Bitcoin And Ethereum Are Both Facing With Short-term Bearish?

 2021-05-11 09:34:01

Year-to-date, Ethereum has gained about 435%, while Bitcoin has "only" doubled. Bitcoin is still stuck in the range of $54,000 to $60,000 to maintain a sideways trend. During the same period, Ethereum continued to soar, breaking through $4,000 for the first time on May 9 (UTC). As the second-largest cryptocurrency by market capitalization, Ethereum stole the limelight of Bitcoin, which also reduced Bitcoin's share of the entire cryptocurrency market from 70% at the beginning of the year to 43%. This is not a good phenomenon, because the “decay” of Bitcoin means the “decay” of the cryptocurrency sphere.


Bitcoin Is Hovering Around $55,600

Back to today’s market, from the hourly chart, after BTC plummeted yesterday, $59,000 has obviously become a major resistance. If this position can be broken, the market outlook is expected to see the previous high again, but from the disk perspective, the offensive momentum has not continued, and the price is currently Hovering below $56,000, the short-term trend is bearish. For intraday operations, the upper resistance position is concerned with $56,400, and the lower support is concerned with the $53,000 line.


Ethereum Set New High And Is Trying to Retake $4K Again

From the hourly chart, ETH has been trending strongly recently. It hit a new high of $4,207 yesterday, but then fell below $3,700. It is currently hovering around $3,900. From the disk perspective, yesterday's decline has broken the upward trend, and the short-term trend is bearish. For intraday operations, the upper resistance position focuses on the $4,110-$4,150 range, and the lower support position focuses on the $3,700 line.


DISCLAIMER: The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.

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