Price Analysis

Bitcoin & Ethereum Price Calm Well Before The Storm! The Targets Levels Appear Insane

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Highlights

    Bitcoin stands strong above $57000 while the crypto space undergoes a notable flip into bearish divergence

    Most of the altcoins including Ethereum price is shedding their gains at a larger pace which is assumed as preparation before the next leg up

Bitcoin Price Targets $60,000 By Saturday

Bitcoin price is flowing through its uptrend since the price broke out from the consolidation to form higher highs. After maintaining a notable uptrend for the past couple of days, the BTC price is currently falling into a bearish trap. However, the dip below $57,000 could still be considered as a healthy correction as a rebound could still be in place. 

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Source: Tradingview

No doubt the price is dropping to a major extent, yet it could rebound firmly on or before $58,268. These levels indicate the local support levels and hence each time the price visits these levels tend to flip. And hence following the pattern, the price could eventually march high to hit $60,000 very soon. 

Ethereum Price Trembles Down

The majority of the tokens are currently falling into the bearish trap by shedding a notable amount of gains. As Bitcoin prices scrambled down below $57,000, Ethereum prices also followed the trend and plunged below $3,500. However, the buyers appear well in position who are attempting hard to prevent the ETH price to hit the support levels at $3373.

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The asset has trembled down below the 200-day MA and is slowly approaching support levels. The price despite a narrow trend is still trending within a bullish narrative. However, the current consolidation above these levels points out towards a healthy uptrend awaiting ahead. These could eventually uplift the price close to $4000 very soon. 

However, it is believed that the growing Bitcoin dominance is a threat to the much-awaited altseason. In fact, if the dominance grows beyond 48% then the altcoins could bleed red as the BTC price tends to march towards its ATH. Therefore, once Bitcoin settles or trends sideways, one can expect, altcoins like Ethereum(ETH) price to propel high.

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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