Will the Upward Tendency in BTC and ETH Linger?

Bitcoin and Ethereum market is in the hands of bulls.
Short term investors are gaining profit in ETH and BTC market.
Bullish momentum is likely to persist in BTC and ETH market in the coming hours as indicated by technical indicators.

According to a recent tweet by CryptoNewsLand, a bubble has developed in the Ethereum (ETH) market because its price increase has been so much greater than that of Bitcoin (BTC). This occurs when the cost of an investment greatly outweighs its potential return. The post goes on to say that even a small dip in BTC’s value can cause shock waves throughout the cryptocurrency market.

Currently the price of BTC is trading at $17,455.13, which is an increase of 1.40%. while ETH is up by 0.78 percent. In the last few weeks, the crypto market has experienced a price rise, not leaving behind the two giant coins where they have set new highs and lows. In the past 7-days BTC has set highs of $17,493.32.

According to data compiled by CryptoQuant, even though retail investors have been successful in the short term, larger investors, or “whales,” may be in a better position to generate long-term returns.

Recent BTC Technical Analysis

The bulls appear to be in control of the market, according to recent BTC price analysis, as indicated by the alignment of dots by the parabolic SAR indicator in the last 24-hours, implying that the bullish momentum may continue in the market in the coming hours.

The Relative Strength Index (RSI) shows that the line is moving toward the overbought region at 64.44, indicating that bullish momentum is present and that the BTC market may continue to be in a bullish sentiment in the hours ahead.

BTC/USDT 24-hour price chart (source: TradingView)

Recent ETH Technical Analysis

The current Ethereum technical indicators point to a bullish market for ETH. The Bollinger Band (BB) indicator on the 24-hour price chart has expanded, suggesting that bullish momentum may continue in the near term. The upper band is currently at 1332.57, while the lower band is at 1150.92.

The bullish sentiment is also supported by the MACD line, which has a reading of 22.65 and is moving in the upper territory, suggesting that a bullish sentiment might continue in the market in the coming hours. The bullish movement is also supported by the formation of the trajectory histogram in the positive region, which gives investors and traders hope that the bullish run may continue in the market in the coming hours.

ETH/USDT 24-hour price chart (source: TradingView)

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Munene Kelvin

Kelvin enjoys writing about cryptocurrency and blockchain. He started blogging in 2019 and switched to cryptocurrency in 2020. Kelvin is interested in technology, football, chess, and Defi. He wants decentralization to benefit everyone on the planet.