The price of Ethereum (ETH) is pushing hard to reach a new all-time high, while Bitcoin (BTC) continues to trade sideways.
Bitcoin continues to trade in a narrow range in a triangle pattern, and as the price moves above the 20-day moving average, it is clear that the bulls and the bears are Landers are fighting over the direction that the digital asset will take.
data from the Coin Telegraph and Trading View marketplaces show that Bitcoin traded in a range between $ 34,955 and $ 37,850 over the weekend, but it appears that traders are buying all Back off they do so with less conviction.
JP Morgan research analyst Nikolaos Banjertzoglu recently stressed the importance of a Bitcoin breakout above the $ 40,000 level soon to avoid being hurt by the migration of investors who are following the trend. Exacerbates last week's correction.
According to Levis Reno, Head of Trading at Ayrex, Bitcoin is consolidating above $ 35,500 but Renault is still seeing an overall positive trend in the market.
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Renault also said that the recent correction was in fact seen as an opportunity to buy for large institutional-sized investors, as evidenced by the increasing number of Bitcoin whales and the reduced mining supply To average.
Renault said that investors should expect to see a continuous period of high volatility with a positive average trend in the coming weeks and months based on actions in the derivatives market. / p>
he explained, saying: Open interest always reaches new new highs, which makes the market more risky because it indicates greater liquidation risks during the correction, which means Sale of collateral, usually inflating corrections.
Ethereum is also looking to demonstrate the continued strong price momentum as seen by Renault, driven by the launch of Ethereum 2 and the launch of the upcoming Chicago Mercantile Exchange futures contract in February. Ethereum 2 is also expected to provide a boost to the overall decentralized finance economy as the ecosystem as a whole will benefit from lower transaction fees and reduced congestion.
Positive organizational developments
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