ETH Looks High as BTC Attacks the $ 20K Barrier Again
Bitcoin price regained the $ 19,000 level and traded above $ 19,400 in the early hours. Buy Bitcoin. As Bitcoin (BTC) targets $ 20,000 again, Ethereum rises as well. Ethereum (ETH) showing signs of renewing its highs since the beginning of the year.
The cryptocurrency market is strong. Bitcoin is showing numerous positive signs above the $ 19,000 and $ 19,200 resistance levels. Although the price traded above the $ 19,400 level in the morning, it then experienced a pullback. At the time of writing, the leading cryptocurrency is trading around $ 19,151, according to CoinMarketCap. Now, it is questionable whether Bitcoin could continue rising towards the $ 20,000 resistance or not.
The resistance zone between $ 19,400 and $ 19,600 was a rebound from the recent peak, and although selling pressure increased, it couldn’t be lowered. According to analysts, for the price to continue to rise, BTC must break the $ 19,500 and $ 19,545 levels. The critical key resistance is near the $ 19,800 band. A clear break above $ 19,800 could increase the chances of breaking above the $ 20,000 level, known as the milestone point. The range of $ 19,100 – $ 19,200 where Bitcoin is currently located is at a very crucial level. If the leading cryptocurrency starts a short-term downside correction, these ranges will be the first key support levels.
Ethereum Rises As Well
Ethereum, which has the second-largest market capitalization after Bitcoin, has recovered to 580 dollars and is showing signs of renewing its highs since the beginning of the year. According to Santiment, an on-chain data analysis site for cryptocurrencies, Ethereum’s daily new address issuance reached 177,520. This is the highest number in the last 35 months.
📈 The amount of new #Ethereum addresses hit a single-day, 35-month high Saturday. Our network growth metric picked up $ETH reaching 177.5k addresses created. Notably more addresses interacting on an asset’s network is a very promising indicator for bulls. https://t.co/Y6Uvhzyemq pic.twitter.com/yIv2SOYhDS
— Santiment (@santimentfeed) December 14, 2020
Ethereum is trading around $ 582 at the time of writing. $ 580 is the key support zone for now, according to analysts. If Ethereum fails to break the $ 590 and $ 595 resistance levels, a downside correction could begin.
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