As the world becomes increasingly digital, cryptocurrencies have become a popular form of investment and payment. Bitcoin (BTC) and Ethereum (ETH) are two of the most well-known cryptocurrencies, and their prices and market capitalization have seen significant growth in recent years. As of March 2023, both BTC and ETH are experiencing an upward trend, but what factors are driving this growth, and what does the future hold for these cryptocurrencies? In this article, we will analyze the current state and prospects of BTC and ETH.
Bitcoin (BTC)
Tuesday was another good day for Bitcoin, marking its fourth consecutive session of gains. The digital asset has been on a steady rise in recent weeks and shows no signs of slowing down.
Meanwhile, banking stocks started the week on a low note, suggesting investors might divert their capital toward cryptocurrencies. As a result, BTC/USDT reached an intraday high of $24,851.62 today, following a dip to $21,918.20 in the previous session.
Binance has recently announced that it will convert a whopping $1 billion worth of BUSD into BTC, ETH, BNB, and other tokens to stabilize the market. This is an effective way of providing much-needed support to the crypto industry.
In conclusion, bulls are determined to take the Bitcoin price to $26,000. The momentum has recently slowed down as the RSI approaches its resistance. Nevertheless, owing to the drastic surge, bitcoin hit its highest level since February 21st and recovered from the two-month low it had previously been experiencing.
In the 1D timeframe, the price action of $BTC/USDT attempts to keep up with its situation above $24K. The cost activity stays uncertain until a high volume breakout over the break of the structure line or beneath the $24K would occur. This is the zone to play with discipline and persistence until the market comes to your zone. Always play with the market without emotions and let it come to you.
Ethereum (ETH)
Ethereum soared today, pushing past an important resistance threshold and continuing its upward momentum. As a result, the trading session was a true success. At its highest point on Tuesday, ETH/USDT reached $1,699.91, a considerable increase from its low of $1,576.06 less than a day prior.
The price surge was fueled by the cryptocurrency’s breakthrough past the long-standing $1,675 ceiling, which it had struggled to surpass for a prolonged period. As a result, Ethereum reached a three-week high, showcasing its resilience and bullish momentum in the market. In addition, Binance has allocated the $1 billion Industry Recovery Initiative funds to native cryptocurrencies such as BTC, BNB, and ETH.
In the 1D timeframe, the price action of $ETH/USDT is moving below the horizontal resistance zone of the Ascending triangle. However, we must wait for a successful breakout or breakdown to confirm its next direction.
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Closing Thoughts
The Crypto market is known for its volatile nature. According to the above analysis, the coins we discussed might prove to be profitable if other market conditions prevail favorably. We suggest you engage in adequate research before investing in any digital assets.
