Bitcoin being the most dominant crypto in the entire space, its price trend is closely watched out. Only for the reason that most of the assets closely follow the BTC price trend and surge or plunge along with its variations.
Eventually, the second largest crypto Ethereum also follows the same trend and hence the upcoming move of both the assets can be speculated with ease.
Moreover, Ethereum price trend is leading the other altcoins in the crypto space, specially the newer cryptocurrencies. Bitcoin here acts as an index for all the crypto assets and if Bitcoin goes up, other altcoins follow & vice versa. And hence Bitcoin price trend can be used as trend reversal indicator for all the other cryptocurrencies.
Source: Tradingview
As shown in the above chart, both the assets are forming the same pattern since the May 2021 crash. They consolidated for the same period of time and also ignited the upward trajectory at the same time.
And currently, both the crypto assets are following a strong downtrend and about to hit their respective support levels very soon.
The support levels for Bitcoin is around $30,000 and for Ethereum is at $1700. And hence the assets are believed to visit these levels and then ignite a bull run.
Interestingly, both the assets are primed to enter yet another bull rally once they flipped the lower support levels. And hence once Bitcoin(BTC) & Ethereum(ETH) prices are set on fire, they may eventually hit new highs.
The target set for BTC is very close to $80,000 and ETH is around $6000. However, both the assets have a little more to go until they reach their bottom which may be a high demand area attracting huge liquidity. And from here a notable uptrend may be ignited.
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