Bitcoin (BTC), Ethereum (ETH) Rally Continues, Resistance Levels Come Under Pressure

Bitcoin (BTC) Costs, Charts, and Evaluation:

Bitcoin and Ethereum pushing again to multi-month highs.Has the long-awaited altcoin season began?

Bitcoin made a contemporary 18-month excessive on Wednesday as consumers proceed to dominate the cryptocurrency area. The most important coin by market cap broke by way of resistance at $37.3k and clipped $37,980 earlier than edging again. Bitcoin is at the moment buying and selling on both aspect of $37.3k and if BTC can preserve this stage as assist, then contemporary multi-month highs are seemingly within the days and weeks forward. The subsequent stage of horizontal resistance is seen at $40k.

Bitcoin (BTC) Continues to Rally as Spot ETF Chatter Will get Louder

Bitcoin (BTC/USD) Every day Value Chart – November 16, 2023

Ethereum has rallied by over 35% within the final month as spot ETF fever continues to drive the second-largest crypto larger. ETH/USD made a contemporary 7-month excessive simply over per week in the past on the BlackRock ETF software however has but to reclaim this excessive. Help is shut at $2,032 and wishes to carry if Eth/USD is to maneuver larger.

Ethereum (ETH/USD) Every day Value Chart – November 16, 2023

One of many causes that Ethereum has underperformed Bitcoin over the previous couple of weeks is the sturdy efficiency seen within the altcoin market as different L1 cash seize market consideration. Within the final 30 days, Ethereum is 28% to the great, whereas Solana (SOL) is 170% larger, Cardano (ADA) is up by 60%, and a current surge in Avalanche (AVAX) has seen its value respect by over 150%. Whereas this current efficiency, and outperformance of Ethereum, is spectacular, all of those L1s have underperformed ETH during the last 18 months.

Solana/Ethereum Unfold Weekly Chart

Cardano/Ethereum Unfold Weekly Chart

All Charts through TradingView

What’s your view on Bitcoin – bullish or bearish?? You possibly can tell us through the shape on the finish of this piece or you possibly can contact the creator through Twitter @nickcawley1.