Why Bitcoin & Ethereum Prices Surged: Crypto Price Analysis

Why Bitcoin & Ethereum Prices Surged: Crypto Price Analysis

Key Insights

  • After Ethereum's Shapella upgrade the crypto market is green with a +14% gain on Ethereum's weekly perspective and a +10% gain on Bitcoin's
  • The bullish price targets for Bitcoin are $31,600, $33,000, and $35,500
  • The bullish price targets for Ethereum are $2,150, $2,300 and $2,500

In the wake of Ethereum's Shapella upgrade on Wednesday this week, the crypto market has turned green all through, with Ethereum especially, gaining as much as 14% over the last week at the time of writing.

<em>Snapshot showing the tokenomics on Bitcoin and Ethereum | <span style=
Snapshot showing the tokenomics on Bitcoin and Ethereum |
Source: CoinMarketCap"/>

Bitcoin, as well, is doing very well for itself with more than 10% in gains over the last week.

To bring the crypto market's impressive performance today into perspective, Ethereum has now shattered the $2,000 resistance and is trading at $2,115 at the time of writing.

Bitcoin is doing very well above the $30,000 zone as well and is even trading at $30,700 at the time of writing.

The global crypto market cap sits at a healthy $1.28 trillion, with a $55 billion trading volume over the last 24 hours and a BTC/ETH dominance of 46.4%/19.8% respectively.

In this article, we examine these two cryptocurrencies in terms of price action and attempt to explain their behaviours in the charts.

Bitcoin Price Analysis

Bitcoin has been bullish over the last few months and has been rising steadily since November 2022, after the FTX crash.

After hitting a $15,500 low in the wake of the FTX collapse, the cryptocurrency's path towards recovery formed an ascending channel that only got broken through this week in April.

<em>Chart showing Bitcoin in an ascending channel</em>
Chart showing Bitcoin in an ascending channel

The cryptocurrency's 20-day moving average has served as a fairly strong source of support since the FTX crash brought $BTC to its knees.

<em>Chart showing Bitcoin's rebound and break above 20-day SMA</em>
Chart showing Bitcoin's rebound and break above 20-day SMA

On 13 March, Bitcoin broke through this moving average in the bullish stint that followed after a dip from $19,300 at the bottom of the channel.

Bitcoin has stayed above this moving average ever since, even consolidating for a while, before breaking through $30,000.

<em>Chart showing the breakout from Bitcoin's channel</em>
Chart showing the breakout from Bitcoin's channel

And now, Bitcoin has made headway above the upper resistance of this channel.

Normally, a sharp wave of bullishness is expected to follow the cryptocurrency's break through the top of this formation, but the daily chart's RSI continues to move ever closer to the overbought zone.

At 72.1 at the time of writing, Bitcoin is already slightly overbought. This increases the likelihood of consolidation before another move to the upside.

In all, if the bullishness on Bitcoin continues, a move to the $35,500 zone can be anticipated, after a break through the $31,600 zone.

Ethereum Price Analysis

After the success of the Shapella upgrade, Ethereum has had a price increase of more than 14% over the last seven days.

The $2,000 support has also been broken by the cryptocurrency, which has now turned this zone into support.

The post-Shapella bullish momentum was so strong, in fact, that the price of the cryptocurrency increased by more than $100 in less than 24 hours. Because of this, Bitcoin followed suit, along with the rest of the altcoin market

Ethereum's break above $2,000 means that the cryptocurrency has now reached a height not seen since August 2022.

This suggests that the bear market may be over, and a mini-altcoin season may be underway.

On the charts, it is clear that Ethereum has been bullish throughout the year, and has become even more bullish after its breakout from the $1,900 zone.

<em>Chart showing the price action of Ethereum<span style=
Chart showing the price action of Ethereum
 | Source: TradingView"/>

Ethereum breezing past the $2,000 zone means that the cryptocurrency will attempt to retest higher highs, namely: $2,150, $2,300 and of course, $2,500.

The only problem is that the RSI on the daily chart shows that the cryptocurrency has broken into overbought territory, and may be facing resistance sometime soon.

The likely course of events for Ethereum is a test of the $2,150 zone, where the bears will attempt to sink $ETH lower.

BTC & ETH Bullish Price Targets

From the analysis of Bitcoin's charts, the cryptocurrency is slightly overbought. Nonetheless, if the bullishness continues, $BTC may advance to

  • $31,600
  • $33,000
  • $35,500

Ethereum is overbought as well. However, the bulls may push it further up into the following zones:

  • $2,150
  • $2,300
  • $2,500.

BTC & ETH Bearish Price Targets

If the bears gain control of Bitcoin's price action, the cryptocurrency may advance into a retest of the $31,600 zone, before a reversal and retest of these zones:

  • $30,300
  • $28,800
  • $26,700
  • $25,300

Similarly, if the bears get a hold of Ethereum, a price reversal from $2,150 may occur, bringing ETH down to the following zones:

  • $2,035
  • $1,940
  • $1,860
  • $1,670

Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

Related Stories

No stories found.
Voice Of Crypto
voiceofcrypto.online