Back to Ethereum, it recovered more than 160% from the lows of last July, when the market managed to make ground around $ 1,700 and there was a significant accumulation of purchases. The boom is due to the October Altair update, which is a further step in the transition to Ethereum 2.0, which involves a change of proof-of-stake algorithm, replacing the current proof-of-work. The expectation that will be generated around this transition can take the price up to $ 6,000 and then to $ 14,000.
Bitcoin also remains supported at $ 60,000. The first attempt to break the trend and break the resistance was rejected. “We will have to keep an eye on the evolution of the market in the next few hours and / or weeks, since we have seen how strong hands have taken the opportunity to join Bitcoin and Ethereum on the ground created in both cryptocurrencies after the hit in May, for what we could attend to new records “, point out the experts of IG Markets.
Tuesday’s close, above the $ 63,500 resistance level, sends some good feelings to experts, but Oanda analyst Craig Erlam pointed out that its behavior at this level “could tell us if we are seeing a corrective rally like part of a deeper retracement in the price of Bitcoin, or another run towards all-time highs. ” “Whatever it is, I don’t think it will be long before we see the latter, as there is a lot of hype going on in the space right now,” he adds.
“After settling on the US $ 30,000 mark as an important psychological level, the demand managed to eliminate the offer by carrying out a process of accumulating positions in said support, a situation that favored the cryptocurrency to push itself up to the level of the u $ s52,900 marked in the first days of September “, analyzed for their part from IG Markets.
Finally, “Bitcoin will now have the challenge of consolidating the level of US $ 60,000 and will continue to be in the eyes of many investors, who will try to take advantage of the volatility of the cryptocurrency to seek returns in the very short term, a cryptocurrency that right now puts all eyes on the u $ s68,000“, these experts emphasize.