Bitcoin and altcoin markets at the moment are possessing a sense of stability in the uncertain environment. As the crypto space withstood multiple turbulence in recent times, the expectation of the market coiling up yet again surfaces. However, amid the current choppy conditions, the top 2 cryptos and their movements are observed the most. And the wave of the BTC & ETH price trend is deemed to be followed by many.
Bitcoin(BTC) Price to Break $46,000 Shortly
BTC price is accumulating heavily just below $44K and above $34K for a very long time. Moreover, these levels were strongly defended amid the conditions where-in the bearish market was expected to prevail. And hence the expectations of a strong breakout over $46,000 surface, however, certain levels within the current consolidation is mandatory to test and clear.
Bitcoin price in recent times is swinging within the resistance levels in between $45,500 and $34,000. And hence a breakout above $46,000 or a breakdown below $34,000 may validate the respective trends. However, considering the present scenario, a significant uptrend appears to be on the toes, but the important levels just below $44,000 need to be cleared. Once the price settles above $44,000 then a notable uptrend could be imminent towards the next highs.
Ethereum (ETH) Price is Extremely Bearish But Hopes Still Alive
Ethereum price currently is manifesting a huge bearish trend as the price is constantly forming multiple lower highs and lows since the beginning of the year. Despite a couple of surges, yet the trend remained depleted and no significant possibilities of an uptrend may be expected. However, a strong flip with the Bitcoin price may help the ETH price to regain the bullish momentum.
Ethereum price ever since smashed its highs close to $5000, fell into a deep bearish trap, following a strong descending trend line. The price could not consolidate when failed to flip from the bearish trend. And hence continued to form constant lower highs and lows. Therefore, after swinging within a descending triangle, the outcome is also expected bearish.
But in most of the times when Ethereum price follows the Bitcoin price trend, a significant flip may be still imminent. However, to do so, the ETH price needs to smash the immediate barrier at $3000 initially and later at $3200. Else the possibility of the asset visiting lower support around $2300 appears to be high. But if the BTC price showcases some strength, then a nice flip with a strong bullish momentum much above $3200 may be displayed by Ethereum.
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Source: https://coinpedia.org/price-analysis/traders-watch-out-for-these-crucial-levels-for-bitcoinbtc-ethereumeth-price/