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BTC, ETH prices bump after ‘green mining,’ Goldman Sachs push

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BTC prices rose in the past two days (after a 40% plunge last week) as North American miners formed a ‘Council’ to consider green alternatives for mining in a brief meeting with Tesla CEO Elon Musk.

Some traders even raised a concern over the influence Elon Musk has on the cryptocurrency market as the news had an immediate impact on the BTC price and it jumped by 12% after the news was released.

So what’s next for BTC?

 BTC had a retest of the $36,624 support yesterday and managed to close above it to make it a successful retest, it is often seen in charts after a successful retest of lower support the price action seems to move positively and in an uptrend.

The next resistance is around the $42,130 mark, a level where BTC price has already been rejected off of the same resistance thrice in the recent months.

However, with positive news surrounding BTC from several sources and resulting in a good fundamental narrative, prices may break through the $42,000 resistance and turn it into a stable support area.

ETH shows steady rise

ETH (ETH), the world’s second-largest cryptocurrency by market cap, showed strength and rising institutional inflows this morning. 

Technically speaking, the ETH chart shows more room to grow when compared to the BTC chart as there are fewer resistance levels on their way to the previous all-time high of $4,300.

As the below chart shows, a major resistance level is around the $2,750 mark but with a steady uptrend, it could be broken soon.

One of the positive catalysts was a leaked Goldman Sachs report that stated ETH to be a better store of value than BTC.

“Given the importance of real uses in determining the store of value, ether has a high chance of overtaking BTC as a dominant store of value,” said analysts at Goldman Sachs.

They added, “The ETH ecosystem supports smart contracts and provides a way to create new applications on its platform.


ETH trades at $2,740 at press time.

The post BTC, ETH prices bump after ‘green mining,’ Goldman Sachs push appeared first on CryptoSlate.


All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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