Ethereum

2024

Bitcoin

Gains

<p>Crypto markets have been on a tear, with the total market cap now standing at $2.11 trillion. Big gains in&nbsp;<a href="https://www.thecoinrepublic.com/2024/08/17/expert-predicts-equal-bitcoin-and-ethereum-etf-allocations/" rel="noopener noreferrer nofollow">Bitcoin and Ethereum</a>&nbsp;have driven the surge.</p>
<p>Despite the market’s choppiness and large price fluctuations, it continues to exhibit resilience. Strangely enough, after a lackluster week, Bitcoin has had quite a rebound, returning 4.50% over the last few days.</p>
<p>The Bitcoin price is getting closer to reaching an end to its prolonged consolidation, which has the market and investors alike wondering what comes next for BTCUSD. At the time of writing, Bitcoin is trading at around $60K after breaking above all-time lows.</p>
<p>Nonetheless, Bitcoin still has one key hurdle to overcome before it makes a confirmed upward move. This is a significant line of resistance between $61,735 and about just over 50, sitting right on top of all but one daily moving average in trade.</p>
<p>Should Bitcoin surpass this level and continue to rise above $62,737, the markets may have turned more decisively and entered a new bullish phase.</p>
<h2 class="wp-block-heading" id="h-ethereum-price-action"><strong>Ethereum Price Action</strong></h2>
<p>Ethereum had a fantastic day, finishing at $2,600. It also benefited from increased activity as traditional markets closed. The rally follows a period of significant ups and downs, demonstrating the resilience of that second altcoin.</p>
<p>Over its weekly chart, Ethereum has been on a streak of over two years of moving upwards. The price is often in contact with the lower trendline, which means it could bounce to $2,900 (resistance).</p>
<p>Currently, ETH’s price is below the annual average, but recent activity has seen ETH/USDT break through the 52-week exponential moving average, though it left a long tail on the weekly candle, indicating strong buying pressure.</p>
<p><a href="https://www.thecoinrepublic.com/2024/08/15/ethereum-earnings-falls-57-but-there-is-a-catch/" rel="noopener noreferrer nofollow">Ethereum</a>&nbsp;has been performing well over the past few weeks, and along with generally low levels of price history from altcoins, it epitomizes a possible bottom. If that holds true, then altcoins trading where they were back in 2020 and even as far out in 2023 would suggest Ethereum is still due for a sharp reversal—but not before running through one of its more critical support zones.</p>
<h2 class="wp-block-heading" id="h-crypto-liquidations-surge"><strong>Crypto Liquidations Surge</strong></h2>
<p>Most of these have impacted bearish traders, as the market has recorded over $100 million in liquidations within the previous 24 hours. This significant amount of liquidation highlights market volatility and reflects how price changes affected leveraged positions.</p>
<p>The Cryptocurrency Fear and Greed Index, for example, remains in “fear” territory, signifying that although prices have rebounded, the market is still skittish.</p>
<p>The positive movements in the crypto market coincide with a recovery in traditional stocks. On Monday, the Dow Jones Industrial Average rose by 236.77 points, or 0.58%, closing at 40,896.53. The S&amp;P 500 gained 0.97% to finish at 5,608.25, while the Nasdaq Composite increased by 1.39% to 17,876.77.</p>
<p>This broader market recovery is contributing to a more optimistic outlook for investors, including those in the crypto space.</p>
<h2 class="wp-block-heading" id="h-analyst-insights"><strong>Analyst Insights</strong></h2>
<p>The positive sentiment surrounding this broader market rebound has also spread to crypto investors.</p>
<p><a href="https://www.thecoinrepublic.com/2024/08/09/crypto-market-surpasses-2-trillion-btc-eth-rally-stronger/" rel="noopener noreferrer nofollow">Crypto market</a>&nbsp;analyst Ali Martinez noted that Bitcoin is currently in the early stages of the post-halving cycle. Martinez adds that there have been 119 days since the halving of 2024, but in previous cycles, prices reached peak post-halving between now and day ‘530’ from halving event.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <p lang="en" dir="ltr">It's been 119 days since the 2024 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> halving. In the last two cycles, <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> hit a market top around 530 days post-halving. <br><br>If history repeats, we're still in the early stages of this cycle! <a href="https://t.co/Yxxo7DLfsg" rel="noopener noreferrer nofollow">pic.twitter.com/Yxxo7DLfsg</a></p>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1825452332709978200?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 19, 2024</a>
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<p>Martinez says that this historical trend suggests the current market might still be in the earlier stages of a rally.</p>
<p>The Dude, however, is more optimistic in his view with a BTC rally on the horizon thanks to what he&nbsp;<a href="https://x.com/thedude0ne/status/1825631619094630462" rel="noopener noreferrer nofollow">calls</a>&nbsp;an apparent “weekly bull flag” and points towards a similar rebound for traditional markets as long as there’s follow-through.</p>
<p>The post <a href="https://www.thecoinrepublic.com/2024/08/20/crypto-market-tops-2-11t-analysts-expect-more-bullish-gains/" rel="noopener noreferrer nofollow">Crypto Market Tops $2.11T: Analysts Expect More Bullish Gains</a> appeared first on <a href="https://www.thecoinrepublic.com" rel="noopener noreferrer nofollow">The Coin Republic</a>.</p>

Crypto Market Tops $2.11T: Analysts Expect More Bullish Gains

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