Ethereum
Investors are doubling down on Bitcoin and Ethereum amid market declines! Here’s what to expect from BTC and ETH prices next
As we head towards the Bitcoin halving event, just a few days away, the market is experiencing a battle between the bulls and the bears. Buyers are working to set a new all-time high for Bitcoin ahead of the event. Meanwhile, despite the presence of sellers at resistance levels, each drop in the value of Bitcoin and Ethereum results in enthusiastic accumulation, signaling a healthy market trend. Top analysts predict an increase in buying activity ahead of the halving, followed by a subsequent rise in BTC and ETH prices.
Net flow decreases for BTC and ETH
Analysts are growing increasingly bullish on Bitcoin and Ethereum as they show promising trends despite continued pushback from sellers. Matt Hougan, chief investment officer of crypto index fund manager Bitwise, recently highlighted the potential for a trillion dollars to flow into the Bitcoin market through institutional investments in new spot exchange-traded funds (ETFs). Bitcoin.
Therefore, there is potential for The value of Bitcoin exceed $100,000 and that of Ethereum exceed $6,000 in the coming months. This prompted investors to increase their holdings of BTC and ETH during price declines, as highlighted by a key on-chain metric.
According to data from IntoTheBlock, the Bitcoin Netflow metric has seen a sharp decline, currently sitting at 9.47,000 BTC, indicating continued accumulation of BTC by investors even as prices decline. Likewise, Ethereum is experiencing significant accumulation, with its Netflow metric in the negative zone at 50,000 ETH, meaning that exchange reserves are dwindling, reducing the likelihood of a price decline.
Bitcoin Price Analysis
Bitcoin has been oscillating in a tight range recently, hovering between $72,000 and $68,000, indicating a balance between buyers and sellers. However, the bears have been working to validate a downtrend below support lines.
As BTC price recently fell below Fibonacci levels, this indicates increasing bearish dominance on the price chart. This sentiment is supported by the downtrend of the 20-day exponential moving average (EMA) and the relative strength index (RSI) heading towards the oversold region.
However, a rise above the EMA lines will send the price testing $72,000. This could entice buyers to breach the $74,000 level and create a new ATH near $80,000.
Conversely, a slowdown below the uptrend line could indicate profit-taking by buyers, which could cause the pair to decline towards the 50-day simple moving average (SMA) around 63 000 $.
Ethereum (ETH) Price Analysis
Ether is hovering near the $3,400 support level, indicating a tight competition between buyers and sellers. However, as the price recently fell below the EMA trendlines, this has boosted seller confidence.
If the price continues to decline and reaches the $3,100 support, it will likely test the patience of buyers. A drop below this level will trigger a wave of selling pressure.
Conversely, a bounce from the current level or above $3,100 will push buying demand, leading to a breakout above $3,650. This could send the price consolidating around $4,000.