Crypto is mirroring stock markets’ gains again today, with Wall Street’s sharp climb after opening higher likely to provide further impetus for Bitcoin. The crypto market experienced a substantial decline last Friday that was correlated to US Indexes.
Bitcoin and Ethereum gained 2% during the past 24-hours. Today, the combined crypto capitalization of both cryptos reached $1.2 trillion. Total crypto market capital is $1.9 trillion.
Ethereum Trades Below $3,000 Support, Why Is ETH Falling Since November?| Ethereum Trades Below $3,000 Support, Why Is ETH Falling Since November?
Crypto markets continue to see broad recovery, as equity prices rise. BTC/USD is now trading at $40,000, while ETH/USD is close to $3,000 and has gained some ground. This positive trend is good for all assets and both coins are on the rise.
The S&P 500, Dow Jones Industrial Average, and Nasdaq Composite have all gone up today. The S&P 500 is up 2.3%, the Dow Jones Industrial Average is higher by 1.7%, and the Nasdaq Composite leads the upside with 2.8%. This happened as Asian and European stocks had good days before the US Federal Reserve’s 0.5% interest rate hike.
Bitcoin and Bullish Still Looking
The bitcoin price is holding well above $38,000, but it’s close to touching another key supply wall at $40,000. This could indicate that bulls have still some power and will push higher in the future.
As per Altcoin Sherpa, a crypto trader and analyst, “the market structure looks bullish.” He further added;
These lows can be maintained as long as we see higher lows. I believe the bullish market structure remains intact. In the coming weeks, I expect 55k+.
Altcoin Sherpa commented on Ethereum prediction
ETH has a bullish structure, which is different from $BTC. I would like to see #Ethereum reach a lower low. I think that it’s still at the mercy of BTC though, as always – if BTC tanks, so will ETH.
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“Bitcoin could go higher,” said Rekt Capital, one of the top crypto analysts. Analyst said;
The bullish divergence of the 4-hourly candle is now in place. This red zone will provide the key resistance for the short-term. [above $40,300]. It would indicate a bullish signal for continued trend.
Bitcoin’s 100-day moving mean has fallen for several weeks. This has supported the price by $37,000 as well as the trendline that is falling. The bearish momentum has been lessened. Bitcoin’s $37,000 support mark is an important level. The price could drop below $37,000 to reach $30,000.
Featured image by Pixabay, chart from Tradingview.com