– Bitcoin has been facing some resistance at $30,500 as bears push it back under $30,000, on the downside, Bitcoin has key supports at $27,600-$28,450, and further at $25,200.- Ethereum (ETH) hits a new 11-month high above $2,100 despite over 1 million ETH being withdrawn from Beacon Chain since the launch of the Shapella upgrade.After a strong move to above $30,000 levels last week, the world’s largest crypto Bitcoin has seen some kind of selling pressure recently.As of press time, Bitcoin (BTC) is trading under $30,000 at a price of $29,899 with a market cap of $578 billion.In the last 24 hours, the Bitcoin price managed to breach $30,500, however, it faced selling pressure immediately thereafter.Different analysts have shared different opinions as to what can be the Bitcoin price action going ahead.
Popular crypto analyst Ali Martinez wrote : The $30,270-$32,150 resistance remains a tough hurdle for #Bitcoin where 770K addresses bought 360K $BTC.
Meanwhile, the $29,330-$30,200 support holds strong where 700K addresses bought 390K $BTC.Be cautious if this level breaks, the next key support is at $27,600-$28,450.Will Tamplin, senior analyst at technical research firm Fairlead Strategies told CoinDesk that the next major resistance level for Bitcoin (BTC) could be $35,900.As we know, Bitcoin has delivered a strong performance in 2023 with 80 percent gains so far year-to-date.However, he added that the Bitcoin rally looks extended in the short term and there’s enough possibility of a pullback in the near term.
Tamplin stated that Bitcoin has support at $25,200 on the downside.Also, Bitcoin has managed to drive strong options value, open interest, as well as volatility.Furthermore, it has strongly weathered the banking crisis unfolding in the US and Europe last month.What’s up with Ethereum? Contrary to the popular belief that the Ethereum (ETH) price could correct following the Shapella (Shanghai + Capella) upgrade, Ethereum has, in fact, delivered a strong performance.
Over the last weekend, the ETH price shot past $2,100 and has been holding very close to those levels since then.Greg Magadini, director of derivatives at crypto analytics firm Amberdata, told CoinDesk: On Ethereum, developers have proven that they can follow through on their vision.
We’ve made a major milestone and so this brings back validity and credibility to Ethereum.Ethereum’s strong performance comes despite the fact that more than 1 million ETH worth over $2.1 billion have been withdrawn from Ethereum’s Beacon Chain ever since launch.As per the data from beaconcha.in, the 1.03 million ETH withdrawals have arrived from 473,7000 withdrawal requests.Subscribe to our daily newsletter! No spam, no lies, only insights.You can unsubscribe at any time.Of all the active validators, nearly 87 percent, or 469,000 of the 540,000 can now be able to withdraw their stake.
The Shapella upgrade is a major milestone and shows the Ethereum network’s ability to handle the transition with ease.Magadini said: “the Shapella upgrade is the first time that we’re getting some life back into the Ethereum market,” he said.The ETH price is currently trading at an 11-month high and it would be interesting to see what follows going ahead..
