Bitcoin, Ethereum Steady as Cryptocurrency Market Rallies
Bitcoin and Ethereum, the largest digital assets by valuation steady cryptocurrency market rallies. However, though fail to rise meaningfully in recent times, the duo has continued to consolidate, shying from an upward trend after breaking resistance in July, and August.
After falling behind the $50,000 market, Bitcoin has stayed around $48,000 while Ethereum holds against further price actions at $3,200 marks as market capitalisation moved above $2 trillion.
The total valuation had plunged to about $1.5 trillion early in the second half of 2021 following a crackdown in major economies including China, United Kingdom among others.
However, for more than a week, Bitcoin and Ethereum have been stagnant without providing a clear indication of where they are heading next, Crypto Briefing reported.
Data shows that lower cap cryptocurrencies like Solana, Terra, and Avalanche have been soaring. Many crypto assets have entered price discovery mode as they make new all-time highs. Such notable price action has generated a sense of “greed” among investors, leading some to suggest that a new “alt season” has begun.
Behaviour analytics platform Sentiment recorded one of the highest levels of pessimism around Bitcoin and Ethereum as lower cap assets steal the spotlight. Such a negative social sentiment is a direct result of the lacklustre price action seen recently. Still, the poor social perception could provide a good opportunity for traders to place a value bet on BTC and ETH.
As Bitcoin and Ethereum consolidate within a narrow range, traders must be patient to avoid getting caught on the wrong side of the trend. Waiting for a prime opportunity to enter is especially important now that both assets seem to be on the cusp of a significant price movement.
Bitcoin’s daily chart shows that a candlestick close outside the $51,000 to $47,000 price range would likely determine where it is heading next. A spike in buy orders that pushes BTC beyond the overhead resistance could result in an upswing toward $57,000 or even an all-time high of $65,000.
On the other hand, losing the $47,000 as support could result in a sell-off that sends the leading cryptocurrency to $42,500 or $37,300. Ethereum has also shown ambiguity, but the contraction of the Bollinger bands suggests that a spike in volatility is underway.
Read Also: Low Selling Rallies Keep Bitcoin, Ethereum Prices Uptrend
A decisive move above the $3,360 resistance level might be all ETH needs to rise to $3,750 or retest previous all-time highs. But if sell orders pile up, ETH may slice through the $3,000 support level and fall toward $2,700 or $2,300.
While cryptocurrency enthusiasts wait for Bitcoin and Ethereum to break through resistance or support, some of the most prominent figures in the industry remain optimistic.
Bitcoin, Ethereum Steady as Cryptocurrency Market Rallies
