Yesterday’s Bitcoin bullish rally has continued today with the coin progressing towards the highly anticipated $10, 000 mark. All signs are positive that the bulls will push the price above the $10, 000-$10, 376.38 probably by the end of this month. Ethereum has gained by 6.02% in the past 24hours to now trade at $243.82 at the time of writing.
Following renewed buying interest attributed to Ethereum looking to switch from PoW to PoS, the coin is expected to surge even further with $253.556 being the next anticipated price point. The rest of the crypto market is bearish as well with several altcoins, including BSV, XTZ, LINK, COMP, ATOM, and BAT, recording significant gains.
Bitcoin Rallies Towards $10, 000
Following yesterday’s remarkable gain, Bitcoin continues to display a bullish trend. After breaking the wedge pattern and surpassing the $9600 resistance level, Bitcoin recorded a massive price as anticipated.
The coin is currently eyeing $10, 000 with the old resistance at $9600 now becoming new critical support. At the time of writing, BTC is trading at $ 9, 634.48 following a small retreat from intraday highs of $9, 723. The resistance zone currently lies between $10, 000-$10,500
On the downside, in case of a trend reversal, Bitcoin bears could sink the price below the $8, 910.04 with the critical support level lying at $8, 130.58. Nonetheless, all signals, including moving averages i.e., SMA, indicate an upward trend with a strong bull momentum eyeing $10 000. The volatility is expected to shrink as a strong bullish trend takes effect.
In the past 24hrs, Ethereum has recorded a 1.90% gain currently trading at $243.28. After breaking the critical resistance level at $240, Ethereum has displayed impressive gains backed by a strong bullish trend rallying from $225 to $246. The resistance level currently lies at $250, and a possible break could propel the coin towards $300. The key support level lies at $225, $215 and $210. Apart from $250, other key resistance levels lie at $265 and $275.
Ethereum’s bullish trend is attributed to Bitcoin’s good run as well as increasing buying interest from investors. ETH is trading above the 100-day and 200-day Moving Average (MA)-a clear indication of a strong bullish trend in the coming weeks. Also, the coin has displayed a support/resistance flip, which indicates a bullish momentum upward. Experts believe that ETH will end the year past $360.
Altcoins are generally on an uptrend-a clear indication that the crypto market is growing. The biggest altcoin gainers today were COMP and LINK, which gained by 23.23% and 10.06%, respectively.