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This week was quite bearish for the crypto market in general. We saw cryptocurrencies across the board either trend lower or trade sideways all through the week.
However, this low volatility in the cryptocurrency price might be over very soon! Right now the biggest cryptocurrency in the world Bitcoin is testing daily key support.
If this support holds, we can expect to see a massive rally in the price come next week. This bullish move will likely have a ripple across the crypto market, dragging both ETH and other Altcoins up with it.
A bullish rally like this could potentially end the current bearish trend and usher in the new bullish market for Bitcoin. But for this bullish price prediction to remain valid, Bitcoin must respect the $28k support region on the daily time frame.
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Ethereum Pattern Setting Up Nicely!
The Ethereum ranging market continued throughout this week as the Altcoin price continues to trade in a converging pattern on the 4-hour timeframe.
We are also currently monitoring a potential 15% dump in the Ethereum price as the Altcoin broke through a key support level within the converging pattern.
You can get a full breakdown of the analysis as well as the key levels we are watching for in the coming days from our previous article Warning: Ethereum 15% Dump Likely In The Next 24hrs!
This week’s Cryptocurrency Performance by Market Cap
|Name||7 Days Return||30 Days Return|
A lot of the cryptocurrencies in the Altcoin market also ranged or sold off throughout the week. And with the potential for us to see a 15% dump in the ETH price soon, we might see more reactions from these Altcoins.
However, the biggest factor to keep an eye on would be how Bitcoin would react with its $28k support region. If Bitcoin rallies, we might see ETH follow, pulling the Altcoin market up with it.
But if Bitcoin continues to range all through next week, the Ethereum price would be the currency to watch in the coming days.
- Bitcoin is currently trading at daily key support. If this $28k level holds, we might see the Bitcoin price rally in the coming days!
- ETH is still undecided and trading within a converging traingle pattern. A break of this pattern to the up or downside could signify the start of a new trend for ETH
- Altcoins are still ranging, waiting for ETH to decide and for bullish momentum to come into Bitcoin
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