The crypto market is buzzing with excitement as Bitcoin and Ethereum, two of the most popular cryptocurrencies, appear to be poised for significant price momentum in the coming week. As we approach the end of the month, traders are eagerly anticipating a continuation of the recent upward trend in the cryptocurrency market. Over the last few weeks, these two leading cryptos showed massive gains, and investors are now waiting for an extended bullish rally to maximize their gain.
Volatility is Waiting for BTC And ETH Prices
Amid high banking crisis and crypto market’s regulatory concerns, Bitcoin and Ethereum prices are not slowing down to reach new highs. Despite overall bearish market sentiments, investors are still betting on long-term gains on BTC and ETH as there is an astronomical spike in trading volume and buying pressure, creating possibilities of a new bull run next week.
BTC Price Analysis
Bitcoin reached a new nine-month high by surging past $29,000 recently, but the celebration was short-lived as the asset experienced a sharp retracement in the hours that followed. Following a loss of $28,000 the previous day, weekend trading remained relatively stable as traders awaited a break before the resumption of traditional finance markets, resulting in a lack of usual volatility.
Bitcoin price is currently showing an inside-day candlestick pattern, signifying a state of FUD among buyers and sellers. Although the bulls aim to extend the up-move, the bears remain firm and unwilling to give in, leading to the price remaining within a narrow range.
As of writing, BTC price trades at $27.5K, with a decline of 2% in the last 24 hours. The weekly price chart indicates Bitcoin price will likely consolidate below $30K for the next few days. However, a breakout above $30K is expected next week, and the BTC will head toward the crucial resistance of $34K-$38K.
ETH Price Analysis
Out of all the altcoins in the cryptocurrency space, Ethereum’s price closely mirrors the performance trend of Bitcoin. Multiple successful breaches of the $1,800 level have been achieved by the digital asset, resulting in increased profits and attracting more investors.
Ether breached the overhead resistance of $1,800, but the bulls could not maintain the breakout, as evidenced by the long wick on the candlestick.
The bears are currently attempting to reinforce their position by pushing the price towards the 20-day EMA ($1,698), which is a crucial level to monitor for potential downsides. ETH price is currently trading at $1,753, declining by 1% from yesterday.
The weekly price chart indicates a minor downward correction for ETH price next week, as the altcoin may drop below the EMA-50 trend line and reach the bottom levels of $1,500 before sparking fresh surges.