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Bitcoin and Ethereum – The Week Ahead

Bitcoin

Bitcoin has its price actions hovering around the $61,000 level. The leading crypto by market dominance suffered a brief retracement after hitting its alt-time peak past $66,000. The correction followed some profit taking by market participants. While writing this article, BTC’s market cap stands at $1.1 trillion while its dominance is 46%.

Though the near-term outlook remains positive, the news from ETH approval, launching an exchange-traded fund to new ATHs appear frenetic. The crypto market saw positive updates, Federal Deposit Insurance Corporation Chair commenting on the agency’s plan for clear cryptocurrency guidelines.

Such updates bolstered the crypto value, which is near $2.6 trillion at the moment. Spot appeared to drive the BTC rally as Bitcoin futures inflows recorded a slight drop, while perpetual funding rates remained unchanged.

Bulls magnified their actions as BTC surged massively to a new ATH, exploring $66,999 peaks.   On 1 October, BTC broke past the descending triangle formation and gained nearly 55% in one month. However, the currency encountered stiff resistance at $67,000 and saw some profit-taking. Bitcoin retraced by around 14%, touching its weekly low at $57,653. For now, market players need to await a break past $67,000 for Bitcoin’s bullish run.

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Ethereum

Ethereum has recorded an impressive rally in the last two weeks. At this publication, the leading alt by market cap has a value of around $4,350. That came after Ethereum cracked a massive resistance located at $4,000. ETH also attained a new ATH at $4,401 during last week’s sessions.

For now, Ethereum is up by nearly 25% in a month. It has improved its market dominance, staying at 19% today with a market capitalization of $520 billion. Meanwhile, on-chain metrics fail to print specific trends. That shows the network’s underutilization. The reason behind this is market players quitting Ether, investing in other altcoins such as SOL. Meanwhile. The on-chain activity needs to align with price performance to sustain the crypto market.

Ethereum’s action to break past descending triangle saw the altcoin experiencing a massive surge as bulls overpowered the resistance at $4,370, attaining new peaks of $4,456. Ethereum gained by nearly 50% in one month. For now, Ethereum trades inside the $4,250 – $4,400 range. The altcoin moves in an upward trend, and the RSI inside the positive regions supports buying activities. ETH requires a rise past $4,456 for further surges.

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James Carr (Australia)

James is a new research writer for Tokenhell. His articles include broker and exchange reviews, guides and news from all over the crypto-verse. Stay tuned for his recent articles.

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