Here’s What Next For Bitcoin (BTC) and Ethereum (ETH ) Price!

The post Here’s What Next For Bitcoin (BTC) and Ethereum (ETH ) Price! appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide

The cryptocurrency market is closing the first day of April on a bearish note as most of the cryptocurrencies are expressing downfall. The crypto space was in a mood to rejoice as over the last few weeks these currencies were on green candles.

Bitcoin, the world’s largest cryptocurrency by market capitalization, is facing a rejection as the bulls failed to test $45,500 level as the currency saw rejection at the 200-day Simple Moving Average (SMA) twice at $48,413.

At the press time Bitcoin is trading at $45,361 with a plunge of 4.50% in the last 24hrs.

On the other hand, the second largest cryptocurrency by market cap, Ethereum, had broken $3,400 resistance on March 29th. However, today 1st April, Ethereum dropped to $3,214.

At the time of writing, Ethereum is changing hands at $3,316 with a decrease of 2.9% in the last 24hrs. The immediate support lies at $3,200 level.

Analysts Take on BTC & ETH !

A popular and pseudonymous crypto analyst, Pentoshi through his tweet, informs his 532,200 followers that as per his predictions Bitcoin’s support level lies at $44,000. As the flagship currency is currently trading above $45,000, it looks like BTC has managed to stay above the predicted support level.

For now should expect yearly open and purple box to act as support.

Potential smol pullback as LFG and Do Kwon appear to be AFK from the green button

Looking for continuation to 51-53k during the next rally for $BTC pic.twitter.com/uMQhUI5XqB

— Pentoshi (@Pentosh1) March 30, 2022

Ethereum To Surpass $3,600 !

The analyst throws light on Ethereum saying the recent $600 million hack into Ethereum’s side-chain Ronin Network, might push Ethereum past $3,600 in the coming days.

Personally believe it's a bullish hack. Seeing as the $ETH was sent to FTX
Think 36xx coming within days https://t.co/KXYVwEjPHg pic.twitter.com/pzg742HbRQ

— Pentoshi (@Pentosh1) March 29, 2022

The analyst, Pentoshi, concludes his analysis by encouraging investors not to always fight the momentum which is created by Bitcoin whales after making some big moves.

Pentoshi further explains giving an example of the $1.2 billion Bitcoin purchase by the Terra Foundation in mid-March which led to BTC’s recent surge. The second example he said was MicroStrategy CEO Michael Saylor’s tweet announcing a $205 million Bitcoin-collateralized loan with Silvergate Bank.

So on the first one, everyone said it wouldn't affect price bc not OTC lol. The 2nd one also think means price will go down for $BTC. Now you have both buying this week shortly and peoples first thought is to continue shorting into it instead of going with the flow. IDK pic.twitter.com/KaQX3MW7UF

— Pentoshi (@Pentosh1) March 29, 2022