Bitcoin and Ethereum Shows Signs of Bullish Divergence for Rally

Courtesy: Trading View

On-chain data further support that the breakout could be in the upward direction going ahead. Crypto analytics firm Santiment points out the net realized profit loss vs price for BTC and ETH.

advertisement

It notes that after three weeks of prices fluctuating, both Bitcoin and Ethereum are experiencing slight losses compared to their previous values. Average traders are moving their assets at small losses. When the Net Realized Profit/Loss (NRPL) indicator is negative in relation to the price, there is a greater chance of positive price movement in the future.

Courtesy: Santiment

Other good signs for Bitcoin have been the growing whale accumulation over the last three weeks as BTC enters price consolidation. On the other hand, the exchange reserves have also been falling.

Just Like Bitcoin, Ethereum Shows Strength

Last week, Ethereum (ETH) experience some greater price volatility with its price taking a dive under $1,850. However, it has recovered since then and has moved closer to the $1,900 level.

Recommended Articles
ethereum price crypto news
Crypto Presale Projects For 2023 To Invest; Updated List
Must Read
crypto exchange affiliate programs
Best Crypto Exchange Affiliate Programs In 2023
Must Read
ethereum price crypto news
Top Crypto Marketing Firms / Agencies 2023; Here’s Best Picks [Updated]
Must Read
ethereum price crypto news
Crypto Telegram Channels List 2023 [Updated]
Must Read
ethereum price crypto news
Top 10 Web3 Games To Explore In 2023; Here List
Must Read

It is worth noting that Ethereum has strong support in the price range of $1,800 to $1,870. Within this range, a total of 3.4 million addresses have bought 11.2 million ETH.

On the other hand, there is a significant resistance level between $2,040 and $2,100. In this range, 1 million addresses had previously purchased 27 million ETH, explains popular crypto analyst Ali Martinez.

Currently, there’s a tight battle between the ETH bulls and bears, but technical indicators show a possibility of a breakout to $2,050. Any further movements in the BTC and ETH prices could provide a major push to the broader crypto market.

Comments

Post a Comment

Popular posts from this blog

Experts warn of a fake Ethereum Denver site tied to a red-flagged phishing wallet

Image
Join Our Telegram channel to stay up to date on breaking news coverage With the start of the new year, crypto prices have slowly started to recover from a year-long bear market, which started bringing investors back into the industry. People are becoming more willing to invest in projects, and various events that the industry participants are organizing are attracting attention once more. This also makes it a perfect time for hackers to launch phishing campaigns and once again rob unsuspecting newcomers to the industry. Security researchers have already reported one such campaign, where the hackers have created a fake website of the popular Ethereum Denver conference. The campaign is also tied to a smart contract that contains over $300,000 in stolen ETH coins. The wallet tied to the scam stole $300k in crypto Ethereum Denver is, of course, a real conference and a very popular one, at that. However, its website has been duplicated by online criminals who seek to trick users i...
Read more

WOO Price Rebounds as Bulls Take Control: Will the Momentum Continue?

Image
WOO Network’s (WOO) price has declined over the past seven days, falling from a 7-day high of $0.3188 to a low of $0.237. However, at the time of publication, bulls had retaken control of WOO, sending prices up 6.93% to $0.2546. During the positive rebound, the market capitalization climbed by 6.97% to $429,026,681, indicating that investors are enthusiastic about the WOO market’s future and are prepared to spend more on it, perhaps leading to more rise in the coming days. However, the 7.58% drop in trading volume to $51,035,695 suggests that investors may be cautious and may wait for a more transparent market direction before making further deals. WOO/USD 7-day price chart, Source: CoinMarketCap The Bollinger bands are rising and expanding on the WOO/USD price chart, indicating more volatility and the possibility of a trend reversal. The upper Bollinger band touching at 0.29853664, while the lower at 0.10463150, reflect this bullish momentum. As the price...
Read more

$365 billion inflows crypto market cap in a month, but what’s next?

Image
A short bull run marked the last 30 days in the cryptocurrency market, with Bitcoin (BTC) leading the way for multiple cryptocurrencies. Greed started dominating investors’ sentiments as most digital assets registered massive capital inflows in a month. Notably, the leading index by TradingView (CRYPTOCAP: TOTAL) surged 35%, adding $365 billion in 30 days. By press time, a $1.024 trillion total crypto market cap quickly became $1.392 trillion from October 12 to November 11. CRYPTOCAP: TOTAL – Total cryptocurrency market capitalization. Source: TradingView The bearish short-term case for cryptocurrencies However, the Relative Strength Index (RSI) is overbought at 88.29 points in the daily chart. This state has lasted since October 22, when RSI crossed 70 points. In the meantime, total capitalization has distanced itself by $155 billion from the 30-day exponential moving average (EMA). Essentially, these indicators suggest crypto currency trading could expect a natural retra...
Read more