As Bitcoin and Ethereum prices rise above critical levels, the cryptocurrency market has reached $2 trillion.
The week began with the top two cryptocurrencies in market cap. They set new multi-month records, despite negative news regarding the US crypto tax. According to CoinGecko data, the Bitcoin price fluctuated from a weekly low at $40,506 up to a peak of $46,586,
After the successful implementation in London of the hard fork, Ethereum broke through the $3k barrier. The price for Ethereum shot to $3,265, with similar gains being experienced by most altcoins due to positive market sentiment.
IOTA’s prices also showed a solid bounce, surpassing $1.00 to close to two-month highs near $1.10.
Simon Dedic, Moonrock Capital managing Director, says that BTC as well as ETH are preparing for new upsides after a retesting of critical support levels. Other altcoins should be able to ride the buying pressure and continue rising.
It’s time to pack up and go.
— Simon Dedic (@scoinaldo) August 12, 2021
Below is a quick price outlook for Bitcoin and Ethereum going into the weekend.
BTC/USD daily chart. Source: TradingView
After a Doji formation, BTC/USD formed a green candle in the daily chart. This was after a retrace at the $43,700 area. Bulls are trying to break the $46,300 barrier. Success would bring the horizontal resistance of $48,858 into play. Key objectives for bulls lie at the $50k zone but moves into the $53k—$55k region are the potential targets over the next few days.
The 20EMA (41,732) or 50EMA (39,063) offer strong support.
Price of Ethereum
Chart of daily ETH/USD. Source: TradingView
After a more than 5% gain over the past 24hrs, ETH/USD has retested $2,915 and is looking to break higher. Crypto analyst il Capo suggested that ETH could climb to a high point of $3,500 if BTC increases towards $50k.
The downside is that he puts support around $2.5k. The chart below shows the 20 EMA ($2,785) as well as 50EMA ($2,521) support for bulls who fail to clear $3,000.
Daily chart IOTA/USD Source: TradingView
The IOTA price is currently in an uptrend. Thursday’s indecision seems to have been resolved in the bulls favor. The RSI looks to enter the overbought zone, while the 20 EMA (and 50 EMA) have formed a golden circle.
Bulls have been close to $1.20. If upside momentum continues, price will rise above $1.00. The moving averages provide strong support around $0.92 if the market turns negative.