As the crypto market creates a worrisome situation by trading on the edge of an inverted price range, investors are keeping a close eye on top assets: Bitcoin and Ethereum. With the weekend fast approaching, several analysts are wondering if BTC and ETH prices will be able to return to the upside or form a price bottom.
BTC and ETH prices are facing intense pressure from sellers
This week seems to bring a barrier on the price chart for Bitcoin and Ethereum, as both face ongoing consolidation near a critical price level. Market leaders say that a slowdown in the bullish ride may cause another bearish reversal, plunging major assets back to December price levels.
Bitcoin Price Analysis
This month has brought a high of $24K for Bitcoin since August 2022, driving the trend line of BTC dominance exponentially. However, on-chain metrics suggest that Bitcoin’s dominance recently began to slip after facing rejection near $24K, signifying an upcoming altcoin rally. Also, Bitcoin’s biggest corporate headline, MicroStrategy’s quarterly financial report, posts substantial losses, creating confusion on the BTC price chart.
At the time of writing, the BTC price is trading at $23,665 down almost 1%. A pseudonymous trader predicted a potential drop in the Bitcoin price trend. The analyst predicts that the Bitcoin price may drop considerably if he witnesses take profit sentiment from investors to $24K. If Bitcoin falls below $23K, it may hit its November high of $21K, from which Bitcoin may trigger a potential retracement to the upside.
Ethereum Price Analysis
The Ethereum price chart looks bullish as it maintains its momentum near the $1,650 price level. Furthermore, the ETH network will activate its Zhejiang public testnet next week ahead of the Shanghai update, which may develop a bullish scenario for the asset. However, a downtrend near $1700 remains a concern as investors look to liquidate their holdings to avoid any risk that comes during last September’s Merge event.
According to CoinMarketCap, the price of ETH is trading at $1,662. Looking at the daily price chart, Ethereum may face a rejection near the $1,700 level as the RSI-14 trades in an overbought region. Ethereum price may form a support level near the EMA-100 trend line at $1,563, which may spark a new bull run ahead of the long-awaited Shanghai update.
However, an uptrend is expected if Ethereum breaks its monthly resistance level of $1,700, above which ETH price can take the bulls to the $2K price level.
This post Bitcoin and Ethereum may wake the bears if they fail to hold this level! This is where BTC and ETH prices are headed this weekend
was published first on https://coinpedia.org/price-analysis/bitcoin-and-ethereum-may-awaken-bears-if-fail-to-hold-this-level-heres-where-btc-and-eth-price-are-heading-this-weekend/
