Analyst: Bitcoin and Ethereum Could See These Levels Within Week! - News-Credit-Mortgage-Coin


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Sunday, September 26, 2021

Analyst: Bitcoin and Ethereum Could See These Levels Within Week!


Bitcoin and Ethereum

According to veteran analyst Ali Martinez, Bitcoin and Ethereum are giving multiple buy signals from a chained perspective.

According to the analyst, Bitcoin has seen a significant increase in empty tokens changing hands, which could result in high volatility.

Prices are in the "opportunity zone" while the supply of ETH on exchanges is falling.

If these on-chain metrics remain intact, BTC and ETH could resume their uptrend soon.

Bitcoin and Ethereum appear to be tied to high volatility, as several on-chain metrics indicate that buying pressure is accelerating. Still, according to the analyst, these cryptocurrencies need to break a hurdle to continue the uptrend.

Bitcoin whales are back! Here's what they can be

According to veteran analyst Ali Martinez, Bitcoin and Ethereum may be ready for a bullish move. Bitcoin was able to gain over 3,500 points after the steep correction. Santiment's Token Age Consumed index has seen a significant increase in BTC, which has changed hands over the past few hours as prices plummeted. This on-chain metric measures the number of days last moved and how many coins have been moved recently. While the movement of legacy tokens isn't necessarily a leading price indicator, it has caused spikes in volatility over the past few months.

Source: Santiment

If history repeats itself, Bitcoin could experience more volatility based on recent token movements. The whales' behavior indicates that the incoming increase in volatility could be on the upside, according to the analyst. In the past 24 hours, wallets with 100 to 10,000 BTC on the network have added more than 80,000 BTC worth $3.32 billion to their holdings. The spike in upward pressure indicates that large investors are trying to buy at a discount as they prepare for the uptrend.

Source: Santiment

Analyst warned: Bitcoin price may fall to these levels!

Although the rates seem to support the bulls, Bitcoin is facing stiff resistance ahead. The IOMAP model shows that 1.2 million addresses previously purchased 1.05 million BTC between $43,150 and $45,670. These holders may be trying to break even in underwater positions as prices try to move further by controlling the upside pressure. Therefore, only a decisive daily candlestick above this supply barrier could signal the start of a new uptrend.

Source: IntoTheBlock

On the other hand, according to the analyst, the IOMAP cohorts reveal that the most important support wall under Bitcoin is between $ 41,830 and $ 43,000. About 760,000 addresses hold about 430,000 BTC at this price level. Breaking this demand zone could result in a drop to $39,000 as there is no other area of ​​interest that could prevent prices from falling.

Ethereum (ETH) on exchanges is decreasing! “This is a bullish sign

The number of Ethereum tokens held on cryptocurrency exchanges continues to decline at an exponential rate. Over the past month alone, more than 1.35 million ETH has been depleted from trading platforms, representing a 6.63% drop. The dwindling supply of ETH in known cryptocurrency exchange wallets paints a positive picture for Ethereum's future price increase. It technically reduces the number of ETH that can be sold and as a result limits the downside potential.

Source: Santiment

Also, according to the analyst, the Market Value to Realized Value (MVRV) index shows that Ethereum is undervalued at current price levels. This underlying index measures the average profit or loss of addresses that bought ETH in the past month. Every time the 30-day MVRV moves below 0%, a bullish impulse tends to follow. The 30-day MVRV rate is currently hovering at -8.6%, which indicates that ETH is in the “zone of opportunity,” according to the analyst. The lower the MVRV ratio, the higher the probability of an upward price movement.

Source: Santiment

Analyst: The $3,185 to $3,275 zone is critical for Ethereum

Although Ethereum is sitting above weak support, its trading history shows that there is only one hurdle it needs to overcome to continue the uptrend. More than 1.2 million addresses bought about 8.6 million ETH between $3,185 and $3,275. A decisive candlestick above this resistance barrier could push ETH towards $4,000 or new all-time highs.

Source: IntoTheBlock

Still, investors should be very careful with the $2,900 support level as any signs of weakness around this level could encourage market participants to sell. Under these unique conditions, Ethereum could drop to $2,500.

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