Both Bitcoin (BTC) and Ethereum (ETH) could be ready to experience a new major upswing. Analysts consider that the price action of the last week could be an indicator that there could be further gains on the horizon.
Could Bitcoin and Ethereum Start Moving Higher?
With the bullish sentiment that we currently have in the market, Bitcoin and Ethereum could be ready to start moving higher. According to Konstantin Anissimov, Executive Director at CEX.IO, based on the price action these two cryptocurrencies experiences last week, it may be likely for them to continue moving higher.
Mr. Anissimov believes that Bitcoin could move towards $12,000 per coin while Etehreum could reach once again the $440 price level. This will happen as long as these two virtual currencies continue trading above the lowest price points they experienced this week.
During a conversation with UseTheBitcoin, Anissimov stated:
“Bitcoin may be able to surge towards $12,000, while Ethereum would likely aim for $440. Everything will depend on their ability to continue trading above the lowest price points of the week.”
It is worth taking into consideration that it seems Bitcoin and Ethereum have been traded in a parallel channel after testing their highest price in more than a year. The entire market is becoming certainly bullish and this could be something very positive for both Bitcoin and Ethereum.
This technical pattern shows that it may be possible for these to virtual currencies to test the upper edge of this parallel channel. The bullish scenario will be confirmed once the digital assets break above the overhead resistance they currently have.
As reported by CoinMarketCap, Bitcoin is now growing by 0.62% in the last 24 hours with a price per coin of $11,686 and a market cap of over $215 billion. Ethereum, instead, is experiencing over 5.19% gains during the same period of time. This allowed the ETH digital asset to reach a price per coin of $425 and a market cap of $47.87 billion.
Other large-cap virtual currencies such as Litecoin (LTC) are also experiencing gains in the last 24 hours. Litecoin expanded by over 6.36% and it reached a price per coin of $62. However, it still remains far from Bitcoin Cash that has a market cap of over $1 billion larger than Litecoin, currently at $4.06 billion.