Bitcoin (BTC), Ethereum (ETH) Rally Continues, Resistance Ranges Come Beneath Stress

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Bitcoin (BTC) Costs, Charts, and Evaluation:

  • Bitcoin and Ethereum pushing again to multi-month highs.
  • Has the long-awaited altcoin season began?

Bitcoin made a recent 18-month excessive on Wednesday as patrons proceed to dominate the cryptocurrency house. The biggest coin by market cap broke by way of resistance at $37.3k and clipped $37,980 earlier than edging again. Bitcoin is at present buying and selling on both aspect of $37.3k and if BTC can maintain this degree as help, then recent multi-month highs are doubtless within the days and weeks forward. The following degree of horizontal resistance is seen at $40k.

Bitcoin (BTC) Continues to Rally as Spot ETF Chatter Gets Louder

Bitcoin (BTC/USD) Each day Value Chart – November 16, 2023

Ethereum has rallied by over 35% within the final month as spot ETF fever continues to drive the second-largest crypto greater. ETH/USD made a recent 7-month excessive simply over every week in the past on the BlackRock ETF utility however has but to reclaim this excessive. Help is shut at $2,032 and desires to carry if Eth/USD is to maneuver greater.

Ethereum (ETH/USD) Each day Value Chart – November 16, 2023

One of many causes that Ethereum has underperformed Bitcoin over the previous few weeks is the robust efficiency seen within the altcoin market as different L1 cash seize market consideration. Within the final 30 days, Ethereum is 28% to the great, whereas Solana (SOL) is 170% greater, Cardano (ADA) is up by 60%, and a current surge in Avalanche (AVAX) has seen its worth admire by over 150%. Whereas this current efficiency, and outperformance of Ethereum, is spectacular, all of those L1s have underperformed ETH during the last 18 months.

Solana/Ethereum Unfold Weekly Chart

Cardano/Ethereum Unfold Weekly Chart

All Charts by way of TradingView

What’s your view on Bitcoin – bullish or bearish?? You’ll be able to tell us by way of the shape on the finish of this piece or you’ll be able to contact the creator by way of Twitter @nickcawley1.

DailyFX offers foreign exchange information and technical evaluation on the traits that affect the worldwide foreign money markets.

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