Bitcoin Retracts from the $50K Level while ETH Aims for $4K

As bitcoin tries to reclaim the $50,000 mark, ETH struggles going past the $4,000 level. On the other hand, Cardano has hit consecutive all-time highs granting it more mentions on Twitter than the leading crypto by market cap.

Bitcoin Looks Towards the $50K Mark

Bitcoin price attempted to go above the $49,000 resistance zone. However, it failed to gain strength above the $49,200 level. The coin formed a high close to $49,335 level before starting a fresh decline yesterday.

Bitcoin price is today slowly trying to make it back past the $50,000 mark. It is currently trading at $48,725.22. Bitcoin recovered above the 23.6% Fib retracement level of the recent decline from $49,335 to $48,725.22. There is resistance near the $49,000, which Bitcoin has to clear to get closer to the $50K mark.

The main question is whether the bull or the bear phase will begin when bitcoin sets lower or goes above the $50,000 mark. It might seem that the mark is the prize, but the price action is trying to hold above the Kumo, which is a three-day timeframe.

With the rumored regulations from the U.S., the El Salvador Bitcoin law going into effect in less than two weeks, Bitcoin might enter a volatile period soon.

ETH Might take Some time to Break Out Above $4,000

Ethereum’s price has been dragging this week. Currently, it is trading at $3,224.56, which is a 2% rise from yesterday. The second-largest cryptocurrency by market capitalization is facing resistance at $3,350. 

When it hits this, the next one is at $3,540, then $3,600, $3700, $3,790, and then $3,880. These resistances have to be overcome for Ethereum to get anywhere close to $4,000. On the other side, support lies at $3,180, then $3060, $3,000, $2,890, and finally $2,740.

Trading against Bitcoin (ETH/BTC) is trading inside a descending price channel. ETH formidably continues to fall beneath a symmetrical triangle pattern earlier in the month. The prices dropped significantly as low as 0.0651 BTC (.5 Fib & 100-day M.A.) during the past week.

Other Cryptocurrencies Performing Well

Altcoins went through a roller coaster over the past week. Cardano even stole the show after shattering all-new consecutive highs of all time. Its price neared $3 and surpassed bitcoin in terms of Twitter mentions. Even with a decline of $0.8, it was still trading $15.03% up from Friday last week.

Bitcoin live price
price change

Binance Coin, on the other hand, has a 12% rise in price over this week. Analysts attribute the uptrend to the fact that the exchange behind the token, Binance, has settled its regulatory issues with the UK FCA. Currently, it is trading at $488.

Stay up to date with our latest articles