Resource: Coinpedia.org
8 months ago
Date: 23 Aug 2022 - 10:26

The post Heres How Bitcoin and Ethereum Might Perform in the Month Of September appeared first on Coinpedia Fintech amp Cryptocurreny News Media Crypto GuideDuring the early trading hours Ethereum briefly dipped below a crucial support level extending ongoing falls that have been underway over the past few days. Most of the top 100 cryptocurrencies fell during Mondays selloff and as of this writing the market cap of all assets was down by 1.61. Bitcoin too has dipped and is now trading just under 21000.nbspInvestors in the crypto bear market are now looking to price charts to find comfort in patterns after a long and cold winter. The two most valuable cryptocurrencies Ether ETH and Bitcoin BTC have been range bound for more than a month around their lower support levels.Will The ETH Merge Improve Crypto ConditionsIn a recent interview with CNBCs Squawk Box Meltem Demirors the CSO of CoinShares explains that there is a general summertime slump in the cryptocurrency space since many people arent actively trading while on vacation.In her analysis of Bitcoin Demirors states that she does not anticipate much growth between now and the end of September.She warns that enthusiastic investors may be seeing the upgrade in a vacuum that ignores the broader market dynamics as people are increasingly turning their attention to Ethereum and the hoopla surrounding its expected midSeptember shift from proofofwork to proofofstake.She also mentions that while the Merge will unquestionably make Ethereum a better operational project she doesnt necessarily anticipate huge inflows of investment capital to drive ETHs price stratospheric.nbspWhats Next For Bitcoin and EthereumAfter a recent 17 drop to 21283 Bitcoin is currently consolidating closely. If the 20750 support level is broken there may be a 15 selloff to the range bottom of 17578. A sweep of 20750 and a swift recovery though might result in a 12 uptick to 23175.Following Bitcoins lead Ethereum fell by about 19 between August 18 and August 20. The recovery appears to be briefer though since ETH is already retreating. Investors should anticipate a slight increase to 1675 to fill the inefficiency and cause its reversal at this point.This move might however go all the way up to 1730 and build a local top there before turning around and continuing its downward trend. Whatever the location of the local top the price of Ethereum is set to retest the imbalance to the downside at 1474.According to the aforementioned scenario the major altcoins could experience a bull run in Q3. A rapid sweep followed by a recovery however seems a likely result if the capital is split between BTC and ETH.

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USDT Market Price Change (24H) Market Cap Last 7 Days
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