The crypto market has been alive and buzzing in the last few weeks in the wake of the banking crisis in the United States. Investors are, however, getting more excited as the week to come promises high gains for BTC and ETH.
The market participants anticipate continuing the upward trend in the coming weeks, with price indicators all indicating positive market sentiment towards the two largest cryptocurrencies. In the last few weeks, the crypto market has seen many tokens rise heavily, but ETH and BTC have been the best performers as they recover from the 2022 crypto winter.
Volatility Still In Play
Volatility is still in play as the banking crisis persists, and the market is experiencing heavy volatility. However, BTC and ETH are unaffected as the market favors the two tokens as haven assets. Despite high bearish expectations from the banking crisis, there is hope brewing among investors that there is a chance for a more bullish scenario in the coming week due to the astronomical increase in buying pressure and trading volume.
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This movement could create a massive bull run in the coming weeks as investors continue to rally behind crypto assets.
BTC Price Analysis
The price of BTC has been fluctuating in the $27,000-$29,000 range in the last week, with the coin smashing a nine-month high above $29,000. However, the uptick was short-lived, with the price dropping back to its consolidation range below $28,000.
Weekend trading remains stable as investors await a break during Monday’s opening of traditional financial markets. This lack of activity has led to very low volatility over the weekend. The current price of BTC at $27,600 shows that investors are in a state of fear, uncertainty, and doubt (FUD).
This statement is supported by the price of BTC forming an inside-day candlestick pattern. Even though the bulls want to increase the price, the bears remain firm and unwilling to let go. This push and pull between buyers and sellers have seen the price remain in a narrow range.
The weekly chart shows that BTC will likely halt upward momentum below $30,000 for a few days before it can see any significant upward movement. However, analysts expect the coin price to break the $30,000 barrier soon and reach a massive $34,000-$38,000 range.
Ethereum’s trend is currently the only trend that comes close to the BTC trend. This trend makes sense because they are the block’s largest and most popular cryptocurrencies. In addition, Ethereum has recorded multiple breaches above the $1,800 mark, resulting in increased profits and attracting more investors.
ETH has breached the resistance at $1,800, but so far, the buyers have been unable to sustain the upward pressure, hence unable to see a breakout. This trend is evident from the long wick on the candlestick. The sellers are trying to reinforce their sentiment by pushing the price below the 20-day EMA, which is currently at the $1,698 level and essential for a further downside.
ETH, exchanging hands at $1,753, has experienced a slight decline of 1% in the last 24 hours. The weekly chart analysis suggests that there might be a small downward correction for ETH in the coming week. Furthermore, the possibility of a drop below the 50-day EMA cannot be ruled out, which could take the price of ETH to levels below $1,550.