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Price Analysis

Ethereum vs Bitcoin: BTC and ETH Correcting Down, Investors Await a Bounce

  • Bitcoin is dropping after a pullback from $11551
  • BTC saw a strong and steady surge yesterday causing it to jump above $11500 from $11152
  • Ethereum followed the suit when it took a rise above $215, ETH remains above $212 even after a pullback

The overall crypto market has seen an uplift in its market capitalization from $295,637,221,972 to $297,253,829,636 and it also traced a close at $300,190,976,297. As Bitcoin has been established as the most influential crypto coin in the space, the uplift appears largely due to Bitcoin’s recent surge which was followed by a pullback.

BTC price opened at $11,349.74 yesterday and mildly surged to $11395.66. BTC was firmly above $11300 till 08:52 UTC. Later, the coin dropped to $11152.84 which is where it holds a support level. From there, BTC has struck a steady price surge to $11551.87 over 12 hours and 27 minutes. Here, it has witnessed an increase of 3.58%. The coin has corrected down from there and is at $11365.01 at 06:30:50 UTC.

ETH vs BTC Price Chart

Bitcoin/Ethereum Price ChartHaving a similar price momentum, ETH also had a dip near $207.49 after having a minor surge above $209 yesterday morning. At 207.49, the coin has formed a decent support level and has soared to $215.76. After noting a downward correction near $213, ETH again jumped to $216. Though from here, the coin has traced a bearish trendline and is at $212.35 at 06:30:50 UTC.

Conclusion:

Bitcoin may see resistance at $11,615.34 and $11,707.11 and support level at $11,340.05 and $11,156.53. While, Ethereum may face resistance at $219.62 and $223.16 and support level at $209.53 and $202.98.

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Ruti Vora

Ruti regularly contributes in-depth news articles for leading cryptocurrencies. She contributes technical chart-based price updates and analysis pieces on world's leading digital currencies. She holds graduate degree in journalism.

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