• 28 May, 2024
Market News

Bitcoin and Ethereum Prices Are Trending Upwards Since Yesterday: Is It the End of the Bear Trend?

 To heights unseen since the FTX news crashed the market. Investors and traders alike are optimistic that this could be the start of a recovery, with prices showing bullish activity after weeks of being in the red.

The key to sustained recovery is for euphoric blue bars to remain low, as opposed to fear-driven spikes in red bars. A low percentage of blue bars indicates a healthy trading environment, with traders making decisions based on market fundamentals. High levels of red bars indicate panic selling and a lack of trust in the markets, which can lead to further volatility.

For now, it appears that Bitcoin and Ethereum are leading the charge in cryptocurrency recoveries, with prices showing signs of potential growth in the coming weeks. Investors around the world are keeping a close eye on these markets to see if bullish activity can maintain its momentum and lead to further gains.

Only time will tell if Bitcoin and Ethereum have what it takes to successfully recover from the FTX news. For now, let’s keep our fingers crossed and hope that the blue bars stay low, and the red bars remain at a minimum.

Technical outlook for ETH and BTC?

The technical outlook for Ethereum and Bitcoin both looks positive in the short term. Both coins have broken above key resistance levels, and are trading near their all-time highs. This indicates that there is the strong bullish sentiment around these two coins and that investors are confident in the potential of further price increases.

Source: Tradingview

In terms of technical analysis, Ethereum appears to be in a better position than Bitcoin. The coin is trading above its 200-day moving average, indicating that the uptrend is likely to continue in the short term. On the other hand, Bitcoin’s price is currently struggling to break out of a key resistance level.

Source: Tradingview

Overall, it appears that there is a good chance of further price increases for both Ethereum and Bitcoin in the short term. Investors should keep an eye on these two coins, as any bullish momentum will likely lead to further gains.  As always, it is important to practice risk management when trading either of these two digital assets.

Conclusion

The resurgence of Ethereum and Bitcoin prices on Tuesday is a promising sign for the cryptocurrency markets. Investors are optimistic that this could be the beginning of a long-term recovery, with prices showing bullish activity after weeks of being in the red. To sustain its recovery, blue bars need to remain low and red bars to spike minimally.

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