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Bitcoin, Ethereum prices bump after ‘green mining,’ Goldman Sachs push Bitcoin, Ethereum prices bump after ‘green mining,’ Goldman Sachs push
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Bitcoin, Ethereum prices bump after ‘green mining,’ Goldman Sachs push

Two of the biggest cryptocurrencies saw a price surge after various fundamental developments.

Bitcoin, Ethereum prices bump after ‘green mining,’ Goldman Sachs push

Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.

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Bitcoin prices rose in the past two days (after a 40% plunge last week) as North American miners formed a ‘Council’ to consider green alternatives for mining in a brief meeting with Tesla CEO Elon Musk.

Some traders even raised a concern over the influence Elon Musk has on the cryptocurrency market as the news had an immediate impact on the bitcoin price and it jumped by 12% after the news was released.

So what’s next for Bitcoin?

 Bitcoin had a retest of the $36,624 support yesterday and managed to close above it to make it a successful retest, it is often seen in charts after a successful retest of lower support the price action seems to move positively and in an uptrend.

The next resistance is around the $42,130 mark, a level where Bitcoin price has already been rejected off of the same resistance thrice in the recent months.

However, with positive news surrounding Bitcoin from several sources and resulting in a good fundamental narrative, prices may break through the $42,000 resistance and turn it into a stable support area.

Ethereum shows steady rise

Ethereum (ETH), the world’s second-largest cryptocurrency by market cap, showed strength and rising institutional inflows this morning. 

Technically speaking, the ETH chart shows more room to grow when compared to the BTC chart as there are fewer resistance levels on their way to the previous all-time high of $4,300.

As the below chart shows, a major resistance level is around the $2,750 mark but with a steady uptrend, it could be broken soon.

One of the positive catalysts was a leaked Goldman Sachs report that stated ETH to be a better store of value than Bitcoin.

“Given the importance of real uses in determining the store of value, ether has a high chance of overtaking bitcoin as a dominant store of value,” said analysts at Goldman Sachs.

They added, “The Ethereum ecosystem supports smart contracts and provides a way to create new applications on its platform.

 

Ethereum trades at $2,740 at press time.

Bitcoin Market Data

At the time of press 8:12 am UTC on May. 27, 2021, Bitcoin is ranked #1 by market cap and the price is down 5.56% over the past 24 hours. Bitcoin has a market capitalization of $715.61 billion with a 24-hour trading volume of $49.75 billion. Learn more about Bitcoin ›

Bitcoin

8:12 am UTC on May. 27, 2021

$38,228.18

-5.56%
Crypto Market Summary

At the time of press 8:12 am UTC on May. 27, 2021, the total crypto market is valued at at $1.69 trillion with a 24-hour volume of $155.97 billion. Bitcoin dominance is currently at 42.37%. Learn more about the crypto market ›

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