Bitcoin Maintains Upswing As Ethereum’s All Time High Journey Sees Roadblock

Bitcoin has seen a steady upturn despite the bear forces that appear to be active in the markets today. Ethereum shows bearish tendencies as altcoins like Cardano (ADA), Polkadot (DOT), XRP (XRP), Uniswap (UNI) and Chainlink (LINK) bow to the dictatorship of the bears.

In general, Bitcoin’s dominant move has kept global market cap in the green zone, rising 2.13% to $ 1.69 trillion in the past 24 hours. This article today focuses on the price promotions of Bitcoin and Ethereum, as well as the possible short and medium term projections for the two leading digital assets.

Bitcoin demand remains high, bullish support for an ambitious ride

Bitcoin’s dominance in the market will not diminish, as many analysts have suggested, as the leading cryptocurrency continues to see increased demand from both retail and institutional investors.

In order to meet this demand, the American investment banking giant JPMorgan Chase & Co filed an application with the US Securities and Exchange Commission to introduce an investment vehicle with which the performance of 11 companies, including MicroStrategy and Tesla, can be tracked directly or directly can have indirect exposure to bitcoin. The main goal of the move is to give more institutional investors a new option to get involved in Bitcoin without owning the digital currency directly.

In terms of the depreciation in the price of the asset, the BTC bulls are delighted with the news from JPMorgan Chase, but the immediate pressure from undecided HODLers to outsource some of their holdings casts doubt on the uptrend ahead to new highs. Despite maintaining an uptrend with a 3% growth to USD 55,580.00 according to CEX.IO price feeds, the bear actions are still visible on the daily BTC USD chart on TradingView.

The graph shows an upward trend, indicating that there have been more buyers than sellers in the past 24 hours. However, the last candle holder shown on the card is bearish, a representation of an attempted takeover operation by the bears. By and large, BTC’s Relative Strength Index (RSI) is currently slightly below the sell-off zone of 70, but the 9-day moving average is bullish and reassures market enthusiasts that new highs are imminent.

According to the latest information, Bitcoin could see a small correction to retouch $ 54,000. After that, a run to $ 58,000 will be the next stop.

Ethereum’s drive for network usability and the miner’s protest give it a bearish advantage

The high gas fees of the Ethereum network have led many users to abandon the blockchain in search of alternative blockchains that offer cheap and fast transactions. Even so, the majority of stablecoins, including Tether (USDT) and USDC, continue to use the network to maintain relevance with the planned DeFi smart contract churn.

Some Ethereum miners are expecting the Ethereum Improvement Protocol (EIP) 1559 to roll out in July but are protesting as the planned burning of tokens is believed to hurt their personal profitability. Perhaps this is why the price of Ethereum is on its way to surpass the psychological level of $ 2,000.

At the time of writing, Ethereum is trading hands at $ 1,782.72, down 1.48% over the past 24 hours. Ethereum has been trading below the $ 2,000 level since February 20, and the current internal struggles are undermining the mainstream investor’s desire to see coin trading at a new level.

The above daily ETH-USD chart above shows the relentless battle between the bulls and the bears. While the Awesome Oscillator is above the zero benchmarks, the price isn’t entirely on a trustworthy level as it can be seen to snap away from the upper Bollinger band.

The hurdles to overcome are the resistance levels of $ 1,900 and $ 2,000. However, until the bulls break away from the $ 1,800 level, the surge to those levels can be halted for a while. With a consistent push, however, the coin will be back on track to hit the $ 2,500 target in the medium term.

Konstantin Anissimov, managing director at CEX.IO

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