Journalist
Posted:
| Last updated: August 21, 2024
- Bitcoin could target $61,000 first this week as accumulation increased.
- A bullish pattern appeared on ETH’s daily chart, indicating a price increase.
The past week wasn’t particularly volatile as most cryptos were in a consolidating pattern and only showed single-digit moves.
However, Toncoin [TON] disconnected from the market as the price has risen more than 13% in the last seven days.
What does the coming crypto week entail?
However, the upcoming crypto week may look a little different. At the time of writing, the Fear and Greed Index stood at 28, meaning the market was in a ‘fear phase’.
This indicated an increase in volatility heading north in the coming days.
Source: Alternative.me
Bitcoin and Ethereum’s weekly goals
CoinMarketCaps facts revealed that Bitcoin’s [BTC] The price moved marginally last week. At the time of writing, it was trading at $58,630.
However, Ethereum [ETH] price witnessed a weekly increase of 23%. At the time of writing, the king of altcoins was trading at $2,630.
AMBCrypto then planned to review the statistics and daily charts of BTC and ETH to find out their upcoming targets.
Starting with BTC, the foreign exchange reserve was declining at the time of writing, meaning selling pressure was low. The accumulation trend score had a value above 0.7.
For the uninitiateda number closer to 1 indicates that buying pressure is dominant in the market.
Source: Glassnode
However, CryptoQuant’s facts revealed that BTC’s aSORP was red. This suggested that more investors were selling at a profit. In the middle of a bull market, this could indicate a market top.
AMBCrypto’s look at BTC’s daily chart revealed that if the bulls shift gears, it would be crucial for BTC to rise above $61,000 this week. A successful breakout above would allow BTC to target $68k.
However, in the event of a price drop, BTC could drop to $54,000.
Source: TradingView
When it came to Ethereum, AMBCrypto’s examination of Glassnode’s data indicated a sharp increase in ETH’s NVT ratio. Usually this indicates that an asset is overvalued, indicating a price correction.
Nevertheless, ETH’s foreign exchange reserve also fell, indicating weak selling pressure.
Source: Glassnode
Read Ethereums [ETH] Price prediction 2024-2025
Upon closer inspection, AMBCrypto also found a bullish ascending triangle pattern on ETH’s daily chart.
In the event of a bullish breakout, ETH could begin its recovery phase and reach $3.3k in the coming days of the week. However, if ETH is rejected at $2,736, the token might as well drop back down to $2.3.
Source: TradingView
