Bitcoin managed to move to $ 20,400 overnight, while Ethereum also reached a new local high level. Meanwhile, however, BTC has been exposed to new sales pressure and is trading below $ 20k again as a result. What’s Next for the Two Most Valuable Cryptocurrencies by Market Cap?
Bitcoin: Is a new bull run coming?
Are These Harbingers On A New Crypto Bull Run? The bulls have been working hard on Bitcoin for the past 24 hours and an unprecedented price rise: the digital asset rose from just over $ 19,000 to $ 20,400, it was able to mark a daily gain of almost 7%.
While BTC failed to maintain gains, it rose to as low as $ 19,880 this morning. However, common analyzes show a pattern of certain charts, which may now indicate a reversal of a trend.
As a result, the average weekly movement convergence indicator (MACD) is lower than ever. So Dave the Wave is skeptical: Bitcoin could be bullish again this week or next week.
“Weekly MACD for Bitcoin now at all times [gleich dem vorherigen]. We’ll see if we can get a stronger / white histogram next week … or this. “
Weekly #Bitcoin MACD now always lows [equal to previous].
We’ll see if we can get a strengthened / white histogram next week…. or this. pic.twitter.com/jDfzwSeaRr
– dave the wave 🌊🐫 (@davthewave) July 4, 2022
The pseudonymous trader also reveals CryptoTony, what area has to recapture bitcoin near to continue the rally. The Analyst:
“The next resistance zone is the EQ in the $ 20,800 area, which the bulls need to break in order to have a good chance of continuing the bullish.
I will keep an eye on that 👀“
Wicked up to the low range I was looking for yesterday, but with no sign of failure and continued. The next resistance zone is the $ 20,800 EQ range, which the bulls must turn to get a good chance of continuing
I’m keeping an eye on this 👀 pic.twitter.com/a3etu2PeyO
– Crypto Tony (@CryptoTony__) July 5, 2022
Ethereum up more than 11%
Ethereum has also seen sharp price jumps in the last few hours – even more than Bitcoin. From $ 1,048, ETH bulls drove the coin to $ 1,165, generating gains of more than 11%.
$ ETH / Ethereum is up 10.70% over the last 24 hours, the price is now $ 1,163.06 after an increase of $ 112.43 https://t.co/e8rewszi5m
– Nomics / (@NomicsFinance) July 5, 2022
However, the smart contract platform has not managed to sustain its recent gains either. A correction followed, bringing the ETH price back to $ 1,131 where the base is currently trading.
TheCryptoCactus charter expert calculates now with retest of $ 1,700- $ 1,800 region after ETH rally. His colleague Bluntz (@SmartContracter on Twitter) said: Now $ 1,400 is possible for Ethereum.
nice move from 0.618 onwards $ eitlooking good to move to 1400 or so.
can defo tell the volatility is declining as it took 4 days to get a decent bounce from this level pic.twitter.com/yNKoZ7qLIN
– Bluntz (@SmartContracter) July 4, 2022
In the medium term, forecasts see Ethereum as well positioned now, as Gov.capital: The latest forecast predicts an Ethereum price of $ 3,327 by July 2023. This corresponds to the current price, 194% yield.
Last updated on July 5, 2022
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