Posted 2 years ago | by Ben Armstrong
Crypto Markets Steady—ETH Blasting Higher
Crypto market seem to be rounding out the week with strength. The CCI30, a measure of the top 30 cryptos by market cap, is currently trading at 3,488, up from the lows it printed yesterday below the 3,400 level. The CCI30 is being driven up by a recovery in Bitcoin prices, and a general sideways to up trend in the overall market. Ethereum has been rising all week, and it looks like it will finish the week with gains.
Bitcoin (BTC), the worlds most valuable token by market cap, has regained the $10,000 USD level. It is currently trading a touch below $10,140 USD, up around 2.5% over the last 24 hours. It briefly fell below $10,000 USD yesterday, but was quick to rebound to above $10,250 before the selling began.
If we take a step back from the market, we can see that BTC prices seem to be receiving heavy buying support in the $9,000 USD region. BTC continues to bounce from any break to the downside, and the overall market action over the last three months looks increasingly like a consolidation. Further upside action will confirm this position, and a break above $12,000 USD may mean new highs for BTC in the coming months.
Ethereum (ETH), the world's second most valuable crypto by market cap, has had a great week. It is currently trading at $216.71 USD, and has traded over the $220 USD level overnight. ETH was trading below $180 USD a week ago, and had rallied hard. The upward buying momentum in the ETH market may wane over the coming days, but it will likely lead to a consolidation above $200 USD.
If we look at the ETH market over the last three months, there is something interesting happening. With the break past the $200 USD level over the last week, ETH is in a position to start printing higher highs, and higher lows. Much like the BTC market, ETH looks like it could be waking up from a summer's long consolidation.
While the renewed buying pressure in the ETH market isn't yet a trend, it could easily become one. A break above the $250 USD level would reinforce the bullish trend that could be developing in ETH, and may lead to a breakout to substantially higher prices. If and when ETH breaks out above the $230 USD level, there won't be much to stop it from a rally to at least $300 USD.