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Bitcoin and Ethereum Price Analysis and Trends

Bitcoin analysis

The bitcoin price took a few steps backward over the weekend but only pulled back 5.39% cumulatively over Saturday and Sunday’s daily candles.

Bitcoin’s total market capitalization is just under ¾ of a trillion dollars and accounts for 45.2% of the total cryptocurrency market capitalization at the time of writing.

The chart above from MarcPMarkets shows bitcoin bumping up against an old resistance at $42k on the daily timescale. BTC sold off during the end of the day on Sunday and fell below $40k before heading into the daily / weekly close.

There’s still a chance that bitcoin’s in the same trading range it’s been in for months between $30k-$41k – we don’t really know for sure until $42k is left behind for good whether or not bulls are in full control again.

If $42k is breached to the upside then the next target is $46,843 and it might not take long to see $50k again on charts. If the bears are able to win a round and push the price beneath $40k again then the support resistance below that is $38k.

The Fear and Greed Index that measures bitcoin sentiment once per day is reading 48 and -12 from yesterday’s reading.

Crypto Fear & Greed Index on August 2, 2021

Bitcoin’s 24 hour range is $39,493-$42,532 and the 7 day range is $36,203-$42,628. The 30 day average price of BTC is $34,799.

Bitcoin closed the first daily candle of August -3.59% and in red figures for the second consecutive day worth $39,922.

Ethereum analysis

Ether shattered $2,500 and $3,000 is the next big target overhead for bulls in the interim.

The chart below from VincePrince shows just how strong Ether is performing and the potential for a return to $3k could be setting up.

If ETH breaks the nearest overhead resistance of $2,643 the next stop may be $3k.

A contrary bearish outlook could be triggered if ETH fails to hold $2,500 and somehow falls out of its current range of $2,400-$2,600.

Ether’s 24 hour range is $2,527-$2,696 and the 7 day range is $2,157-$2,696. ETH’s 30 day average price is $2,155.

Ether had a daily candle close of $2,554 and was in green figures for the 4th consecutive day and 11 of the last 12 days.

R.L. Bryer
R.L. Bryerhttp://bryer.io
Since 2009, the onset of the bitcoin network, R.L. Bryer has been covering the space. He is the author of Blockchain: Project Renaissance Volume I and II. He's also been the guest of countless bitcoin and cryptocurrency related podcasts throughout the world. Every opportunity, he speaks on or writes about Austrian Economics and how bitcoin is the world's preeminent money.