Tuesday, July 23, 2024

On Monday, Ethereum made significant progress towards reaching the $2,000 mark, coinciding with a short but eventful week for US economic data due to the upcoming Independence Day celebrations. Some US markets will be closed, but once they reopen, investors will focus on key fundamentals such as the release of FOMC minutes and the non-farm payrolls report. Meanwhile, Bitcoin experienced a period of consolidation.

Bitcoin

Bitcoin (BTC) remained in a consolidation phase, unable to break through a crucial resistance level for the third consecutive day.

During the day, BTC/USD reached a high of $30,789.11, just a day after flirting with a drop below $30,000.

Despite a marginal increase, BTC continued to struggle below the significant resistance level of $30,800 for the third session in a row.

This stagnation was partly due to the 14-day relative strength index (RSI) remaining below its own ceiling at 69.00.

Currently, the RSI stands at 66.64, maintaining a flat trend over the past few days.

It is likely that BTC will continue this pattern until US markets reopen after the Independence Day break.

Ethereum

On the other hand, Ethereum (ETH) started the week with steady gains, inching closer to the $2,000 threshold.

ETH/USD reached an intraday high of $1,973.64 on Monday, recovering from a low of $1,895.91 seen the previous day.

This rally allowed the world’s second-largest cryptocurrency to achieve its highest point since May 6.

Unlike Bitcoin, Ethereum’s RSI surpassed the 60.00 hurdle, currently tracking at 62.69.

If this newfound momentum continues to strengthen, there is a high possibility that ETH will surpass $2,000 in the coming days.

Currently, ETH is trading at $1,964.20.

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What are your thoughts on whether Ethereum will end the week above or below $2,000? Share your opinions in the comments below.

Frequently Asked Questions (FAQs) about Cryptocurrency

What is the current price of Ethereum and Bitcoin?

As of the latest update, Ethereum is trading at $1,964.20, while Bitcoin’s price is consolidating below a key resistance level.

What are the key fundamentals affecting the cryptocurrency market?

The upcoming US Independence Day celebrations will lead to some market closures. Once reopened, investors will closely monitor the release of FOMC minutes and the non-farm payrolls report.

Will Ethereum surpass the $2,000 mark?

There is a good chance that Ethereum will exceed $2,000 in the coming days, considering its steady gains and the RSI crossing a hurdle at 60.00.

Is Bitcoin experiencing a period of consolidation?

Yes, Bitcoin is currently in a consolidation phase, remaining below a crucial resistance level for the third straight day.

How can I receive weekly price analysis updates?

You can register your email to receive weekly price analysis reports, providing insights into the cryptocurrency market trends and developments.

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5 comments

CryptoGuru1987 July 4, 2023 - 2:28 am

US Independence Day makin’ markets slow, but FOMC minutes & non-farm payrolls report comin’ up! BTC stuck, ETH showin’ strength. Need those weekly analysis updates!

Reply
MoonLambo July 4, 2023 - 8:17 am

ETH gonna moon to 2k soon, BTC needs to get its act together! Lookin’ forward to weekly reports, gonna help us navigate the crazy crypto world!

Reply
CryptoTrader92 July 4, 2023 - 4:26 pm

ethereum will cross 2k soon, BTC stil consolidating tho. can’t wait 4 weekly updatess!

Reply
CryptoEnthusiast007 July 4, 2023 - 6:56 pm

wow, ETH is rockin’ it, gonna hit 2k in no time! BTC needs to break that resistance already. give us the updatez!

Reply
BitCoinLover123 July 4, 2023 - 10:18 pm

waitin’ 4th July 4 market reopenin’, hopin’ BTC breaks dat resistance level. ETH got some good momentum, might see it flyin’ above 2k!

Reply

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