Crypto investors are seeing gains in Ether (ETH) and Bitcoin (BTC) on Aug. 5 after the successful launch of Ethereum's London hard fork and a serial of new Bitcoin substitution-traded fund filings, resulting in a rally that propelled BTC'southward price 9% higher and caused Ether to proceeds 11.75%, which pushed the altcoin closer to the elusive $3,000 level.

Information from Cointelegraph Markets Pro and TradingView shows that after an early morning sell-off that saw BTC fall to $37,280, the bulls stepped in, and the ensuing high volume spike sent BTC price to an intraday high of $40,775.

BTC/USDT 4-60 minutes chart. Source: TradingView

Contempo comments from U.s.a. Securities and Exchange Commission Chair Gary Gesler about the viability of a Bitcoin ETF were followed by several new ETF applications beingness filed on Aug. v, and investors are hopeful that the chance of approval has increased.

Related : Fed governor says CBDCs remain 'a solution in search of a problem'

Regarding the current bullish price action, analyst Will Clemente posted the post-obit nautical chart to show BTC's by performance and opined that "This would be a primal level ($54k and rising) to watch for confirmation/rejection (2013 vs. 2022 reaction)."

Top/lesser models for Bitcoin. Source: Glassnode

Clemente added:

"In my stance, this would be a key level ($54K & rising) to lookout for confirmation/rejection. (2013 vs. 2022 reaction)"

The overall cryptocurrency market cap now stands at $1.662 trillion, and Bitcoin's dominance rate is 45.6%.

The views and opinions expressed here are solely those of the author and do non necessarily reflect the views of Cointelegraph.com. Every investment and trading motion involves adventure, you should conduct your own research when making a determination.