Can Bitcoin and Ethereum Price Mirror the S&P 500 Rally as Trump Fuels Best Stock Market Returns?

The S&P 500 index has performed quite well this year and recently soared above 7,000 points for the first time in history. Amid this rally, it has now emerged that President Donald Trump’s presidency has driven the best returns for the US stock market since 2001. But Bitcoin and Ethereum price are still far below their record highs. So, can they move higher?

S&P 500 Index Soars as Trump Fuels Stock Market Returns

As CoinGape recently reported, the S&P 500 index reached an all-time high, driving a rally in the prices of top crypto stocks, including Coinbase (COIN), Circle (CRCL), and Strategy (MSTR). These gains come despite no resolution to the US-Iran war, meaning that markets are not bothered.

Because of these gains, analysts are looking through the numbers and comparing which president was good for the stock market. Per CNN, President Trump has delivered the best returns for the US stock market since 2001.

The analysts say that the US stock market has been “up like a rocket” since Trump’s second term began and has posted a 16% gain, higher than the average 15% return since 2001

Bitcoin Price Faces Key Resistance Levels Despite Stocks Rally

The rally in the US stock market has failed to fuel gains in the Bitcoin market despite the correlation between the two risk assets. In fact, crypto stocks that often trade in the same direction as Bitcoin have outperformed BTC.

Bitcoin needs to go past $80,000 if it does not want to be left behind by the S&P 500. The closest roadblock is at the 150-day SMA at $79,000, which it touched for just a short time. If it breaks, bulls will have to push past the 200-day SMA at $85,446 to confirm a strong bullish trend.

Moreover, while Bitcoin price has jumped by 16% month-to-date, the RSI shows that there is still room for more growth. A recent Bitcoin price analysis by CoinGape said that if BTC can somehow push past $78K, it could go up to $82,000.

Ethereum Price Defends Bullish Outlook Amid Bearish Signs

Ethereum has been moving within an ascending channel for the last two months, and this shows that there have been buyers buying ETH. However, the bullish outlook of this pattern is confirmed as long as the price trades below the midline support.

Currently, ETH price is dropping to test resistance at this midline level as Bitcoin and the broader market retreat. If the support falters, Ethereum price will likely trend lower. However, if ETH mirrors the uptrend in the US stock market and breaks resistance at the upper trendline, a strong trend to the upside could commence.

This move may not happen if the AO bars remain as they are. These bars are red, and this shows that bulls are losing their hold. For a long-term Ethereum price forecast, traders should watch out for a bullish shift in these bars.

Bitcoin and Ethereum price have failed to mirror the S&P 500 gains as they trade significantly below their record highs. However, as the bullish momentum continues to grow and causes a breakout from key resistance levels, BTC and ETH could reclaim their previous ATH.