The post Crypto Market Gains Momentum as Ethereum and Bitcoin Approach Key Levels appeared first on Coinpedia Fintech News
The crypto market is experiencing a surge in the second half of 2023, with several tokens showcasing impressive gains. Ethereum, the second-largest cryptocurrency by market capitalization, is on the verge of reaching the significant $2,000 milestone, while Bitcoin, the leading digital currency, is testing a previous resistance level, indicating a correlation with Ethereum’s performance.
According to a recent video released by Crypto World, Ethereum is currently riding a larger multi-month bullish trend, with its support levels remaining unchanged. The daily Ethereum RSI (Relative Strength Index) suggests a more optimistic outlook, while the daily Ethereum MACD (Moving Average Convergence Divergence) indicates sustained bullish momentum, at least for the time being.
In the short term, Ethereum may undergo a retest of a critical resistance level known as the golden pocket. This crucial zone of resistance, ranging from approximately $1,930 to $1,940, holds great significance. Although Ethereum has already experienced an initial breakout above this level, it is crucial for the price to maintain its position above it and confirm it as a support level through a successful bounce.
Bitcoin price has recently confirmed a four-day candle close above the pivotal resistance level of $31,000. To fully validate the breakout and recognize the importance of this resistance level, a weekly candle close above $31,000 is ideally required.
In the short term, Bitcoin’s price may undergo a minor retest of the $31,000 level. The ability of this level to hold as support will be instrumental in determining further upside momentum. If the breakout above $31,000 is confirmed, the next major resistance level for Bitcoin would be approximately $37,000, specifically around $37.2K.
Ethereum is currently retesting a crucial resistance level and must establish it as support to validate the breakout. Bitcoin, on the other hand, has successfully broken through an important resistance level but awaits further confirmation through a weekly candle close.