Ethereum

Bitcoin (BTC) About to Hit $71,000, Ethereum (ETH) Shows Bizarre Activity, Will Solana (SOL) Become Number 1 Again?

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Bitcoin finally surpassed $70,000, setting itself up for further growth. As we can see, there is a good chance that it will succeed as the price approaches $71,000 and trading volumes remain high.

This bullish momentum is easily visible on the daily chart of Bitcoin against the US dollar (BTC/USD). Bitcoin is currently trading around $70,977 and the price action shows a steady rise. A major turning point was reached recently when the market surpassed $70,000, a sign of new interest and optimism. This optimistic view is supported by several important technical indicators.

Bitcoin/USD chart by TradingView

The 50 and 200 day moving averages in particular are positioned to indicate sustained bullish momentum. A traditional bullish signal known as the golden cross formed when the 50-day moving average crossed above the 200-day moving average.

Analysis of volumes further supports this optimistic scenario. The recent price surge is accompanied by high trading volumes, indicating strong market participation and interest in these price levels. Maintaining the current uptrend and eventually pushing Bitcoin above $71,000 requires this volume. support.

Additionally, Bitcoin remains a favorable investment option given the current macroeconomic climate. Bitcoin’s appeal as a store of value and protection against the devaluation of fiat currencies remains great in light of ongoing concerns about economic stability.

Ethereum’s strange position

The market did not expect a rise towards $3,800, and yet here we are. However, Ethereum activity raises many questions as the asset’s price is going through an extremely prolonged consolidation phase, and it is unclear whether it will emerge a winner or not.

After the sharp increase up to $3,800, the price of Ethereum has been trapped in a tight range, as seen in the daily chart of ETH against USD. When buyers and sellers are tied, the market is usually in a state of indecision, as indicated by this sideways movement.

Ethereum has tested $3,750 multiple times without falling below what appears to be the key support level. A number of technical indicators shed light on Ethereum’s current situation. A golden cross, or the potential continuation of an uptrend, could be indicated if the 50-day moving average, which approaches the 200-day moving average, crosses above it. However, the walk continue to be cautious until such a crossover occurs.

Additionally, the fact that trading volumes have been relatively low during this consolidation phase suggests that a significant portion of market participants are waiting until a clearer trend emerges.

Solana’s position in the market

by Solana It’s been a rough ride in the market over the past few weeks, but things are moving quickly, with Bitcoin rebounding towards $70,000 and investors regaining some of that positive sentiment. However, fundamentally, Solana may not be doing as well as she used to.

Solana shows a gradual but consistent recovery. The 50-day and 200-day moving averages support the modest uptrend that Solana is currently showing at around $172. 92.

Although technical indicators point to a bright future, the larger ecosystem surrounding Solana paints a different picture. THE Solana The coin scene was once a hive of activity and creativity, but it is not as active as it has recently.

There hasn’t been much buying interest in Solana, as evidenced by the low trading volume. This is concerning because price movements need to be supported and maintained by sustained volume, which is probably the biggest problem at the moment.

About the Author

Arman Shirinian

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with over four years of experience.

Arman strongly believes that cryptocurrencies and blockchain will be of constant utility in the future. Currently, it focuses on news, articles with in-depth analysis of crypto projects and technical analysis of cryptocurrency trading pairs.

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