The second half of 2023 has seen a rise in the cryptocurrency market, with a number of tokens showing spectacular increases. A link between Bitcoin’s performance and Ethereum’s performance can be seen as the top digital currency, Bitcoin, is testing a prior resistance level while Ethereum, the second-largest cryptocurrency by market capitalization, is about to surpass the critical $2,000 milestone.
Price of Ethereum
In a recent video that Crypto World published, it was said that Ethereum is presently riding a broader, multi-month bullish trend with its support levels staying unaltered. Although the daily Ethereum MACD (Moving Average Convergence Divergence) shows continuous upward trend, at least for the time being, the daily Ethereum RSI (Relative Strength Index) offers a more pessimistic prognosis.
A crucial resistance level known as the “golden pocket” may be retested in the near future for Ethereum. This important area of resistance, which spans around $1,930 to $1,940, is quite significant. Despite an early breakout over this level that Ethereum has already witnessed, it is essential for the price to hold above it and confirm it as a support level with a good rebound.
Price of Bitcoin
A four-day candle closure above the crucial resistance level of $31,000 in the bitcoin market has recently been verified. A weekly candle closure above $31,000 is needed in order to completely verify the breakout and understand the significance of this resistance level.
The $31,000 barrier may see a brief retest in the near future for Bitcoin’s price. Further upward momentum will be largely determined by how long this level can maintain its status as support. The next significant resistance mark for Bitcoin would be close to $37,000, more particularly around $37.2K, if the breakthrough over $31,000 is confirmed.
Ethereum is now retesting a significant resistance level and needs to turn it into support in order to confirm the breakout. While waiting for additional confirmation from a weekly candle closure, Bitcoin, on the other side, has effectively overcome a significant resistance level.