Crypto Market Analysis: Since the last three days, Bitcoin and Ethereum have erased almost a significant percentage of the gain they made during the one-day surge. In addition, cryptocurrency investors experienced various outcomes in the past week as Bitcoin reached a six-week peak of $25.1K on Tuesday but shortly fell below $24K after the Federal Reserve released the minutes of its January meeting.
As a result, BTC’s price influenced the altcoin market greatly, plunging ETH price near $1.6K as it has created uncertainty for long position holders.
Where Are BTC And ETH Prices Heading This Weekend?
Crypto investors seem to get trapped in a range-bound region as Bitcoin and Ethereum prices have changed their mood with a downward correction this week. However, as the bearish retracement has not become severe, it creates hope of an upward correction this weekend.
Bitcoin Price Analysis
Bitcoin’s recent surge in price and subsequent setback at the $25,000 threshold may cause apprehension for certain investors. Bears are now resisting at the $25,000 level, and there have been multiple rejections to surpass this level between 16 February and 21 February. Presently, it appears that the $23,500 resistance is gaining more strength to validate BTC’s next movement.
As of writing, Bitcoin trades at $23.8K, with a decline of 1%. Looking at the daily price chart, Bitcoin may surge above $24K this weekend as data shows a spike in long positions near the $24K level. If Bitcoin breaks above $24.2K, there is an 80% probability that it will follow buyers’ goals and reach $25K.
On the other hand, there is a 20% probability of a bearish reversal near $24.2K, which may slump the asset again at the $23K level.
Ethereum Price Analysis
Following a recent rally that led to a weekly high, the price of Ethereum (ETH) appears to be lacking bullish momentum. This depletion of energy resulted in a slight pullback, causing ETH to transform a recently established support level into a barrier of resistance.
As of writing, ETH price trades at $1,636 with a downtrend of 1.27% in the last 24 hours. Ethereum price now struggles to hold above $1.7K, which may soon trigger bears to start a bearish rally this weekend. If Ethereum opens a daily candle below $1,625, it may pave its way toward the EMA-200 trend line at $1,575.
