Weekly crypto market analysis from Geco.one 06.04.2021
Ethereum the most expensive ever! Will Bitcoin (BTC) follow the ETH trend?
Over the last few days, the price of Ethereum has increased above USD 2,000, thus reaching the highest valuation in the history of this cryptocurrency. Bitcoin and many popular altcoins have also appreciated noticeably in recent times, although not all have achieved new records. However, is it just a matter of time, and the BTC price will soon reach the highest history level? We invite you to today’s (06.04.21) review of the cryptocurrency market.
Looking at the Ethereum quotes, we will notice that this cryptocurrency price has increased since March 25 this year, by almost 40 per cent from just under USD 1,550 to over USD 2,100, thereby overcoming the technical resistance of USD 2,000 and establishing the new ATH (All-Time High).
Soon, we could expect a continuation of ETH increases, although taking into account the extent of the last upward impulse, it cannot be ruled out that there will be some form of a downward correction in the near future, which is a form of rebound after such a dynamic appreciation. If that happened, the Ethereum price could slide down to one of the two most recently beaten resistance levels, i.e. USD 2,000 or USD 1,925. However, taking into account that this support coincides with the measurement of 38.2 per cent. Fibonacci correction from the latest upward impulse, we could expect a reappearance of demand and the market returning to gains in its vicinity.
The Bitcoin quotes’ current situation looks slightly different, the price of which has been chewing around USD 59,000 for several days. Nevertheless, if the market returns to gains in the near future, we could expect the technical resistance to stop again slightly below USD 62,000. A permanent break above this level would open the way to a further, perhaps much larger appreciation.
As a curiosity, it is worth mentioning that the popular cryptocurrency analyst Willy Woo recently admitted that he predicts that the current Bitcoin boom cycle will probably end only in December this year. In his opinion, the quotation of the oldest virtual currencies will then increase to USD 300,000.
We could also expect potential increases in the cryptocurrency quotations resulting from the first hard form of BTC. The price of Bitcoin Cash has increased since March 24 this year. By almost 50 per cent at the same time overcoming the technical resistance of USD 600, which could naturally open the way for further appreciation up to around USD 740.
However, it cannot be ruled out that before the market rises to the level mentioned above, there will be a correction first, as a result of which the BCH price will drop to USD 600. However, taking into account that this support coincides with the measurement of 38.2 per cent. Fibonacci correction, there is a high probability that even if the declines reach there, there will be a greater demand response at this point, which will trigger another upward impulse.
EOS can also expect a continuation of increases, whose rate already last week broke above the technical resistance of USD 5.55. This fact means that the price of EOS is currently at the highest level since June 2019. If this trend continues, the market could go up to USD 8.70. It’s where only the next critical level of resistance is found.
More comments on the cryptocurrencies described above and an analysis of several more can be found in the market review from Geco.one on Comparic Markets TV and the Geco.one website.
