Friday, June 21, 2024

Gain for Bitcoin and pain for Ethereum as it approaches the death cross

The two giants of cryptos had rather contrasting trends in last couple of days. Bitcoin gained upward trend and crossed $10,500 while Ethereum struggled to get over the resistance area. The bearish movement of Ethereum is not letting it break the shackles. Recently, it did move slightly over $172 and $175 but could not get the required momentum. On the other hand, Bitcoin had the rub of green to move forward and cross $10,500. Though, the bid was rejected at $10,800 in its approach to further reach $11,000.

  • Will Ethereum approach the death cross?

As the name indicates, death cross is an event of extreme market downturn. Though, it is a very rare event and only happens when 50 DMA crosses below coin’s 200 DMA. Historical analysis of Ethereum clearly elaborates the fact that the event is very unlikely to happen as of yet. Moreover, since release of Ethereum, it has only occurred 5 times. If out of all proportions, this happens this time too, it will lead to an imminent sell off. According to Delphi digital, previously in case of such event, the loss occurred ranged from 6 to 7%. Technically, Ethereum has been unable to come out of that loophole but approaching death cross does not seem likely either.

  • Bitcoin booming as compared to last week:

Last week, Bitcoin was trading at nearly $9350 compared to $10,600 this week. It even went to touch high of $10,800 before the rejection of its bid to reach $10,000. Several analysts were talking about another bearish week for Bitcoin. But the market trends, especially in case of cryptos are very dodgy. The price analysis can only give you a slight image but the reality can be far off. One can only wait and see whether this upward trend sees a material surge or it is just another bubble to be blown away.

  • Will Ethereum keep biting the dust or shrug it off?

Well, to be straight, Ethereum seems to be stuck in it very badly. The major resistance lies between the ranges of $180 to $182. Analyzing the recent trends and charts of price analysis clearly show that there is strong selling interest of customers above $180. But somehow, Ethereum is unable to cross that resilient benchmark. It will definitely take something more than usual to do that. Question remains, when will it happen? One must not forget that only certain thing in cryptocurrencies is their uncertainty. So, keeping that in mind, it may happen overnight, may take a fortnight, an year or two. Who knows? I guess no one does, only time can reveal it overtime. Let’s just wait and see.

Monesh Kumar
Monesh Kumar
Monesh Kumar is a cryptocurrency and blockchain enthusiast. He trades cryptocurrencies and holds some but he prefers holding Bitcoin, Ethereum & Cardano.

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