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Technical Overview Of BTC And ETH For Sep 8th

Keith Simmons

The recent market trend saw bulls buying heavily into the market. The market activities in this bear season have picked up as trading began in top gear. Crypto coins have seen a rise of above 4% in recent days. 

Bitcoin Updates

Over the past few days, Bitcoin has hovered around the $18,000 mark resistance. However, Thursday recorded a slippage after many months of lows, with Bitcoin going over the $19,000 mark.

In the past 24 hours, the price of Bitcoin ranged from $18,868 to $19,427. In the last seven days, Bitcoin dipped to $18,330 and pumped to $20,358. At the time of publication, Bitcoin’s current price is $19,181.

This price range was due to volatility of the market, with investors buying and selling. At the slightest change, whales rushed to take out their profit to avoid losses. This consolidation has caused instability in the price, making it hover around the $18,000 mark. 

BTC/USD price chart. Source TradingView

Technical analysts also commented on the price and rolled out their statistics. They said the price of Bitcoin will go above $38,000 before the year runs out. Some investors attacked bearish observers, claiming they only said Bitcoin would dip because they missed a good entry.

Ethereum Updates

Ethereum has been spotted in the greenlight as bulls rush back to take their place in the market. A recent dip in the token had whales returning bullish on the token.

The dip resulted from a sell-off in the token as it attained a new price. The price of Ethereum within the past 24 hours went from $1,505 to $1,651. Investors who bought the dip at $1514 rushed to secure their profit as Ethereum reached $1669. 

ETH/USD price chart. Source TradingView

Whales are keeping their eyes on the $1700 mark, expecting Ethereum to attain this before the merge. However, volatility in the market caused the price of Ethereum to decline to $1614. Investors predict it will break this resistance mark soon.

Comments from holders claim that this is a fake dump rally and is very deceptive. While others are bullish on this market trend and predict that the $ETH rocket will blow up soon. Some tag the Bitcoin pump to Ethereum, saying if Bitcoin moves above the $20,000 mark Ethereum will skyrocket to $2000.