Bitcoin BTC/USD and Ethereum ETH/USD See Sideways Trading, Leaving Traders Puzzled
- PHPzOriginal
- 2024-09-13 06:31:12800browse
The leading cryptocurrencies Bitcoin BTC/USD and Ethereum ETH/USD have traded sideways for months, leaving traders puzzled over the lack of decisive price action.
As the leading cryptocurrencies, Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), continue to trade sideways, traders are left scratching their heads over the lack of decisive price action.
But if you zoom out and analyze previous Bitcoin cycles, you might be surprised by what you find.
According to an analysis by CryptoCon, Bitcoin could surge by early 2025, crossing the $100,000 mark. The trader estimates Bitcoin to reach the predicted price of $107,558 or higher by December 2024 or January 2025.
Meanwhile, Cold Blooded Shiller sees Ethereum struggling against $2380 resistance. If it doesn’t break through the resistance, it could drop to $2,150.
“Trapped between $2150 and $2350 the next larger move comes when one gives way,” he concluded.
Bitcoin, Ethereum Key Metrics
As Bitcoin inches closer to the $60,000 mark again and Ethereum attempts to cross its prior month’s high levels, here is a quick glance at some interesting metrics for both the crypto coins, courtesy of IntoTheBlock.
Bitcoin’s large transaction volume dropped by 11% in the past 24 hours, while Ethereum saw an increase of 2.9%.
Ethereum daily active addresses rose by 10.9% and Bitcoin saw a 7% drop.
Notably, Bitcoin exchange netflows narrowed by 56.7% and Ethereum netflows expanded by 397.8%.
Bitcoin liquidations stood at $7.4 million in the past 24 hours and Ethereum’s liquidations were at $9.8 million, according to Coinglass.
Bitcoin’s Fear and Greed Index stood at 28, indicating fear, and Ethereum’s Fear and Greed Index was at 33, indicating fear as well.
The influence of Bitcoin as an institutional asset class will be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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