All eyes are on the two crypto giants – Bitcoin and Ethereum – as the crypto market saw a notable surge in the last week. BTC and ETH prices saw a steady momentum below their critical resistance levels, causing mixed reactions from traders. The main question is whether these two cryptocurrencies will be able to break through the $32,000 and $2,000 resistance levels next week.
What’s Waiting For BTC And ETH Prices Next Week?
The market experienced an increase of more than 18% in seven consecutive sessions, stopping the downward trend that was prevalent since mid-April. Despite the negative news of the SEC’s stringent actions against Binance and Coinbase, the interest from institutional investors seems to be counterbalancing these effects, resulting in BTC shorts being dominated by bullish traders.
On the other hand, Ethereum price has accelerated out of its consolidation range in the last five trading days. With ETH’s price currently hovering around the $1.9K mark, whale investors are speculating about the potential price trajectory for the upcoming week.
Bitcoin (BTC) Price Analysis
The price of Bitcoin is approaching a resistance level at $31,000. However, bullish traders are not giving in to those who are bearish, increasing the probability that the threshold will be exceeded within the next week. BTC is currently trading at $30,697 with a slight increase of 0.15% over the past 24 hours.
With the daily price chart showing that sellers are increasing their confidence, bulls need to continue exerting buying pressure for the current uptrend to be maintained. Investors will attempt to keep the price at or above $31,500 next week, trying to reach $32,441 initially before attempting to break through the next major resistance level of $40,000.
The 20-day EMA is at $28,189 and is moving upwards. The relative strength index is also in overbought territory, indicating that bulls are dominant. This perspective will be invalidated if the price drops under $29,000 in the short-term, resulting in a price range between $30,000 to $25,500.
Ethereum (ETH) Price Analysis
Ether is making efforts to maintain its upward trajectory. Bulls were able to push the price above the overhead resistance level of $1,936, but could not sustain these higher levels. ETH currently trades at $1,919, surging over 1.6% from yesterday’s price.
Bulls took advantage of intraday lows and once again drove the price to the critical monthly resistance. If this level is exceeded, then it indicates that buyers are drawn to lower levels, increasing the probability of a rise to $2,000 within one week, and then to $2,150 the next week.
However, if the price falls below 38.6% Fib, it would suggest that bears are taking advantage of rallies around $2,000. Under these circumstances, ETH prices could drop to $1,750-$1,800.
