Bitcoin vs Ethereum – Which has the more bullish outlook for the month?
The post Bitcoin vs Ethereum – Which has the more bullish outlook for the month? appeared on BitcoinEthereumNews.com.
Both BTC and ETH have a bearish outlook based on technical analysis On-chain metrics showed more consistent accumulation for ETH than BTC recently Bitcoin [BTC] and Ethereum [ETH] were both trading beneath key resistance levels at $60k and $2.6k, respectively, at press time. Their market structures on the 3-day and weekly timeframes were bearish as well. The rapid sell-off in early August brought panic, but it also presented market participants with the conviction to load up on these top crypto assets. AMBCrypto examined these trends to understand the market sentiment. And, we found that Ethereum had an advantage. Price action and technical indicators showed seller supremacy Source: BTC/USDT on TradingView On the chart, the orange marked the bearish structure break, while the significant lower high at $72k remained undefeated. Combined with the bearish RSI on the D3 chart and the downtrend of the OBV, it is likely that the sellers force BTC below $56.1k again. The first sign of recovery would be a sustained push beyond $60k. However, at the time of writing, the demand was not present to pull this reversal off. Source: ETH/USDT on TradingView The technical outlook for ETH is even more bearish. The fair value was around the $2.8k region, with the $2.9k Fibonacci level overhead. This spelt huge trouble for Ethereum bulls. The RSI and OBV indicated bearish pressure can be anticipated. This could pave the way for a move towards $2.2k. Netflows revealed accumulation trends more consistent for Ethereum Source: CryptoQuant The hike in stablecoin reserves covered in an earlier report highlighted the climbing buying power in the crypto market. Just after the massive price drop on 5 August, the BTC netflows were negative. This showed coins leaving exchanges – A sign of accumulation. Source: CryptoQuant Ethereum has also recorded accumulation since late July.…
Filed under: News - @ August 18, 2024 6:02 am