Ethereum’s new all-time high prepares ETH to “move on to $ 5,000”
The crypto market is in a state of euphoria on October 29th after the bulls tried to push the price of Bitcoin (BTC) back near the support area of $ 63,000 and Ether (ETH) hit an all-time high of $ 4,460.
Here’s what organizers are saying about the market right now that Bitcoin is finding support above $ 60,000 and Ether is expected to participate in the pricing.
Bulls believe that BTC can hit $ 90,000
The upward movements in BTC and Ether created a moment of reflection for independent market analyst Crypto_Ed_NL, the tweeted that “at $ 40,000, it doesn’t look like I’m optimistic enough” when a target of $ 73,000 was set.
After looking at recent moves, the analyst suggests that “the target has risen to $ 90,000 and after the correction we should see $ 100,000”.
How exactly this scenario will affect the price of Ether, Crypto_Ed_NL sent A follow-up tweet outlines how the price action could play out and offers a price target of over $ 6,000.
“There is no need to make the usual disclaimers. I’m wrong if I’m wrong, but I would be surprised if I’m wrong. “
$ 85,000 is the next big hurdle for BTC
A closer look at Bitcoin’s price development was provided by crypto market research firm Decentrader, which found that the 14% decline in BTC price from $ 67,000 last week “was due to the longing of active token margin traders for the final tranche is due – to the all-time “. high and short eruption. ”
Decentrader said both long and short stocks have been hurt by the recent drop in prices after liquidating short positions totaling $ 120 million on October 20.
Now BTC price has “returned to the failed recovery point from May of this year”, which now represents “active support after a failed breakout”.
More decentralized said
“As a signal of the higher timeframe of the continuation of the uptrend, we see the 128DMA moving above the 200DMA. In previous bull markets, the price recovered sustainably after such transitions. On a technical, market cycle, and on-chain basis, we continue to believe that the next major problem area for BTC will not occur until we hit $ 85,000 to $ 90,000. “
Related: The world’s largest bitcoin fund could become an ETF in July as GBTC hits nearly $ 40 billion in AUM
Ether is ready to hold up to $ 5,000
The market analyst and Cointelegraph employee Michaël van de Poppe provides a possible scenario for how the price movement of ether could develop in the near future.
“S / R is turning well and may be ready to move towards $ 5,000.”
The total crypto market cap is $ 2.666 trillion and the dominance of Bitcoin is 44.2%.