Bitcoin (BTC), Ethereum (ETH) awaiting volatility hit, Elon Musk still backs Dogecoin
Analysis and Charts of Bitcoin (BTC / USD), Ethereum (ETH / USD) and Alt-Coin:
- Bitcoin continues to trade sideways.
- Ethereum / Bitcoin spread by giving back gains.
- Dogecoin pumps after Elon Musk’s tweet.
The cryptocurrency market has been treading water over the past two weeks, setting up a range of boxes in both Bitcoin and Ethereum. The absence of any noticeable driver makes any small rise or fall vulnerable to a pullback, lowering volatility, and these current ranges could hold over the coming weeks. The market as a whole needs new motivation, whether positive or negative, to help break these forks and set a new trend in place. Bitcoin is currently capped at around $ 37,000 and the current spot price remains below the three moving averages, suggesting continued bearish sentiment. Ethereum, meanwhile, is currently supported by the 200-day sma and shows range resistance of around $ 2,460.
Bitcoin Daily Price Chart (BTC / USD)
Ethereum (ETH) Daily Price Table
The Ethereum / Bitcoin spread is reducing its recent gains and has hit three highs lower in the past two months. This week’s high is around 690 guards 700 and for Ether to gain ground on Bitcoin the June 7/8 highs around 775 need to be eliminated. Support appears to be set around 550 for the spread.
Ethereum / Bitcoin Daily Spreads Table
Another Tweet from Elon Musk backing Dogecoin sent the inspired meme higher on Friday, although the 6%price hike suggests Tesla bossâThe influence of the market could be waning. During this year, especially during alt-coin season, Musk’s tweets were worth a decent move of over 20%, so today’s small rally needs to be seen in context. Dogecoin is currently trading 5.7% at $ 0.222, giving it a market cap of just under $ 29 billion.
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