The crypto market is buzzing as Bitcoin and Ethereum, two of the most popular cryptocurrencies, appear to be poised for significant price momentum over the coming week. As we approach the end of the month, traders are eagerly awaiting a continuation of the recent uptrend in the cryptocurrency market. Over the past few weeks, these two top cryptos have posted massive gains, and investors are now waiting for an extended bull rally to maximize their gain.
Volatility awaits BTC and ETH prices
Amid the banking crisis and crypto market regulatory concerns, Bitcoin and Ethereum prices are not slowing down to new highs. Despite the overall bearish sentiments in the market, investors are still betting on long-term gains in BTC and ETH as there is an astronomical increase in trading volume and buying pressure, creating possibilities for a new bull run. next week.
BTC price analysis
Bitcoin hit a fresh nine-month high by recently breaking above $29,000, but the celebration was short-lived as the asset saw a strong retracement in the hours that followed. After a loss of $28,000 the previous day, trading over the weekend remained relatively flat as traders waited for a break before traditional financial markets resumed, leading to a lack of the usual volatility.
The price of Bitcoin is currently showing a candlestick pattern inside the day, which signifies a state of FUD among buyers and sellers. Although the bulls aim to extend the upside move, the bears remain firm and unwilling to give in, causing the price to remain in a tight range.
At the time of writing, the price of BTC is trading at $27.5,000, with a decline of 2% in the last 24 hours. The weekly price chart indicates that Bitcoin price will likely consolidate below $30,000 over the next few days. However, a break above $30,000 is expected next week, and BTC will head towards the crucial resistance at $34,000-$38,000.
ETH Price Analysis
Among all the altcoins in the cryptocurrency space, Ethereum’s price closely mirrors the performance trend of Bitcoin. Several successful breaches of the $1,800 level were made by the digital asset, leading to increased profits and attracting more investors.
Ether broke through the overhead resistance of $1,800, but the bulls were unable to sustain the breakout, as evidenced by the long wick on the candlestick.
The bears are currently trying to strengthen their position by pushing the price towards the 20-day EMA ($1,698), which is a crucial level to watch for potential downsides. ETH price is currently trading at $1,753, down 1% from yesterday.
The weekly price chart points to a minor downward correction in ETH price next week as the altcoin may fall below the EMA-50 trendline and hit the lows of $1,500 before triggering new outbreaks.