Cryptocurrencies Trim Weekend Gains, Ethereum (ETH) Outperformance Continues

Bitcoin (BTC/USD), Ethereum (ETH/USD) Price, Chart, and Analysis

  • Bitcoin (BTC), Ethereum (ETH) giving back some of the weekend’s gains.
  • Ethereum/Bitcoin spread makes a break above trendline resistance.

The cryptocurrency market is giving back some of this weekend’s gains with market leader Bitcoin continuing to battle a zone of resistance between $42k and $43.5k. Cardano (ADA) jumped by nearly 50% over the weekend, before paring its gains, while a host of other alt-coins recorded double-digit jumps.

The daily BTC chart has been flashing an extremely overbought signal for a few days, so a pullback from its recent multi-week high is not unexpected. Support around $36,750, prior range resistance, should hold and allow BTC to retest overhead resistance once the latest consolidation phase is over.

Bitcoin Daily Price Chart (January – August 2, 2021)

Ethereum bulls enjoyed a strong weekend with the second-largest coin by market cap breaking above multi-week resistance around $2,470. In this weekend’s cryptocurrency article I noted how this level of resistance was under increasing pressure, especially with the ‘London’ upgrade expected this week. Ethereum is up in excess of 50% from its June 20 multi-week low so a small pullback again is to be expected. All three moving averages are now starting to point higher, adding further belief that the recent cluster of highs just under $3,000 may soon come under pressure.

Bitcoin (BTC) and Ethereum (ETH) Moving Apart, Binance Shutters Some European Derivative Markets

Ethereum Daily Price Chart (December 2020 – August 2, 2021)

Cryptocurrencies Trim Weekend Gains, Ethereum (ETH) Outperformance Continues

The Ethereum/Bitcoin spread also broke higher this weekend, taking out a trend resistance line that has held the spread in check over the last few weeks. Support around 550 remains intact and a break and close above the July 7 swing high at 692 would negate the recent series of lower highs and allow the spread to push higher.

Ethereum/Bitcoin Daily Spread (February – August 2, 2021)

Cryptocurrencies Trim Weekend Gains, Ethereum (ETH) Outperformance Continues

Chart via @IG.com

What is your view on Bitcoin andEthereum – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.


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