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Bitcoin Fights to Maintain Momentum, As Ethereum Holds Farm Below $3000

While Ethereum is still consolidating below the critical $3,000 threshold,   Bitcoin has difficulty making a significant comeback. The failure of Bitcoin to regain any major ground and Ethereum’s steady consolidation are attracting the attention of traders and analysts alike as investors keep a close eye on price movements and market dynamics.

Despite Bitcoin’s sporadic attempts to launch a rebound, it has struggled to maintain its momentum and has remained range-bound between necessary support and resistance levels. Market players focus on Bitcoin’s price movement to spot any indications of a possible bullish trend reversal, such as a clear breakout over significant resistance levels.

Ethereum has formed a period of stabilization in the mid-$2,000 zone, where it has found support following a steep slide from it’s all-time high earlier this year.  The price of Ethereum has traded on a balanced scale for almost a month, revolving around $2850 and $3300. The price of Ethereum has also rebounded many times at these price levels, exposing the indecision in market participation.

Investor Uncertainty Spikes As Ethereum Attracts More Investor Interest

Analyst George Georgiev wrote on the Coin Potatoes platform that several variables, including persistent worries about regulatory uncertainty, macroeconomic trends, and technical considerations, are to blame for Bitcoin’s inability to regain momentum.

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Macroeconomic variables that affect investor attitude and risk appetite, such as inflationary pressures and geopolitical concerns, have contributed to market volatility. However, the consolidation of Ethereum below $3,000 indicates investor optimism over the long-term viability of the Ethereum network and its ecosystem. 

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According to technical analysis from the Crypto Potatoes platform, the next big trend in Bitcoin’s price is expected to be determined by a clear move above or below these crucial support and resistance levels, which the market will likely approach.

Bitcoin Price May Worsen Should it Drop Below $60,000 Level

A strong move above this level would open the door to more upside potential and  a retest of earlier highs. On the other hand, if the market cannot break over $3,000, there may be more consolidation or a decline, with the mid-$2,000 zone serving as critical support.

The underlying principles of Bitcoin and Ethereum are still strong despite the possibility of volatility and unpredictability in their short-term price changes. Bitcoin’s price looks more apparent from the 4-hour chart.The price of Bitcoin has tested a midline but has been decisively turned down.

However, yesterday’s price movement disclosed the most major clue, as the price has continued to drop significantly. The latest momentum favors the sellers, as the coin’s Relative Strength Index (RSI) reported a value of less than 50%. With this, things can get bad should the $60,000 price drop.

Fear and Greed Index Reports “Greed” As Bitcoin Struggles to Rebound

Bitcoin had a sudden price correction yesterday, dipping below $61,000 after losing about 3.5% in 24 hours. This event is linked to a statement by the United States Federal Reserve representative, who stated that it may be too early to consider a cut in the rates. The cryptocurrency market has slowed after the statement, with experts believing the worst is over.

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The bull attempted to bounce back but was obstructed at $61,400 before sellers intervened and dragged the price back to the $61,000 price mark, where it has remained till date. Amid this development, the recent Fear and Greed index still indicates that “greed” still dominates the market. This is happening at a time when the market is showing a green sign 24 hours into the heat map.

When measured on a 7-day scale, the heat map showed that most cryptocurrencies were red. It is irrelevant that Ethereum is currently consolidating way below $3000, which is its critical psychological level. It is interesting to see the possibility of buyers reclaiming it to its former position soon.

However, the best cryptocurrency market performers today are Immutable (IMX), which went up by 4.7%, and Ribbon Finance (RBN), up by  3.3%. The performers today are Zebec Protocol (ZBC), which went down by 7.8%, and Kaspa (KAS), which dropped by 4.8%.


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Brenda Collins

Brenda Collins is a seasoned crypto news writer with a deep passion for blockchain technology and its transformative potential. With years of experience in the industry, she has honed her skills in delivering concise and insightful analysis, making complex concepts accessible to a wide audience. Brenda's dedication to staying up-to-date with the latest developments in the crypto world ensures her readers receive accurate and timely information.

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