Bitcoin Shows Increased Market Sensitivity
Bitcoin has recently broken below the critical support level of $26,600, which previously acted as a resistance point. This support zone has gained significance as it has been confirmed multiple times on the 4-hour chart. The cryptocurrency is now heading towards an immediate support level of $26,300, positioning itself below the 50-day exponential moving average and deviating from its previous ascending trajectory. If this downward trend continues, Bitcoin’s next target could be around $25,511. On the other hand, surpassing the $27,000 threshold may lead to a trajectory towards $27,500. This pivot point will determine Bitcoin’s future market direction.
Ethereum Price
Ethereum is currently trading at $1,593 with a 24-hour trading volume of $3 billion. It has experienced a slight appreciation of less than 0.10% in the past 24 hours. Ethereum maintains its position as the second-ranked asset on CoinMarketCap with a live market capitalization of $191 million. The circulating supply of ETH coins is 120,227,075, while its maximum supply data is undisclosed.
Ethereum Price Prediction
The ETH/USD pair is showing a turbulent trading pattern, encountering resistance at $1,600 and support near the $1,575 mark. A breakout from this range could trigger further price movements. If ETH successfully breaks above $1,600, it may face resistance around $1,625 and a stronger barrier near $1,660. Conversely, a bearish descent below $1,575 could lead to Ethereum’s price dropping to around $1,535. The 50-day EMA, RSI, and MACD indicators all indicate a bearish inclination on the accompanying chart. Traders should closely monitor the $1,575 level for potential selling prospects.
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