Bitcoin (BTC) and Ethereum (ETH): The market sentiment is still optimistic!
The cryptocurrency market’s gains in the past three weeks show no signs of abating. The Bitcoin exchange rate (BTC) has rebounded from a recent multi-month low and rose by more than 50%. At the same time, Ethereum (ETH) has risen from July 20th. The low has risen by nearly 85%. Although the market has accepted the ongoing amendments related to the taxation of cryptocurrencies in the United States, it seems that the market is moving on the route of “those who can’t kill you will always make you stronger” and are brewing further. . As usual, the market may take a sharp turn, but the trend from the price chart still suggests further gains and the overall market sentiment remains optimistic.
The Alt-coin market was also boosted to rise, and some of the coins recorded over 30% husbands last week. According to the 7-day data obtained by CoinMarketCap, Cardano (ADA) rose by 33%, Dogecoin (DOGE) rose by 36%, and Uniswap (UNI) also recorded more than 42% husbands. At the same time, VeChain (VET) recorded a 32% increase. The author believes that we may be ushering in a new round of token season. The recent performance of Ethereum surpassed Bitcoin’s trend highlights this possibility.
From January to February this year, the Ethereum/Bitcoin spread showed that Ethereum (ETH) performed better than Bitcoin. And during the period from April to mid-May, Ethereum’s gains surpassed Bitcoin, and the performance of the currency was also outstanding. The current chart trend also reveals a short-term bullish triangle pattern, which is usually seen as a consolidation pattern before another round of uptrend.
Bitcoin exchange rate trend analysis
Benefiting from the support provided by the 200-day simple moving average (SMA), the Bitcoin exchange rate is currently hitting a high level in the past three months. Although the price trend in the next few days has further confirmed the support of the 200-day SMA, it is expected to further consolidate the upward trend, but the obvious turn of the 20-day SMA to the upside has highlighted the market’s optimism. Judging from the daily chart of Bitcoin exchange rate trends, it may face the risk of consolidation before another wave rises.
Ethereum price trend analysis
The Ethereum price trend chart shows that this cryptocurrency with the second market capitalization is on the road to fully embarking on a short-term upward trend. In the past two trading weeks, this cryptocurrency has only recorded a decline for two days. Although the upper track of the ascending channel has always played a role in easing any upside breakthroughs, the channel support has never been tested in the past week. In the breakthrough market in early April, a similar pattern appeared in Ethereum. After the breakthrough, Ethereum once touched the 4379 mark and then fell sharply.