Weekly crypto market analysis from Geco.one 12.04.2021
The price of Bitcoin has increased by around 5,000 USD in recent days, thus exceeding 61,000 USD, which is one of the highest levels in history. Similar optimism is also visible on the ETH quotes, which is currently at their highest level in history, and on the quotes of many altcoins, whose rates have increased noticeably more than BTC and ETH over the past week.
Looking at the BTC quotes, you will notice that the oldest virtual currency’s price remains close to its all-time record. If only the currently tested resistance of 61,200 USD is permanently defeated and Bitcoin’s price breaks above 62,000 USD, then we could expect it to rise further. However, considering that it will be the highest level in this cryptocurrency history, it will be impossible to determine the potential range for further appreciation.
Looking at the Ethereum quotes, we will notice that this cryptocurrency price has increased since March 25 this year, by over 42 per cent from just under 1,550 USD to around 2,200 USD, thereby overcoming the technical resistance of 1,960 USD and establishing a new ATH (All-Time High).
So it turns out that the upward trend is strong and we could expect it to continue in the near future. However, given that this market has never been higher than today, it is impossible to set a potential range for further increases.
We could also expect potential increases in the cryptocurrency quotations resulting from the first hard fork of BTC. Bitcoin Cash’s price has increased since March 24 this year by over 55 per cent while overcoming the technical resistance of 600 USD, which could naturally open the way for further appreciation as much as 740 USD. It’s where the next significant resistance level is located, around which a larger supply response could emerge.
Continuation of gains can also be expected on the EOS quotations, the rate of which already two weeks ago broke above the technical resistance of 5.15 USD. This fact means that the price of EOS is currently at the highest level since June 2019. If this trend continues, this market could rise above 8 USD.
The current situation on the ATOM quotations also looks pro-growth. This cryptocurrency price broke above the technical resistance of 22.20 USD, which is the upper limit of the long-lasting consolidation. So if this trend continues, the ATOM quotation could rise to 25.50 USD soon.
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.