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ThecoinrepublicCryptocurrencyBitcoin & Ethereum Price Analysis: What Next...
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Bitcoin & Ethereum Price Analysis: What Next On The BTC & ETH Charts? 

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Bitcoin and Ethereum are trading in a bearish region and have displayed bearish waves in the past few trading sessions. Moreover, these biggies are struggling to sustain the bullish momentum. Both have declined from their upper levels, demonstrating the bearishness in recent sessions.

Bitcoin Price Analysis: Will BTC Break Out Or Break Down?

Bitcoin plunged by almost 5.00% in the last 7 days on a daily timeframe, showcasing bearishness. The largest crypto asset is down below the 20-Day EMA and took support on 50 EMA. Bitcoin hit its all-time high of $73,798 on March 14. Since then, it has been consolidating and tried to surpass the upper resistance band. 

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Bitcoin price recently broke down from a rising wedge pattern, showcasing bear dominance on the daily timeframe chart. 

Moreover, the price was struggling in a parallel channel for the last 3 months, trying to surpass the upper levels but took rejection.

At the time of writing, BTC was trading at $67,332 with a 24-hour drawdown of 1.34%, highlighting a bearish trend on the daily technical chart.

At press time, BTC had a market cap of $1.33 Trillion, and in the last 24 hours, the volume has surged by 23.78%, currently at $36,093,855,290. The volume-to-market cap ratio of the last 24 hours is 2.71%, indicating that BTC has good liquidity.

Moreover, indicators like MACD and RSI are also heading for the bearish zone and gave bearish signals.

Ethereum Price Analysis: What Next in ETH price?

Ethereum is trading in the bearish zone and broke below the 20 and 50-day EMA levels, showcasing bearishness. ETH has dropped by almost 9.97% this week, suggesting selling pressure. 

At the time of writing, ETH was trading at $3483.4 with a drawdown of 2.12%, showcasing the bears’ dominance at the upper levels.

ETH analysis is bearish till it trades below $4000.00. Moreover, it suggests that the price is heading toward an oversold zone, and a short-term relief rally may trigger anytime from the lower levels. 

The Ethereum chart shows seller strength and short-term charts showed profit-taking. Moreover, the price is trading below the 20 and 50-day EMAs, indicating further weakness for the cryptocurrency. The RSI curve is near 43, near the oversold zone, a negative sign indicating bearish sentiment in the cryptocurrency.

Summary

Bitcoin and Ethereum have experienced a downturn in their respective markets. After reaching an all-time high, Bitcoin has entered a consolidation phase. It struggles to break through upper resistance levels and shows signs of bearish dominance with a recent breakdown from a rising wedge pattern. Ethereum, similarly, has broken below key EMA levels, indicating a bearish trend and potentially oversold conditions.

Disclaimer

The analysis given above is for informational and educational purposes only. You should not take it as financial, investment, or other advice. Investing in or trading crypto assets is risky. Please consider your circumstances and risk profile before making any investment decisions.

Disclaimer

The contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.

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Adarsh Singh
Adarsh Singh
Adarsh ​​Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
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