Javier Hernandez Ethereum made progress towards reaching the $1,900 threshold over the weekend as the overall cryptocurrency market experienced slight gains. At the time of analysis, the global market capitalization had risen modestly by 0.32%, influenced by the impact of Friday’s U.S. consumer sentiment report, which fell short of expectations, with an actual figure of 71.6 compared to the projected sentiment of 72.6. Meanwhile, Bitcoin saw a rise in its price.
Bitcoin
On Saturday, Bitcoin (BTC) surpassed a crucial support level at $29,200, continuing its consolidation phase within the cryptocurrency market.
After hitting a low of $29,186.47 on Friday, BTC/USD surged to an intraday high of $29,521.51 during the current session.
Throughout the past week, BTC has mainly consolidated as traders sought to identify a stable price floor following recent sell-offs.
The relative strength index (RSI) appeared to find support at the 43.00 mark, currently tracking at 43.95, and potentially aiming for a resistance level at 48.00. If price strength reaches this point, there is a good chance BTC could be trading above $29,800.
Ethereum
Amidst several fluctuations, Ethereum (ETH) made strides towards the $1,900 level to kickstart the weekend.
ETH/USD reached a peak of $1,881.46 earlier in the day, rebounding from a bottom of $1,865.45 recorded on Saturday.
Since surpassing $2,000 earlier in the month, Ethereum has struggled to break above the $1,900 point and has mostly been experiencing a downtrend.
The RSI is on the verge of breaking out from a resistance level at 49.00, which may encourage previous bulls to reenter the market. If this materializes, the 10-day (red) moving average could change its current course and potentially cross above the 25-day (blue) counterpart.
Looking forward, many are wondering if Ethereum will rally above $2,000 in August. Share your thoughts in the comments below.
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Table Of Contents
Frequently Asked Questions (FAQs) about cryptocurrency markets
Q: What is the current status of Ethereum’s price movement?
A: As of the latest analysis, Ethereum (ETH) is approaching the $1,900 level, showing progress over the weekend amidst slight gains in the cryptocurrency markets.
Q: How has Bitcoin performed in recent days?
A: Bitcoin (BTC) has been consolidating in the cryptocurrency markets, with a notable uptick in price. It moved above a key support point of $29,200 and is potentially aiming for a trading price above $29,800.
Q: How has the overall cryptocurrency market performed?
A: The global market capitalization has risen modestly by 0.32%, influenced by the recent U.S. consumer sentiment report, which fell short of expectations. The actual sentiment figure stood at 71.6 compared to the projected 72.6.
Q: What is the technical outlook for Bitcoin’s price movement?
A: The relative strength index (RSI) for Bitcoin is currently at 43.95 and appears to be heading towards a resistance level at 48.00. If price strength continues to increase, there is a possibility of BTC trading above $29,800.
Q: How has Ethereum’s price movement been lately?
A: Ethereum has made strides towards reaching the $1,900 level, with a recent peak at $1,881.46, following a bottom at $1,865.45.
Q: What are the challenges Ethereum is facing?
A: Ethereum has failed to climb above the $1,900 point since last Sunday and has been in a downtrend since moving over $2,000 earlier in the month.
Q: What is the potential impact of the RSI breakout for Ethereum?
A: Ethereum’s RSI is close to breaking out of a resistance level at 49.00, which could entice previous bulls to reenter the market. This breakout might also influence the 10-day moving average to cross above the 25-day counterpart.
Q: Can traders receive regular price analysis updates?
A: Yes, traders can register their email to receive weekly price analysis updates through the “Weekly Technical Analysis Report” sign-up.
More about cryptocurrency markets
- Bitcoin
- Ethereum
- Cryptocurrency
- Technical Analysis
- Market Analysis
- Relative Strength Index (RSI)
- Global Market Capitalization
- U.S. Consumer Sentiment Report
