This upward movement has left investors wondering if there is further upside potential shortly.
As the two leading cryptocurrencies continue to attract attention and dominate the market, it's crucial to analyze the factors driving their recent surge and assess the possibilities for continued growth.
Let's delve into the current trends and predictions for Bitcoin and Ethereum.
The current price of Bitcoin stands at $27,201, with a trading volume of $9.7 billion over the past 24 hours.
This represents a nearly 2% increase in value during that period. Bitcoin holds the top position on CoinMarketCap, with a market capitalization of $527 billion.
There are currently 19,385,881 BTC coins in circulation, out of a maximum supply of 21,000,000 BTC coins.
Bitcoin Price Prediction
On the technical front, Bitcoin is currently experiencing a significant surge after breaking above the resistance level of $26,865.
This breakout has resulted in a bullish engulfing candlestick pattern, indicating a potential continuation of the upward movement in the market.
The leading technical indicators, including the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD), are both showing bullish signals, suggesting that BTC has a strong potential for further gains.
However, there is a downward trend line that may act as a resistance around the $27,350 level.
Nevertheless, based on the formation of three consecutive bullish candlesticks in the four-hour timeframe, there is a high probability that BTC will surpass this level and target the next resistance at $27,500.
Breaking through this level could lead to a rally towards $27,800, with a potential breakout exposing BTC to $28,200.
On the downside, Bitcoin has a key support level of $26,865, and a continuation of the downward trend may lead to a test of the next support at $26,001.
Traders should closely monitor the $26,800 level as it will provide further insights into BTC's price action.
The current price of Ethereum is $1,847, and it has recorded a trading volume of $4 billion over the past 24 hours.
Ethereum has seen a modest increase of around 1% during this time. With its live market capitalization standing at $222 billion, Ethereum holds the second position on CoinMarketCap.
The circulating supply of Ethereum is approximately 120,256,010 ETH coins.
Ethereum Price Prediction
Just like Bitcoin, the second-leading cryptocurrency, Ethereum, is currently experiencing a strong bullish movement after finding support near the $1820 level, which is the 50-day exponential moving average.
On the upside, Ethereum may face resistance around the $1870 level, and a decisive breakthrough above this level could further strengthen Ethereum's price. The next significant resistance level is around $1900.
If Ethereum manages to surpass this level, it could potentially target the $1920 level.
However, it is important to consider the leading technical indicators, such as the RSI and MACD, which both indicate a bullish sentiment. In case Ethereum breaks below the $1820 level, it may find support around $1780 or $1760.
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This post first appeared on: Crypto News