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Home»EXCHANGE NEWS»Bitcoin rises as Ethereum stagnates for a while.
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Bitcoin rises as Ethereum stagnates for a while.

By Crypto FlexsFebruary 28, 20243 Mins Read
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Bitcoin rises as Ethereum stagnates for a while.
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Ethereum has been stagnant for some time with a value of $3,261.86. It is currently maintaining the resistance level of $3,200. However, this comes at a time when Bitcoin is pushing its value to higher levels. Currently trading at $56,562.29, BTC is poised to test the $60,000 resistance soon. In the case of ETH, bulls are optimistic that the token will find its way to further upside.

Recent achievements have been recognized by: many months High. The 100-hour SMA is $3,175, which could potentially be the next resistance level if ETH does not rise further. The support margin is set at $3,150 and is expected to increase to $3,320 and $3,450 in the near term.

Nonetheless, Ethereum’s performance exceeded the 23.6% Fib retracement level. The trend line is also close to the retracement level of 61.8% Fib, with low and high fluctuations of $3,041 and $3,274, respectively.

Technical indicators are positive. This is accompanied by hourly MACD and hourly RSI. The ETH/USD pair is gaining momentum on the former, placing itself in a bullish zone. Hourly RSI has crossed the 50 level. Key support and key resistance levels were identified in the same order at $3,150 and $3,250, respectively.

Ethereum can be seen trading at around $3,266.55, up 6.64% in the last 24 hours. ETH prediction It is estimated that the token will trade at a value of over $5,000 by the end of this year. An alternative estimate is $4,700 for a pair. At the time of writing, its 24-hour trading volume has surged 54.54% in value.

Ethereum has increased over the past 24 hours, but its gains have lagged BTC’s rise of 10.56%. Bitcoin rose above $57,000 in February but has now fallen to around $56,000. However, the monthly comparison shows that ETH actually rose significantly (44.27%). BTC lagged behind, up 35.64% over the past 30 days.

Analysts say Ethereum is consolidating while Bitcoin is rising. What could increase the value is the upcoming release. bitcoin halving Or the final activity of Ethereum. The mission is to maintain the $3,200 level. If it falls below the margin, there will be resistance at $3,000 and resistance at $2,700. Bulls are optimistic that the value of ETH will skyrocket.

The overall cryptocurrency market capitalization increased by 8.15%, and the 24-hour trading volume increased by 100.56%. Ethereum price is rebounding along with BTC, but may catch up in the future. The first attempt is to keep up with rent increases.

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