In the volatile world of cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH) just had a noticeable spikethe two digital assets having experienced a increase of nearly 2% in their prices.
This upward movement caused investors to wonder if there is further upside potential shortly.
As the two major cryptocurrencies continue to garner attention and dominate the market, it is crucial to analyze the factors behind their recent rise and assess opportunities for continued growth.
Let’s dive into the current trends and predictions for Bitcoin and Ethereum.
The price of bitcoin
The current Bitcoin price stands at $27,240with a trading volume of $9.7 billion in the last 24 hours.
This represents a increase of nearly 2% in value during this period. Bitcoin holds the No. 1 spot on CoinMarketCap, with a market capitalization of $527 billion.
There are currently 19,385,881 BTC coins in circulation, out of a maximum supply of 21,000,000 BTC coins.
Bitcoin Price Prediction
On the technical side, Bitcoin is currently experiencing a sharp increase after breaking above the $26,865 resistance level.
This breakout resulted in a bullish engulfing candlestick pattern, indicating a potential continuation of the market’s upward movement.
The main technical indicators, including the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD), both show bullish signals, suggesting that BTC has strong potential for further gains.
However, there is a downtrend line that may act as resistance around the $27,350 level.
Nonetheless, based on the formation of three consecutive bullish candlesticks within the four-hour timeframe, there is a high probability that BTC will break above this level and target the next resistance at $27,500.
Crossing this level could lead to a rise towards $27,800with a potential breakout exposing BTC at $28,200.
On the downside, Bitcoin has a key support level at $26,865, and a continuation of the downtrend could lead to a test of the next support at $26,001.
Traders should closely watch the $26,800 level, as it will provide additional information on the price development of BTC.
The price of Ethereum
The current price of Ethereum is $1,850 and it recorded a trading volume of $4 billion in the last 24 hours.
Ethereum experienced a modest increase of about 1.1% during this period. With its actual market cap of $222 billion, Ethereum ranks second on CoinMarketCap.
The circulating supply of Ethereum is approximately 120,256,010 ETH coins.
Ethereum Price Prediction
Much like Bitcoin, the second cryptocurrency, Ethereum, is currently experiencing a strong bullish move after finding a support near the $1,820 level, which is the 50-day exponential moving average.
On the upside, Ethereum may face resistance around the $1,870 level, and a breakthrough above this level could further strengthen Ethereum’s price. THE next significant resistance level is around $1,900.
If Ethereum manages to break above this level, it could potentially target the $1920 level.
However, it is important to consider major technical indicators, such as the RSI and MACD, both of which indicate bullish sentiment. In case Ethereum falls below the $1820 level, it could find support around $1780 or $1760.
Top 10 Alternatives to Bitcoin and Ethereum to Watch
Cryptonews Reviewed top 10 cryptocurrencies for 2023. If you are looking for a higher potential investment opportunity, there are many other projects worth considering.
Disclaimer: This linked article presents the views of crypto industry players and is not part of the editorial content of Cryptonews.com.
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