Ethereum Surpasses Bitcoin (BTC) in Recovery: Analysts Highlight Key ETH Price Levels to Watch
Traders Daan Crypto Trades (@DaanCrypto) and Michaël van de Poppe (@CryptoMichNL) have shared their insights on the price movements of Bitcoin and Ethereum, two of the largest cryptocurrencies by market capitalization.
What you'll learn 👉
Ethereum’s Crucial Support Level
According to @DaanCrypto, Ethereum (ETH) is testing an important level – the February 2021 highs. He stated, “$ETH Important level down here. Testing the February 2021 highs. Basically the last support before ~0.042. Wicks below this area are fine but ideally the weekly closes above to keep the structure alive.”
Additionally, @DaanCrypto highlighted the significance of the $3,055 and $3,200 levels for Ethereum in the short to mid-term. “Trading around these horizontal levels pretty well. ~3055 & 3200 are key in the short/mid term. Above there we could look for a move to 3535 but let’s take it level by level first,” he said.
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Show more +Potential Strength in the Ethereum Ecosystem
Joining the discussion, @CryptoMichNL noted that Ethereum has shown a stronger bounce compared to Bitcoin. However, he emphasized that for Ethereum to signal strength in the altcoin market, it needs to break through the 0.05 level. “Stronger bounce on #Ethereum than on Bitcoin. If it wants something, it needs to break through 0.05. Then it might signal the first strength on the Ethereum ecosystem and the low on the #Altcoins,” he stated.
The insights shared by these experienced traders highlight the importance of key price levels and potential resistance or support zones for Bitcoin and Ethereum. Their analysis provides valuable information for investors and traders to make informed decisions based on technical analysis and market sentiment.
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