Bitcoin (BTC) and Ethereum (ETH) are the two largest cryptocurrencies by market capitalization, and they often influence the direction of the entire crypto market. In this article, we will look at the current price analysis of BTC and ETH, as well as their weekly performance, future outlook, and news roundup.
Current Price Analysis
BTC is Currently trading at $35,614.53 USD, with a 24-hour trading volume of $29,264,293,181 USD. BTC is up 0.78% in the last 24 hours, and has a market capitalization of $671.53B USD, ranking it as the largest cryptocurrency by market cap. BTC has a circulating supply of 19,529,050 coins, and a total supply of 21 million coins.
BTC is trading in an ascending channel that has been forming since mid-October. The coin is facing resistance at the $36,000 level, which is a psychological barrier and also the upper boundary of the channel. A breakout above this level could signal a bullish continuation and open the door for further gains towards $37,000 and $38,000 USD.
Charting its course flawlessly! 📈 $BTC is on fire, staying true to the predicted trajectory. 🚀
All eyes are on the next pivotal milestone: $36,000. Bulls gearing up for the breakout! 🔥👀.
As of 2 November 2023, the live price of ETH is $1,799.99 USD, with a 24-hour trading volume of $6,976,802,161 USD. ETH is up 1.49% in the last 24 hours, and has a market capitalization of $216.46B USD, ranking it as the second largest cryptocurrency by market cap. ETH has a circulating supply of 120,269,517 coins, and no total supply limit.
In a daily time frame, the price is getting rejected from the strong resistance trendline. A downward movement is expected from here.
On the other side, if it breaks the resistance level then we will see further upward movement.
Weekly Price Analysis
BTC has gained 4.84% in the past 7 days, outperforming ETH, which has gained 2.23%. BTC has also outperformed most of its peers in the top 25 cryptocurrencies by market cap, except for Solana (SOL), which has gained 13.25%.
BTC started the week at $34.01K USD on 26 Oct 2023, and reached a weekly high of $36.17K USD on 28 Oct 2023. The coin then retraced to a weekly low of $34.62K USD on 31 Oct 2023 before bouncing back to its current level of $35.61K USD. The weekly price action shows that BTC is maintaining its upward momentum within the ascending channel.
ETH started the week at $1.76K USD on 26 Oct 2023 and reached a weekly high of $1.82K USD on 28 Oct 2023. The coin then dipped to a weekly low of $1.74K USD on 31 Oct 2023 before recovering to its current level of $1.80K USD. The weekly price action shows that ETH is consolidating within the symmetrical triangle.
The future outlook for BTC depends largely on its ability to break out of the ascending channel that has been limiting its downside potential for over two weeks. A successful breakout could indicate that BTC is ready to resume its uptrend that started in July. In that case, BTC could target the next resistance levels at $40K and $42K USD, which are the previous highs from June and May respectively. A further rally could challenge the all-time high of $64.86K USD that was reached in April 2021.
However, if BTC fails to break out of the channel and falls below $35K USD, it could signal that BTC is losing steam and that a correction is due. In that case, BTC could face the next support levels at $34K and $33K USD, which are the 50-day and 100-day MAs respectively. A further decline could test the next support levels at $32K and $30K USD, which are the previous lows from July and June respectively.
The future outlook for ETH depends largely on its ability to break out of the symmetrical triangle that has been forming since late September. A bullish breakout could indicate that ETH is ready to follow BTC’s lead and resume its uptrend that started in July. In that case, ETH could target the next resistance levels at $2K and $2.2K USD, which are the previous highs from September and August respectively. A further rally could challenge the all-time high of $4.36K USD that was reached in May 2021.
However, if ETH fails to break out of the triangle and falls below $1.75K USD, it could signal that ETH is losing momentum and that a downtrend is possible. In that case, ETH could face the next support levels at $1.7K and $1.6K USD, which are the 100-day MA and a horizontal support line respectively. A further drop could test the next support levels at $1.5K and $1.4K USD, which are the previous lows from October and September respectively.
The news roundup for BTC and ETH is mostly positive, as both coins have been involved in several developments and events that could boost their adoption and utility.
- On Oct 26, 2023, PayPal announced that it would allow its U.S. customers to buy, sell, hold, and checkout with cryptocurrencies, including BTC and ETH, on its platform. The company said that this move would enable its 346 million users and 26 million merchants to access the benefits of digital currencies.
- On Oct 27, 2023, Grayscale Investments announced that it had filed a registration statement with the U.S. Securities and Exchange Commission (SEC) to convert its Grayscale Bitcoin Trust (GBTC) into a Bitcoin exchange-traded fund (ETF). The company said that this would provide its investors with more liquidity, transparency, tax efficiency, and regulatory clarity.
- On Oct 28, 2023, Circle announced that it had launched its native euro stablecoin (EURC) on Ethereum in addition to Avalanche and Solana. EURC is backed by euro reserves held by Circle in segregated accounts with regulated financial institutions. The stablecoin aims to provide fast and cheap cross-border payments for businesses and individuals in Europe and beyond.
- On Oct 29, 2023, Ethereum core developers agreed to postpone the difficulty bomb by about nine months as part of the upcoming “Arrow Glacier” network upgrade. The difficulty bomb is a mechanism that increases the mining difficulty over time until it becomes impossible to mine new blocks, thus forcing a transition to proof-of-stake (PoS). The upgrade is expected to take place in early December 2021.
- On Oct 30, 2023, Crypto.com announced that it had partnered with Formula One team Aston Martin Cognizant to launch a series of non-fungible tokens (NFTs) on Ethereum. The NFTs will feature exclusive content and experiences related to the team’s drivers, cars, and races.
BTC and ETH are the two leading cryptocurrencies by market cap, and they often set the tone for the rest of the crypto market. BTC is trading in an ascending channel that has been forming since mid-October, while ETH is trading in a symmetrical triangle that has been forming since late September. Both coins need to break out of their respective patterns to signal a trend direction and open the door for further price movements.
The future outlook for BTC and ETH depends largely on their ability to break out of their patterns and resume their uptrends that started in July. The news roundup for BTC and ETH is mostly positive, as both coins have been involved in several developments and events that could boost their adoption and utility.
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