- Bitcoin and Ethereum hovers at $20,288 and $1,583 respectively.
- Both coins are in the bear flag and haven’t formed a full channel.
- BTC can go as low as $18,530, and for ETH, it’s 800.
Bitcoin (BTC) and Ethereum (ETH) are top digital cryptocurrencies and these are the most well-known cryptocurrencies; their combined market cap exceeds 58% of the total $991.65 billion cryptocurrency market.
Currently, BTC is hovering around $20,000 – $20,500, almost reaching the 200-moving average line. But currently, there is a wide gap between the price and the 200 moving average, indicating that the price can go as high as $21,000 to touch the moving average and have turbulence near that area.
If there is enough buying pressure in the market and Bitcoin crosses over the 200-moving average, we can expect the price to be bullish and reach above $24,000. Another scenario is that if the price could not break the 200 moving average and declines, BTC will remain bearish for a few days. The price can drop as low as its previous support level of $18,530.
Looking at the 1-Hour chart of Ethereum, it has been consolidating around $1,545 and $1,600 recently, quite close to the 200-day moving average line. By comparing Bitcoin and Ethereum charts, we can observe that Ethereum has more movement than Bitcoin. Also, Ethereum is abiding technical analysis, so more traders are eyeing Ethereum.
However, the ETH price movement can be due to its upcoming PoS merge, which is a less energy-intensive version of the network. After the merge, ETH may become more enticing and viable for broader adoption. Until then, though, the community is waiting to see how investors and businesses built on Ethereum’s platform react to the changes.
But before that pump, Ethereum could also have a big dump, dropping its price to as low as $800. Another alternative is that the ETH price can become bullish if it breaks out of the current 200 moving average line, reaching as high as $2,000 within a few days.
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