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

Bitcoin, Currency, Technology, Money, Cryptocurrency

Image Source: Pexels

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.

1 2
View single page >> |

Disclaimer: The Content is for informational purposes only; you should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing ...

more
How did you like this article? Let us know so we can better customize your reading experience.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.