By Franklin Smith
Briefly-
- Bitcoin encounters massive blockades in its path towards the psychological barrier at $50,000.
- Ethereum unveils an ongoing upswing as it nears the hurdle at $4,000.
- Let us check what the leading cryptocurrencies have for enthusiasts.
Bitcoin (BTC) price has formed a bottom reversal formation like the one witnessed in 2021 mid-December. The resulting technical setup might catalyze a bullish picture that can trigger bullish actions in alternative coins, including Ethereum.
BTC Price Plans to Launch an Uptrend
BTC price has printed a triple bottom, suggesting that the downtrend is ending to welcome a new upsurge phase. Though Bitcoin saw a 4% rally yesterday, it could not keep the gains as it fell again, retesting the support floor at $45,678.
As buyers appear to place their orders again, the bellwether crypto appears to kick-start an uptrend and might register another 3% increase before facing the 200-day SMA at $48,075. A significant-close past this obstacle will authorize bulls’ actions and trigger an upward move that will see BTC retesting 50-day Simple Moving Average around $51,344.
As conditions seem to favor surges for Bitcoin, losing the support floor at $45,678 will ruin the triple bottom formation and show weak buying momentum that might catalyze an 8% crash to $41,762.
Ethereum Maintains Bullish Outlook
Ethereum price continued its upswings as the altcoin printed higher lows and higher highs since 31 December 2021. If the crypto retains the bullish outlook, it might soon hit the 50- and 100-day Simple Moving Average confluence, extending in the $4,000 – $4,100 range.
This uptrend will likely encounter immense selling momentum from Ether holders at the $4,100 mark. Overcoming this hurdle will translate to another swift surge towards $4,435. A highly bullish scenario will see Ethereum forming another high near $5,000.
Despite the bullish picture for ETH price, breaching the support barrier at $3,640 will indicate buyers’ weakness and annul the bullish tale. This scenario will likely crash Ethereum down towards the value area of $3,456, the level sitting beyond the 200-day Simple Moving Average at $3,403. Buyers can step up at this level to launch new uptrends.
For now, the upcoming price actions in the crypto market will likely depend on Bitcoin’s movements. The leading altcoin has to challenge the $50,000 hurdle to support a bullish move in the overall crypto spectrum.