While the effect of the crypto bear market continues, the accumulative movement of Bitcoin (BTC) and Ethereum (ETH) parties continues.
For over a year now, the crypto bear market has been making its presence felt. Especially recently, the collapse of the cryptocurrency exchange and a major coin has had an earthquake effect. Companies that went bankrupt and lost their assets also put the industry and investors in a difficult position. In this busy period, the recovery and development of cryptocurrencies also came to the fore. In the midst of all these processes, Bitcoin and Ethereum prices continue to be accumulative.
Bitcoin (BTC) Price Analysis, What’s Up With BTC?
Bitcoin, the leader of the crypto money market, is looking for ways to get out of the bear market. The decrease in liquidity and the withdrawal of buyers from the market make the selling pressure feel stronger. BTC price is in a position to enter the volatility effect with a possible news. This effect can provide sharp upward or downward movement. However, the cumulative progress of the market and the painful processes draw attention.
Bitcoin (BTC) price volatility continues between the $16,300 and $16,600 levels. In the chart, which progresses according to the news flow and the effects of the global economy, a volatile activity is expected with a possible factor. US inflation rates, Fed minutes or the volatility of the US stock market stand out as important factors.
In light of these factors, the $15,500 level will be the most important support point for BTC. The selling pressure should be maintained by the bulls at these levels. On the other hand, a break of the $17,600 level could start a major bull run. Next month, the last rate decision of the year will be made by the Fed. BTC price may enter a recovery period in light of this activity.
Ethereum (ETH) Price Analysis, What About ETH?
Ethereum, the second largest project in the crypto industry, has spent this year with significant developments. The harsh processes of the crypto bear market and the bankruptcy of strong projects one after another also reduced the impact of developments on the Ethereum side. The second largest project in the market attracted attention especially with its PoS transition. Then Vitalik Buterin, the founder of Ethereum, shared an important roadmap. All these processes were not enough to start a bull run in ETH price. The trend of the market and the global economy have also been a hindrance for ETH.
Ethereum, the second largest coin in the crypto industry, continues to accumulate, just like Bitcoin. After FTX and the accompanying collapses, it was noteworthy that the markets went through a calming process. ETH price action continues between the $1,205 and $1,175 levels.
Improvements and progress on the project side are not at a level that can affect instant price movements. The long-term roadmap and planning also suggest that the crypto bull market may be approaching. ETH, which wants to move to a deflationary structure and to protect this structure with willpower, is promising when looking forward.
On the ETH side, the $1,100 level stands out as an important support point. In case of a possible selling pressure or news effect, the bulls will need to maintain this support level. Otherwise, the ETH drop may show depth.
On the other hand, ETH price approaching the $1,330 level could provide positive signals. This price level, which appears to be a strong resistance point, can be broken by market conditions and buying pressure. In this case, ETH will want to move to the 1.500 levels.
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