Crypto traders were excited to see ETH (ETH) move ahead of BTC (BTC) in percentage terms today, data from multiple sources showed.
BTC prices ran into a ‘resistance’ level at $38,000, while ETH surged by 10% as of press time.
Lars Hoffman, a crypto researcher at The Block, tweeted in the regard, “ETH flipped BTC in several metrics in May. Many metrics are now measured in the trillions/are close to it”
1/8 Short May overview
ETH flipped BTC in several metrics in May. Many metrics are now measured in the trillions/are close to it.
Total adjusted on-chain volume increased by 35.4% to a new ATH of $1.07trn: pic.twitter.com/mGQDV1J8iZ
— Lars (@lars0x) June 1, 2021
BTC still has many resistances to conquer before it gets back into the ‘Bull’ territory, whereas ETH faces very few resistances to make its way back to its all-time high.
So what’s next for BTC?
BTC price has been ranging ever since the 50% drop, it has bounced off the $34,450 support several times and has been rejected at the $38,000 resistance several times.
If it is able to climb above the $38,000 resistance and turn it into ‘support,’ it will be highly favorable for a move upwards in the coming days.
As of now, selling pressure is low on exchanges as the number of BTC held on exchanges continues to decline.
The relative strength index continues to be in favorable conditions for buying, however the over a structure that is being formed looks to be bearish. It is suggested to trade with caution in the coming days, as the market could remain range-bound.
What’s next for ETH?
ETH is back at the $2,750 as suggested in the last market update, and it is trying to flip it again.
The chart continues to look healthy and a steady uptrend is now expected from ETH as soon as it is able to flip the $2,750 resistance into support.
Along with this, it can also be seen that the price is trying to climb above the 20 moving average, a popular technical indicator used by the traders to determine the market trend), and it will be a very good sign in case it is able to cross it later this week.
The post Markets update: BTC runs into ‘resistance’ again while ETH bumps 9% appeared first on CryptoSlate.