Hassan Maishera
TL;DR
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Bitcoin and Ether have been trading around the $28,000 and $1,800 levels, respectively, in recent weeks.
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The leading cryptocurrencies could be ready to make sharp moves, but it remains unclear whether the bulls or bears are in charge.
BTC And ETH Continue To Maintain Prices
Bitcoin, the world’s largest cryptocurrency by market cap, continues to consolidate its price. Over the past few weeks, Bitcoin has been trading around the $28k level. BTC is up by 1.5% in the last 24 hours and is now trading at $28,308 per coin,
Regardless of the positive and negative news in the market, Bitcoin has remained around the $28k level, indicating that the leading cryptocurrency is currently in a consolidation zone.
If the bulls eventually take control, they could push Bitcoin past the $30k resistance level for the first time in nearly a year. However, if the bears take charge of the market, Bitcoin could test the $26,600 support level in no time. If that happens, the bulls might find it difficult to maintain the price above the second major resistance level at $25,700 in the near term.
Ether, the second-largest cryptocurrency by market cap, is also in a consolidation mode. ETH has been trading around the $1,800 level over the past few weeks. The coin continues to trade around that region despite the Ethereum network’s upcoming hard fork this week.
The Shanghai upgrade is slated to take place this week, but ETH has not priced in the event yet. With the Shanghai upgrade, Ethereum would finalize its migration to a proof of stake mechanism, as users would be able to unstake their ETH coins.
ETH is up by more than 1% in the last 24 hours and is now trading at $1,860 per coin.
