 in the near term. 

However, failure to rally higher would see the bears push the price towards the $65,000 support level once again.

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Ethereum (ETH) is holding firm around the $2,900 level as improving macro sentiment, renewed whale accumulation, and rising ETF inflows strengthen expectations for a short-term rebound toward $3,400.

Related Reading: Capriole Founder Not Bearish On Bitcoin Despite Headwinds—Here’s Why

With Federal Reserve rate-cut odds now above 80%, traders are positioning for a potential shift in risk appetite that could benefit major cryptocurrencies, especially ETH.

ETH's price trends to the downside on the daily chart. Source: ETHUSD on Tradingview

Fed Pivot Hopes and Institutional Demand Bolster Ethereum

Ethereum has traded between $2,700 and $3,300 in recent weeks, but fresh catalysts are helping the asset stabilize above $2,900.

The biggest driver is macroeconomic. CME FedWatch data shows the probability of a December interest-rate cut has surged from 30% to more than 80%. Lower interest rates typically encourage investment in risk-on assets such as crypto.

Institutional flows reflect that shift. U.S. spot Ethereum ETFs recorded $96.67 million in inflows on November 24, with BlackRock alone contributing $92.6 million, its first inflow in two weeks

Treasury giant BitMine continues to accumulate aggressively, adding 69,822 ETH (over $200 million) last week and bringing its total holdings to 3.63 million ETH, around 3% of the circulating supply.

At the same time, whale wallets holding 10,000–100,000 ETH amassed 440,000 ETH in one week, signaling renewed confidence despite broader market caution.

Ethereum (ETH) Poised for a Breakout Toward $3,400

Despite trading under the 20-day SMA at $3,132, Ethereum is showing early signs of bullish momentum. The MACD histogram has crossed into positive territory, and the RSI is sitting near the neutral 50 line, with room to move higher before hitting overbought levels.

Other indicators strengthen the bullish case:

• Bollinger Bands: ETH’s position near 0.32 suggests price is closer to the lower band, a common rebound zone.
• Volume: Binance 24-hour trading volume around $1.27 billion indicates enough liquidity to support a breakout.
• ATR: With daily ATR at $201.62, volatility remains elevated, favoring sharp upside moves if momentum builds.

The first major test remains $3,132. A clean breakout and two consecutive daily closes above this level would likely trigger algorithmic buying and push ETH toward the $3,400 target within 5–7 days. Beyond that, resistance at $3,658 becomes the next upside objective.

Market Risks and Short-Term Outlook

While bullish momentum is building, Ethereum still trades in a broad descending channel, and market structure remains fragile. Failure to reclaim $3,132 soon could send ETH back toward $2,750, with deeper support at $2,623 and the cycle low of $2,659.

Related Reading: The Bull And Bear Scenario For XRP That Could Play Out In November

Broader crypto weakness, negative spot flows, or delays in network upgrades could delay a breakout.

However, with rising institutional demand, whale accumulation, and rate-cut optimism, Ethereum’s probability of retesting $3,400 is steadily improving. Confidence Level medium is at Medium (65%), as ETH’s path to $3,400 remains viable but requires confirmation through key resistance levels.

Cover image from ChatGPT, ETHUSD chart from Tradingview