Bitcoin, Ethereum Retrace in Preparation for Big Rally

Bitcoin and Ethereum Smash New All-Time High at the Same Day
  • The crypto market suffered a retracement despite a bullish weekend.
  • Bitcoin may have found a floor price, according to JP Morgan.
  • Ethereum may also return to $2,000 soon.

Despite a bullish weekend that set a buying frenzy among traders and investors, the crypto market experiences a retracement. Most major assets like Bitcoin (BTC) and Ethereum (ETH) suffered a big dump, showing that a rally is not on the horizon anytime soon.

BTC/USDT 4-hour chart (source: TradingView)

As seen on the chart above, Bitcoin is struggling to establish a foothold at the $24,000 price level. In fact, BTC price was only within $24,000 for two candlesticks at most, which translates to 8 hours. 

Interestingly, its previous attempt to climb back to $24,000 prior to yesterday only lasted for less than 12 hours as well. This suggests that there is still strong opposition against a Bitcoin rally.

On the bright side, BTC price is flirting with the 50-day simple moving average (SMA). should BTC perform relatively better in the following days, it will again rise above the 50-day SMA. In addition, finance experts from JP Morgan and Bloomberg believe that Bitcoin has hit the bottom already.

Meanwhile, Ethereum is undergoing a similar narrative. Shortly after hitting the $1,800 level, ETH price has retraced to less than $1,700. At the time of writing, ETH is changing hands at $1,693.82, according to CoinGecko.

ETH/USDT 1-week chart (source: TradingView)

Since the last month, Ethereum has been setting the pace for the crypto market after developers revealed their imminent transition into Proof of Stake (PoS). In fact, Ethereum has been enjoying a 5-week green candlestick streak. There is no guarantee that there will be a sixth green candlestick, however.

Meanwhile, Ethereum may be gearing up for a return to $2,000. The continuous trading volume surge indicates that there is a renewed market interest for crypto, including Ethereum. Hence, it should not be surprising if ETH price shatters the $1,800 resistance soon and finds itself back at the $2,000 level in the next couple of months.

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Jesus covers news related to the crypto space in Asia and in Australia, although he follows the latest events in the US and Europe as well. He is most interested in the blockchain gaming and regulation aspects of the industry.