Bitcoin and Ethereum Forecast: What to Expect in Prices During Lunar New Year Week

Key Points

• Crypto market declines over 2.7% as Bitcoin and Ethereum trade lower during Lunar New Year.
• Analysts cite ETF flows, Fed policy, sentiment, and X updates as potential catalysts.

The crypto market has fallen more than 2.7% in the past 24 hours, bringing total capitalization to around $2.35 trillion.

Both Bitcoin (BTC) and Ethereum (ETH) are trading in negative territory at the start of the Lunar New Year week.

Despite the pullback, some analysts point to improving sentiment and supportive conditions as factors that could stabilize prices.

February 17 marks the beginning of the Chinese New Year, one of the most significant holidays in China and Chinese communities worldwide.

Bitcoin and Ethereum Price Movements

At the time of writing, Bitcoin (BTC) is trading above $68,800, down more than 2% over the past 24 hours.

The asset declined from levels above $70,000 on February 15 to near $68,000 before recording a modest rebound.

Ethereum (ETH) is trading above $1,970, marking a drop of more than 3.8% خلال the same period.

ETH fell from above $2,060 on February 15 to around $1,930, later showing signs of recovery on February 16.

Bitget Chief Analyst Ryan Lee stated that BTC could consolidate between $60,000 and $70,000 this week, noting typically thinner trading volumes.

He indicated that ETH may move back above $2,050 but could encounter resistance near that level, even as staking exceeds 30% of total supply.

According to Lee, on-chain indicators show strengthening conviction, while short-term price action remains influenced by broader market caution.

Trading data shows the ETH/BTC pair has fallen more than 3% over the past week and over 16% in the past month, with a slight upward move recorded on February 16.

Lee said the pair’s dynamics reflect long-term holder activity and a tighter circulating supply, factors he described as supportive for Ethereum’s role in decentralized finance and on-chain finance.

Market Drivers to Watch

One potential catalyst is renewed institutional activity, as BTC and ETH exchange-traded funds recorded inflows on February 13 after several days of outflows.

Data from SoSoValue shows BTC ETFs attracted over $15 million in inflows, while ETH ETFs recorded more than $10 million on the same day.

Market participants are also monitoring the upcoming Federal Open Market Committee meeting scheduled for March 18.

CME Group data indicates a 7.8% probability of a rate cut in March, reflecting measured expectations for monetary policy changes.

Market sentiment remains in the Extreme Fear zone according to the CMC Fear and Greed Index, although the index has risen from 8 on February 7 to 12.

Another development includes an announcement from X’s Head of Product, Nikita Bier, outlining plans to introduce crypto-related features to the platform in the coming weeks.

Separately, the Lunar New Year ushers in the Year of the Horse, a period traditionally associated with energy and change.

Market observers continue to watch whether liquidity conditions, institutional flows, and broader sentiment shifts will influence price direction in the days ahead.