BTC And ETH Market Analysis: Ethereum Starts Weekend With $1,900
Ethereum made a noticeable movement on Saturday after it moved very close to the $1,900 price level. This is happening at a time when the cryptocurrency is making marginal gains. As of press time, the global market capitalization rose by 0.32%, a move some analysts considered modest. This was also said to reflect the United States consumer sentiment report released on Friday.
The report was said to have failed to meet expectations. Contrary to the expected market sentiment of 72.6, the figure has been floating around 71.6. The BTC was also reported to have had a slight increase in price right about the same time.
The latest update on BTC’s market activity is that it moved a little upward to attain a support level of $29,200 on Saturday as the market continues to consolidate. This movement followed a downward trend in the price to hit $29,186.47 on Friday. It was also gathered that the sale of BTC/USD took a limp in-between the day to surge to $29,521.51 in the early hours of today.
Insight into the past BTC movement has it that it has already consolidated in the previous weeks. This, it was said, was in an attempt by traders to find a strong level ground after current profit sales. It was observed that today’s consolidation came as the coin’s Relative Strength Index (RSI) found its base at the 43.00 mark.
As of the time of the report, BTC Index is being tracked at 43.95, and it looks like it’s peaking at 48.00. in a situation where the price stability reaches the 48.00 mark, there is a better chance the BTC may hit a new price mark of $29,800.
Ethereum Market Performance: Makes Significant Recovery After A Volatile Activity
Ethereum had a rough day in the past few days and made a few attempts toward reaching the $1,900 price level at the beginning of the weekend. ETH sold at $1,881.46 to the dollar in the early hours of today. This is after a bottom trend that saw it wallow around the $1,865.45 price mark. Traded have long waited in futility for ETH’s long walk to the $1,900 price level since last week Sunday.
ETH has maintained a downward trend since its major milestone, which made it surge to the $2000 price mark at the beginning of the month. The Relative Strength Index (RSI) of the ETH is currently on CUSP, breaking out of the resistance at a 49.00 level. This level has been said to have the propensity to attain its former bulls position to re-enter the market with a better price prospect.
Analysis by Eliman Dambell, a cryptocurrency analyst with Bitcoin.com, says that should a new price move happen, the expected 10-day (red) Moving Average (MA) may end up changing the course of the token in the market, as well as its potential push back, expected to happen during it’s 25-day (blue) counterpart.
BTC and ETH Current General Market Analysis
As of press time, the price of BTC is $29,309.14, with a 0.04% increase. The market capitalization also responded to the move, with a reciprocating 0.04% increase to $569,870,645,427. It closed the day with an actively fluctuating 11.25% to close at $13,789,809,017. The circulating supply of the BTC was recorded at 19,432,993 BTC, while the maximum supply remained at 21,000,000 BTC.
Data from CoinMarketCap shows that ETH is currently trading at $1,875.24 with a 0.28% price increase as of press time. The market capitalization also rose by 0.37% to reach $226,723,628,181. The trading volume of the ETH had a downtime, with a 42.59% decrease, to reach $2,387,826,771 in the last 24 hours.
Traders and investors are keenly monitoring the trend, as they remain optimistic that it will soon attain a new favorable price mark. Campbell, on the other hand, has predicted a possible widespread profit-taking activity as all eyes continue to be fixated on the two leading digital assets.
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