Ethereum

Reserve

Bitcoin

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-and-ethereum-price-analysis/" data-wpel-link="internal">Bitcoin and Ethereum Price Analysis</a> 
<a href="https://en.coin-turk.com/bitcoins-unexpected-rise-investors-should-be-cautious-as-it-rapidly-increases/" data-wpel-link="internal">Bitcoin</a> this week climbed above $52,000 and shows no signs of fatigue in its rally. This indicates that the demand for Bitcoin continues at every high level. A report by on-chain data analysis firm CryptoQuant suggests that over 75% of new investments in Bitcoin come from spot Bitcoin exchange-traded funds. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-315825 size-full" src="https://coin-turk.com/wp-content/uploads/2024/02/coin360-veri.webp" alt="" width="1436" height="907"> 
Macroeconomic factors could pose a barrier to the market rally in the near term. On January 16th, CME Group’s FedWatch Tool indicated a 63% probability of a 25 basis point rate cut by the Federal Reserve in its March meeting, but this expectation dropped to 10.5% following Consumer Price Index and Producer Price Index figures for January that were higher than market predictions. 
<h2 class="p2" style="text-align: justify" id="bitcoin-chart-analysis">Bitcoin Chart Analysis</h2> 
Bitcoin faces resistance around $52,000, but bulls are not yielding ground to sellers, indicating they are not in a hurry to take profits. The upward sloping 20-day exponential moving average at the $46,947 level shows buyers are in control, but a relative strength index (RSI) above 81 suggests the rally might have risen too quickly in the short term. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-315824 size-full" src="https://coin-turk.com/wp-content/uploads/2024/02/btc-grafik-2.webp" alt="" width="1351" height="798"> 
If the price turns down from the current level and rebounds off the $48,970 level, it will indicate that bulls have turned the level into support, which could increase the likelihood of the upward movement continuing. 
If the price stays above $52,000, the BTC/USDT pair could rise to $60,000, which may pose a significant hurdle. Conversely, if the pair slips below the 20-day EMA, it could face the risk of a short-term reversal. 
<h2 class="p2" style="text-align: justify" id="ethereum-chart-analysis">Ethereum Chart Analysis</h2> 
Buyers pushed Ethereum above the $2,717 resistance on February 14th, indicating a resumption of the uptrend. The next upward target is the psychologically significant $3,000 level. The sharp rise in the past few days has pushed the RSI into the overbought zone, suggesting the rally could be overheated in the short term, which might result in a minor correction or consolidation in the coming days. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-315823 size-full" src="https://coin-turk.com/wp-content/uploads/2024/02/eth-grafik.webp" alt="" width="1351" height="798"> 
An increase in Ethereum’s price from $2,717 would show that sentiment continues to rise and investors see dips as buying opportunities. Alternatively, if the price falls and drops below $2,717, it will indicate that bulls have lost their grip. The ETH/USDT pair could retreat to the 20-day EMA average level of $2,526. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-and-ethereum-price-analysis/" data-wpel-link="internal">Bitcoin and Ethereum Price Analysis</a></h5>

Bitcoin and Ethereum Price Analysis

Table of Contents

COINTURK NEWS

Other articles published on Feb 16, 2024

Switch Reward Card Launches Innovative Crypto Business Services to Empower Entrepreneurs

Nigerian cleantech startup Arnergy secures $3m funding for energy expansion

Worldcoin Value Surges with OpenAI’s Sora Announcement

Manta Network Price Analysis: Will MANTA Reach the $5 Mark?

Tron (TRX) holders add DeeStream (DST) platform to portfolio for big gains, as Solana (SOL) hits ...

Date Announced for UniSwap v4 Upgrade: UNI Price Reacted!

Join our free newsletter for daily crypto updates!