The Crypto market has grown back above $1T amid sustained buyup.
Despite its correlation with Nasdaq 100, BTC seems to be charting a more ambitious growth curve with a healthy mid-term forecast.
Ethereum’s worst days seem to be over as the #1 altcoin has its sights on $1,600 resistance level
The digital currency ecosystem has been trending on a very positive trajectory since the beginning of the week as the combined market cap has retested the $1 trillion resistance point, for the first time in over a month.
The latest upsurge in the digital currency ecosystem is notably fueled by the impressive price actions of both Bitcoin (BTC) and Ethereum (ETH). Over the past 24 hours, BTC has added $1,850 to grow to $23,372, a price that represents 8.3% growth. ETH has also recorded massive growth over the past 2 days, breaking the psychological barrier of $1,500 resistance level to hit a 24-hour high of $1,580 per data from CoinMarketCap.
From the latest events in the digital currency ecosystem, it is quite uncertain what is fueling the growth being seen, but it sure does highlight how overdue the bullish correction is since the crypto winter was ushered in.
Has Bitcoin found a new support?
Bitcoin is particularly in the spotlight of most institutional investors as the asset seems to be breaking the wagging and a unique correlation with the tech-heavy Nasdaq Composite. With capital injections from the likes of MicroStrategy and El Salvador bolstering the coin Bitcoin in the past few weeks, the inherent turnaround in the premier coin might be seen as many as long overdue.
While the funds flow are not large enough to sustain a shift, they were just enough of them to restore a glimpse of confidence, especially among retail investors.
The BTC/USDT trading pair as seen on the 4H chart above is signaling a trend that may be very well short-lived. Besides the RSI that shows for BTC is currently almost oversold for the current time frame, the coin is trading well above its 50, 100, and 200-day Moving Averages, an indication that we are right in the middle of setting the stage for a buying opportunity that will favor the longer-term.
Ethereum’s worst days seem to be over
Ethereum has notably shown an impressive stride in the past few days as its price has grown well over 50% since the crypto market rejuvenation started. ETH has every reason to chart an upward growth path as Ethereum Foundation Developers have agreed to launch The Merge on the Mainnet by September 19.
While the date is still tentative, it gives a sense of closure to its investors, most of whom have staked to be a part of the new Proof-of-Stake (PoS) protocol that will emerge.
The advent of Ethereum 2.0 is notably a core reason for investors to start stacking up on the coin in advance as the entire protocol is poised to improve its ESG outlook on the account of being more energy-saving, along with dealing away with sky-high commission that prevented many from using ETH blockchain more often more usable blockchain for users in general. All these reasons are bound to fuel the continuous accumulation of the coin in the near future.
Ethereum price trend is closely related to those of Bitcoin and a similar assumption applies. However, the Ethereum network has a more viable utility and is bound to make its own growth more steady in the long run. For now, Ethereum’s worst days are over and a break above $1,600 in the short to mid-term is imminent.