Bitcoin price has finally broken above the short timeframe resistance of $42,500. This resulted in a strong surge in Ethereum price, and the smart contract digital asset rose above $2,300. On Tuesday, ETH price stood at $2,320 during its Asian session.
As mentioned in my previous analysis, the $42,500 price level was the middle of the current trading range of BTC, which the bulls have now cleared. Consequently, traders are now expecting the price to target $44,500 soon.
Following the positive price action of Bitcoin and Ethereum, many altcoins also soared to their fresh two-week highs on Monday. SUI and PENDLE were probably the pick of the altcoins as they experienced a substantial increase in trading volume. SUI price ascended to $1.65, the highest level since its launch in May 2023.
PENDLE Hits A New All-Time High
The price action of PENDLE was even more bullish as the altcoin surged to a new all-time high of $2.70. The ongoing bullishness in PENDLE is supported by an exponential increase in the total locked value of the Pendle Finance DeFi protocol.
Considering the bullish market structure and the improving sentiment around the altcoins, the uptrend will likely continue. However, a breakdown below $2.24 support would invalidate this outlook.
Latest Ethereum (ETH) Technical Analysis
The ETH/BTC pair has now seen 11 consecutive days of downtrend. This shows that the biggest smart contract cryptocurrency is constantly losing its strength against Bitcoin. However, the ETH to USD price has significantly recovered from the lows. The latest technical analysis puts the Ethereum price target of $2,400 on the cards.
This target might be hit in the coming days if the BTC price remains stable. In case of a pullback in Bitcoin, ETH will also likely drop from its current levels. The following chart shows that ETH/USDT has been trading within a specific range for the most time since the start of December 2023.
Conclusion
The recovery rally in cryptocurrencies seems to be gaining momentum. This bullishness is fuelled by the decreasing outflows from the GBTC Bitcoin ETF and the increasing inflows in the other Bitcoin ETFs. The recent reports indicate that BlackRock’s spot Bitcoin ETF has already accrued $2 billion of AUM. This shows that the demand for the pioneering cryptocurrency is increasing among the institutional players.
Join our WhatsApp and Telegram Community to Get Regular Top Tech Updates
This news is republished from another source.
