28 February, 2024

BTC and ETH Lead Other Cryptos in Recovery, Further Correction to Follow?

1 year ago

13 Feb, 2024

The crypto market experienced a slight uptick in buying pressure today, with Bitcoin and Ethereum leading the way. While most cryptocurrencies continued to decline slightly, BTC and ETH managed to post modest gains, signaling that investors are starting to regain confidence.

Cryptocurrencies price heatmap:Coin360

Today’s session started with a strong bullish move for other cryptos besides BTC and ETH, which led them to the green territory and fueled an overall market recovery. However, sellers still managed to keep control of the upside momentum and push prices back into a range-bound movement. This could signal further correction as we head into the weekend.

Bitcoin is trading above $16,700 for the last 4-hours, with a slight 1.34% price increase, while Ethereum is up by 2.05%, currently trading at $1,215.17. The top performers of the week are Chiliz and Trust Wallet Token while the worst performers are Chain CXN and Solana.

BTC/USD and ETH/USD Technical Analysis

Bitcoin recorded a low volatile session today, narrowly avoiding a breakdown and bouncing back to the $16,700 level. With the current upward price trend and the strong bullish momentum on RSI, we could see BTC/USD breaking out of its range bound zone in the short term.Bitcoin has been holding above $16,700 since early hours of today, and the price has managed to hold above this support level.

BTC/USD 1-day chart:TradingView

Bitcoin is trading at $16,742 and is up by 1.34% on the day, with a trading range of $16,479.99 and $16,947.06. The retracement levels for the BTC/USD pair today are $17,200, followed by $17,600 and finally $18,000. On the downside, supports come at $16,700 and $16,300.

Looking at Ethereum’s short-term price action, we can see that it has been trading below the 100 SMA on the 1-hour chart. This suggests that the path of least resistance is to the downside and that ETH/USD could continue moving lower. Ethereum has stumbled to remain above $1200 level, and it has lost most of the gains it made after Friday’s breakout.

ETH/USD 1-day chart:TradingView

However, with the current upward trend on RSI and the strong bullish momentum we could see ETH/USD breaking out of its range bound zone in the short term.Ethereum is currently above $1200 level, but there are concerns that it may break down to below this level unless the price starts rallying soon.

The  altcoins market sentiment is bullish bias in general are starting to recover, with most of the top 10 altcoins by marketcap trading in green territory. For instance,Ripple is up by 3.22% while ADA is up by 2.4% .Today’s recovery may be  short-lived, however, as the market seems to be in consolidation mode. This could lead to a continuation of the correction that started earlier this week.



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