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With Increased Trading Volume, Bitcoin Is Back Above $20K While Ethereum Finds Support Around $1,500 – CryptoScoop
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Read Time:3 Minute, 49 Second
Following last week’s dips below the $20k and $1,500 areas, Bitcoin and Ethereum experienced more bearish momentum over the weekend. The good news is that crypto markets have recovered to their levels from last week as of this Monday, thanks to new support for BTC and ETH. The trade volume for Bitcoin and Ethereum increased […]
Unfortunately, despite the recent price increase, the bears still dominate the market because it has not yet reached a market valuation of $1 trillion for all cryptocurrencies. Let’s examine any pertinent Bitcoin and Ethereum news that might impact pricing this week.
Prices for Bitcoin and Ethereum have increased since the market downturn over the weekend.
Last week, Jerome Powell’s remarks at the Jackson Hole conference sparked a bearish trend in the stock and cryptocurrency markets.
A rise in trading activity indicates that investors are prepared to buy more positions if there is another correction.
For the upcoming weeks, particularly once the network merge is complete, the Ethereum merger will continue to support ETHUSD.
The remarks made by Federal Reserve Chairman Jerome Powell at the Jackson Hole conference in Wyoming are the most crucial information that will likely impact the price of Bitcoin and other digital currencies.
For those unaware, Jackson Hole is an annual conference of central bankers where many important groups discuss future monetary policy and macroeconomic theories. During this year’s conference, which took place from August 25 to 27, Jerome Powell warned that there would be some hardship since the Fed would raise interest rates to help control inflation and boost the economy.
As traders consolidate their investments and withdraw funds, rising interest rates put short-term pressure on the markets. Many other industries, including real estate, are also negatively impacted by rising interest rates since buyers’ purchasing power is reduced due to the size of a mortgage loan they can qualify for and afford.
Bitcoin is likely to stay at the $20k level despite the Fed’s impending monetary action, especially considering that cryptocurrency markets are naturally immune to inflation and that price dips are from traders’ uncertainties.
Following a weekend price decline to the mid $1,400s, the ETHUSD pair experienced a 7% price increase on Monday, returning it to the $1,500 mark. Traders are purchasing ETH as the network merging date, which is coming up in a few weeks, approaches in anticipation of bullish momentum.
While some analysts claim that the price of Ethereum’s merger has already been factored in, others think that the majority of the price increase will occur after the merger. We can’t be confident that Ethereum’s network won’t encounter any difficulties or obstacles until the integration is finished. The surge in trading volume today and the fast recovery from the $1,400 level indicate that Ethereum’s market is quite strong and will probably reach the $2k zone in the coming months, despite the cautionary attitude of investors.
In other news, Cardano’s Vasil Hard Fork is set to take place in the same month as Ethereum’s merge, as revealed by Cardano’s Founder, Charles Hoskinson. During a Twitter live stream, He further confirmed that intensive testing is currently ongoing ahead of the launch in mid-September. This shows more bullish news coming up in September; let’s see how it goes.
Today’s upward trend is encouraging for the markets generally, especially for Bitcoin and Ethereum. Although the short-term volatility is worrisome for most traders, this is still a great chance to buy more crypto assets at a low price.
The $20k range is where Bitcoin is most likely to trade, and Ethereum’s $1,500 level is anticipated to continue serving as a crucial support range. A market shift may be coming this week, as more traders are waiting on the sidelines and preparing to buy BTC and ETH if prices fall again, as indicated by the increase in trading volume.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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