The crypto space was overwhelmed with a bullish monthly close of the top 2 crypto assets and hope for a greener February ahead. Yet the prices also showcased a huge possibility of going parabolic to hit the highs very soon.
Despite February being a profitable month in the past, the current year may showcase a different picture. No doubt the possibilities of BTC & ETH price hitting $42K and $3K resp, but the possibilities of both the assets plunging again below $35K and $2100 appear to be pretty high.
Bears Hover Around Bitcoin And Ethereum
The monthly chart of both assets is showcasing a clear bearish reversal very soon. The assets despite maintaining a notable uptrend in the short term, may yet again plunge heavily somewhere in the last few days of the month. Bitcoin Price chart showcases the continuation of the downtrend as the selling volume is getting accumulated from the past couple of days. While Ethereum is on the verge to attract sellers.
The MACD in the BTC chart is showing the growing selling volume as the sell signal is already let out after a pretty long period. On the other hand, the ETH price chart is on the verge to showcase a bearish trend as the MACD line is about to cross the signal line to move downwards.
It is to be noted that the monthly chart remained bullish despite multiple crashes and sell-offs in the crypto space through the year 2021. And now if the bearish candle appears, then it may be an indication of the beginning of the bearish market.
Also Read : Here’s When Bitcoin Price Will Break Out Of Consolidation! BTC To Hit $50K, If This Happens
Collectively, the crypto space is attempting hard to avoid the bears entering the market to a large extent. But until and unless the bulls keep them off track the BTC & ETH price could sustain above the crucial support levels. And also attempt to clear the upper mandatory resistance at $42K for Bitcoin and $2800 for Ethereum. Else, if the trend slips to bears, the lower support also may not hold them strong.
Source: https://coinpedia.org/price-analysis/what-the-in-store-for-bitcoinbtc-ethereumeth-price/