Markets update: Bitcoin runs into ‘resistance’ again while Ethereum bumps 9%
Bitcoin price ran into a big resistance as Ethereum is green, is the flipping on the horizon?
Crypto traders were excited to see Ethereum (ETH) move ahead of Bitcoin (BTC) in percentage terms today, data from multiple sources showed.
Bitcoin prices ran into a ‘resistance’ level at $38,000, while Ethereum surged by 10% as of press time.
Lars Hoffman, a crypto researcher at The Block, tweeted in the regard, “ETH flipped BTC in several metrics in May. Many metrics are now measured in the trillions/are close to it”
1/8 Short May overview ?
ETH flipped BTC in several metrics in May. Many metrics are now measured in the trillions/are close to it.
Total adjusted on-chain volume increased by 35.4% to a new ATH of $1.07trn: pic.twitter.com/mGQDV1J8iZ
— Lars (@lars0x) June 1, 2021
Bitcoin still has many resistances to conquer before it gets back into the ‘Bull’ territory, whereas Ethereum faces very few resistances to make its way back to its all-time high.
So what’s next for Bitcoin?
Bitcoin price has been ranging ever since the 50% drop, it has bounced off the $34,450 support several times and has been rejected at the $38,000 resistance several times.
If it is able to climb above the $38,000 resistance and turn it into ‘support,’ it will be highly favorable for a move upwards in the coming days.
As of now, selling pressure is low on exchanges as the number of Bitcoin held on exchanges continues to decline.
The relative strength index continues to be in favorable conditions for buying, however the over a structure that is being formed looks to be bearish. It is suggested to trade with caution in the coming days, as the market could remain range-bound.
What’s next for Ethereum?
Ethereum is back at the $2,750 as suggested in the last market update, and it is trying to flip it again.
The chart continues to look healthy and a steady uptrend is now expected from ETH as soon as it is able to flip the $2,750 resistance into support.
Along with this, it can also be seen that the price is trying to climb above the 20 moving average, a popular technical indicator used by the traders to determine the market trend), and it will be a very good sign in case it is able to cross it later this week.