Good evening to all my friends. I hope you all are doing well. I am having a fantastic day. Let's talk about crypto market. Bitcoin is trading above 70k after dump from 73k. Today, we’re discussing Ethereum and when it might start performing well. If Ethereum begins to rise, we could see other old coins following suit. Let’s focus on Ethereum. First, looking at Bitcoin, we notice that whenever it breaks out of a downtrend resistance in the weekly timeframe, it confirms support at the 21 EMA. This pattern has led to significant price increases, like reaching new highs after breaking resistance. Currently, Bitcoin is trading above its all-time highs, and if selling pressure decreases, it should have an easier time breaking previous highs. We’ve also seen a bullish crossover in Bitcoin’s MACD recently, which indicates a potential upward movement.
Now, focusing on Ethereum, the supply on exchanges has decreased significantly over the past two years, from about 30 million to 18.9 million ETH currently available. This decline suggests that when whales take profits, they sell on exchanges, increasing supply temporarily. Analyzing Ethereum's weekly chart, we’re looking for a breakout above the 21 EMA. The current price is struggling below this level, which has historically indicated weakness. However, if it breaks above this resistance, it could lead to new highs, similar to Bitcoin. We’re observing bullish signs in the MACD for Ethereum, hinting at potential price increases in the coming weeks. If Ethereum breaks its major resistance levels, we can expect a significant upward move. Ethereum's upcoming movements are crucial for the overall altcoin market, especially if Bitcoin maintains its strength. I hope you understood points. That's it for today. Here's the latest update video of crypto market. Thanks & have a good day!!
@abfarhan
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