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June 15, 2024
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What’s In for the Bitcoin(BTC) & Ethereum(ETH) Prices for the Upcoming Weekend?

The post What’s In for the Bitcoin(BTC) & Ethereum(ETH) Prices for the Upcoming Weekend? appeared first on Coinpedia Fintech News

Bitcoin price is stuck within the regions between $19,000 & $20,000, while the asset appears to be primed to break the lower support. The star crypto is currently at one of the strongest price support ever, breaking the bottoms around $9000 or $10,000 is said to be imminent. 

Meanwhile, Ethereum’s price tanked down to hit the lower support at around $1282 yet another time. Therefore, despite a rebound, the price may continue to remain under huge bearish pressure for the next couple of days. 

While the crypto markets are expected to remain largely consolidated, will BTC & ETH prices sustain or form new lows this weekend?

Bitcoin (BTC) 

Bitcoin has been trading sideways for more than a couple of months now and the current trade setup indicates prices may be subjected to tank hard soon. The RSI in the daily time frame which maintained an ascending trend has dropped below the pivotal levels. And hence the fear of BTC price slicing through the lower support of the bearish descending triangle emerges. 

Additionally, the MACD flashed a bearish signal for the star crypto as the buying volume eased without mounting any pressure. Hence the BTC price may continue plunging until the weekend and enter the crucial support zone. If the asset fails to rebound from this zone, a notable plunge below $16,000 may be expected in the coming week.

Ethereum (ETH) 

Ethereum has been facing hard times ever since the chain transited from PoW to PoS, marking the Merger event. The drop just before the event has been extremely dreadful for the second-largest crypto as the social sentiments, volatility, & volume, etc have been slumping hard. Additionally, the daily active address(DAA) has dropped to 4-month low raising concerns about more downside for the ETH price in the coming days. 

The DAA dropped to 152K from the highs beyond a million in July. This indicates that either Ethereum users could have left the market or may have halted their activity over the network until the market conditions stabilize. Moreover, the price which is testing its lower trend line of the decisive symmetric triangle may eventually break the support to form new monthly lows below $1190 very soon. 

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