Ethereum and Bitcoin are the top two cryptocurrencies in the world, with a huge market cap of over $1.5 trillion as of August 2023. Both coins have seen a lot of price action and volatility in the last year due to various factors such as supply and demand, institutional adoption, regulatory developments, innovation, and sentiment.
In this article, we will look at the current price trends and patterns of Ethereum and Bitcoin and explore the possible scenarios and outcomes for the near future.
Ethereum Price Trends and Patterns
Ethereum is the second-biggest cryptocurrency and the leading platform for smart contracts, decentralized applications, and decentralized finance. Ethereum has undergone a major upgrade called Ethereum 2.0, which has improved its scalability, security, and efficiency by switching from a proof-of-work (PoW) consensus mechanism to a proof-of-stake (PoS) one. E
Ethereum hit its all-time high of $4,891. ETH is currently trading at $1643 with a 24h trading volume of $2.9bn and market cap of $196bn. Ethereum is behind Bitcoin in terms of year-to-date returns, gaining over 10% compared to Bitcoin’s 30%.
According to the daily price chart, Ethereum is almost reached the potential reversal zone of the bullish Gartley pattern.
Bitcoin Price Trends and Patterns
Bitcoin is the first and largest cryptocurrency by market cap and the most widely adopted and recognized digital asset in the world. Bitcoin is often considered as a store of value, a hedge against inflation, and a digital gold.
Bitcoin reached its all-time high of $64,863. BTC is currently trading at $26,000 with a 24h trading volume of $6.8bn and market cap of $507bn. Bitcoin has regained its dominance in the crypto market, accounting for over 44% of the total market cap.
Looking at the daily price chart, Bitcoin is showing signs of strength and momentum after a sell-off. On daily timeframe level taking out all External Range Liquidities.
However, Bitcoin is not without risks and challenges. Bitcoin is facing strong selling pressure at the $31,000 level, which is also near the upper boundary of an ascending channel that has been forming since July.
Ethereum and Bitcoin are the two most dominant and influential cryptocurrencies in the market, and their price movements have significant implications for the rest of the crypto space. Both coins have shown remarkable resilience and recovery in the crypto market and are poised to challenge their previous highs in the future.
However, both coins also face strong resistance and uncertainty and could experience volatility and corrections along the way. Therefore, traders and investors should be cautious and vigilant and use proper risk management and analysis tools to navigate the crypto market.
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