Bitcoin Retracts From The $50K Level While ETH Aims For $4K

Bitcoin, Currency, Technology, Money, Cryptocurrency

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As Bitcoin (BITCOMP) tries to reclaim the $50,000 mark, ETH (ETH-X) struggles going past the $4,000 level. On the other hand, Cardano (ADA-X) has hit consecutive all-time highs granting it more mentions on Twitter than the leading crypto by market cap.

Bitcoin Looks Towards the $50 Thousand Mark

Bitcoin price attempted to go above the $49,000 resistance zone. However, it failed to gain strength above the $49,200 level. The coin formed a high close to $49,335 level before starting a fresh decline yesterday.

Bitcoin price is today slowly trying to make it back past the $50,000 mark. It has been recently trading at $48,725.22. Bitcoin recovered above the 23.6% Fib retracement level of the recent decline from $49,335 to $48,725.22. There is resistance near the $49,000, which Bitcoin has to clear to get closer to the $50 thousand mark.

The main question is whether the bull or the bear phase will begin when bitcoin sets lower or goes above the $50,000 mark. It might seem that the mark is the prize, but the price action is trying to hold above the Kumo, which is a three-day timeframe. With the rumored regulations from the U.S., the El Salvador Bitcoin law going into effect in less than two weeks, Bitcoin might enter a volatile period soon.

ETH Might take Some time to Break Out Above $4,000

Ethereum’s price has been dragging this week. Recently, it has been trading at $3,224.56, which is a 2% rise from yesterday. The second-largest cryptocurrency by market capitalization is facing resistance at $3,350. 

When it hits this, the next one is at $3,540, then $3,600, $3700, $3,790, and then $3,880. These resistances have to be overcome for Ethereum to get anywhere close to $4,000. On the other side, support lies at $3,180, then $3060, $3,000, $2,890, and finally $2,740.

Trading against Bitcoin (ETH/BTC) is trading inside a descending price channel. ETH formidably continues to fall beneath a symmetrical triangle pattern earlier in the month. The prices dropped significantly as low as 0.0651 BTC (.5 Fib & 100-day M.A.) during the past week.

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