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Cryptocurrency News Articles
Crypto Market Strengthens: Bitcoin and Ethereum Surge
May 08, 2024 at 01:01 am
Crypto Market Consolidates, with Bitcoin and Ethereum Hitting Green
The cryptocurrency market is witnessing a period of consolidation following a significant recovery from last week's low prices. Both Bitcoin and Ethereum have displayed positive momentum on Tuesday, showcasing significant gains in the past 24 hours.
Bitcoin, the largest cryptocurrency, has maintained its position above the crucial $64,000 level, while Ethereum has surged to $3,080, demonstrating a bullish trend.
Bulls Aim for Higher Weekly Closes
Market analysts anticipate that if bullish sentiment persists, crypto prices could witness higher weekly closes. Ethereum, in particular, needs to overcome key hurdles at $3,200 and $3,500 to reach the highly anticipated $4,000 target.
As highlighted in a recent BTC/USD price analysis, a rise in the number of put options suggests positive market sentiment. A breakout to $67,500 could occur this week, with Bitcoin potentially settling above $70,000 before the end of May. Furthermore, projections indicate that BTC is poised for a parabolic rally to $100,000 by 2024.
ETHBTC: Ethereum Price Dips Against Bitcoin
The ETHBTC pair was trading at $0.04825 during US business hours, marking a 4.38% increase from its recent bottom of $0.04622. However, this price point still represents an 8% decline from April's peak of $0.05249.
Based on the outlook of the Moving Average Convergence Divergence (MACD) indicator, the path of least resistance appears downward for the ETHBTC pair, at least in the near term.
The recent break below the ascending trend line, as visible on the chart, has emphasized the bearish grip on the pair. Consequently, more losses are anticipated due to the sell signal, suggesting that Ethereum will likely remain subdued against Bitcoin.
Traders are contemplating increasing their exposure to short positions, citing ETHBTC's position under all three bull market indicators: the 20-day Exponential Moving Average (EMA), the 50-day EMA, and the 20-day EMA.
Two successive death crosses in the four-hour range have further deteriorated the technical situation. Potential support areas have been identified at $0.048 and $0.047. If selling pressure intensifies, Ethereum could seek liquidity from lower levels at $0.046 and $0.045.
Assessing ETH Fundamental Structure
IntoTheBlock's IOMAP model sheds light on potential selling pressure that could impede Ethereum's recovery towards $4,000. According to the model, the region between $3,075 and $3,166 represents the largest seller congestion zone. Approximately 3.34 million addresses had purchased 5.68 million ETH within this range, indicating potential sell-side pressure as prices move higher.
The narrowing support, as indicated by the small green circles, could spell trouble for ETH if selling pressure spikes.
Nonetheless, a break above this fundamental hurdle could propel Ethereum above the $3,500 resistance level, paving the way for a possible movement towards $4,000.
Bullish Factors for Ethereum
The persistent uptrend in the number of newly created addresses, as portrayed by Santiment, serves as another bullish factor for Ethereum. The new addresses count soared to 196,700, with the most significant increase occurring between May 4th and 5th. This represents the largest daily record since October 2022.
Although a deceleration in the rate is currently noticeable, with the drop to 115,000 on May 6th, the overall outlook remains bullish. The surge in addresses highlights an influx of funds into Ethereum, potentially fueling a rally towards $4,000.
In conclusion, the cryptocurrency market is consolidating after a period of volatility. Bitcoin and Ethereum are showing positive momentum, with analysts anticipating higher weekly closes if bullish sentiment continues. Ethereum faces challenges against Bitcoin, but fundamental factors, such as increasing new addresses, suggest a potential rally towards $4,000 in the coming weeks.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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