Bitcoin and Ethereum Prices Heading to These Levels Next Week! Here’s what traders can expect
The crypto market is buzzing with excitement as Bitcoin and Ethereum, two of the most popular cryptocurrencies, appear poised for significant price momentum in the coming week. As we approach the end of the month, traders are eagerly awaiting a continuation of the recent uptrend in the cryptocurrency market. Over the past few weeks, these two leading cryptos have shown huge gains, and investors are now waiting for an extended bullish rally to maximize their gains.
Volatility awaits BTC and ETH prices
Amid high banking crisis and crypto market regulatory concerns, Bitcoin and Ethereum prices are not slowing down to reach new highs. Despite general bearish market sentiment, investors are still betting on long-term gains in BTC and ETH as there is an astronomical increase in trading volume and buying pressure, creating opportunities for another bull run next week.
BTC Price Analysis
Bitcoin hit a new nine-month high by surging above $29,000 recently, but the celebration was short-lived as the asset experienced a sharp decline in the hours that followed. After a loss of $28,000 the previous day, weekend trading remained relatively steady as traders awaited a lull before the resumption of traditional financial markets, resulting in a lack of usual volatility.
The Bitcoin price is currently showing an intraday candlestick pattern, indicating a state of FUD among buyers and sellers. Although the bulls aim to extend the up move, the bears remain firm and unwilling to budge, causing the price to remain within a narrow range.
At the time of writing, the BTC price is trading at $27.5K, down 2% in the last 24 hours. The weekly price chart indicates that the Bitcoin price is likely to consolidate below $30K in the next few days. However, a breakout above $30K is expected next week and BTC will head towards the crucial $34K-$38K resistance.
ETH Price Analysis
Of all the altcoins in the cryptocurrency space, Ethereum’s price closely mirrors the performance trend of Bitcoin. Several successful breaches of the $1,800 level have been achieved by the digital asset, resulting in increased profits and attracting more investors.
Ether broke the $1,800 overhead resistance, but the bulls failed to sustain the breakout, as indicated by the long wick on the candlestick.
The bears are currently trying to consolidate their position by pushing the price towards the 20-day EMA ($1,698), which is a crucial level for monitoring potential downside. The ETH price is currently trading at $1,753, down 1% from yesterday.
The weekly price chart indicates a minor downward correction for the ETH price next week, as the altcoin may fall below the EMA-50 trendline and reach the $1,500 lows before triggering new waves.
