The cryptocurrency with the largest market capitalization reached $44,500, its highest level in three weeks. As long as Ethereum surpassed $3,100, a new high since February. Given this, investors wonder, what will happen in the coming days?
Ethereum
There was an event in the Ethereum network that caused its price to shoot up and that might sustain its value in the coming days. It is regarding the “merger” of Ethereum on the Kiln testnet and the upcoming switch to proof-of-stake (POS) consensus.
Data from Cointelegraph Markets Pro and TradingView shows that since this launch (March 15), the price of Ether is up 25% from $2,500 to a daily high of $3,193 on March 25, as that traders seek to secure their positions before the merger. Traders expect the bull run to consolidate by the end of the month.
Bitcoin
According to analysts, March would close the month with profitswhich would imply that since February the negative streak that had lasted no less than three consecutive months with losses of up to 19% was cut.
Data from Cointelegraph Markets Pro and TradingView showed this Friday, March 25, that Bitcoin hit $44,698 on Bitstamp on Friday.
With this, BTC is less than a thousand dollars away from reaching the monthly maximum around $45,330.
According to analysts, the next support level would be $48,000. “Not only do the expectations of investors set their sights higher, but the background seems to support that bullish feeling in the market,” Criptonoticias said in its analysis.
The price of the main cryptocurrencies for this March 25, 2022
In this regard, they warn that a comparative study might be made between the current moment and the behavior of Bitcoin at the beginning of 2021. “The study, published in the Bitcoin Fear and Greed Index bulletin, established parallels between the two market behaviors and envisioned a new bullish breakout on the horizon,” they added.
One mark that everyone seems to be waiting for is $100,000. Sources such as Bloomberg, the former stockbroker Jordan Belfort or the investment bank Goldman Sachs set that target for the price of BTC. On the nearest horizon, $50,000 is seen as a recent target.
