Bitcoin at $ 150,000, Ethereum at 10X? Here’s what an analyst and the charts say for cryptos

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Following the flash crash of Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) on September 7, the day El Salvador officially adopted Bitcoin as legal tender, UK bank Standard Chartered released new price predictions for both. largest cryptocurrencies by market. cap. Bank analysts see Bitcoin rising three times its current price and Ethereum potentially skyrocketing 10 times.

Geoffrey Kendrick, who heads Standard Chartered’s global research team, also sees Ethereum surpassing the total value of Bitcoin and compared Ethereum to a financial market as opposed to Bitcoin which Kendrick sees more as a currency. Kendrick also highlighted the risks associated with investing in both cryptos and stressed the importance of upgrading Ethereum to 2.0 which is not expected to be completed until at least next year.

On Sunday, Bitcoin and Ethereum were working to erase some of last week’s losses, but were struggling against various moving averages on the daily charts.

The Bitcoin Chart: After falling more than 18% on September 7, Bitcoin returned to a support level at $ 44,850 and has since traded sideways in consolidation. Bitcoin was attempting to print a bullish engulfing candlestick on Sunday that indicates higher prices could occur on Monday if the crypto could close the day above the $ 45,900 level.

Over the past five days, Bitcoin has settled below a descending trendline and on Sunday attempted to break bullish from the pattern, but failed and lost ground. The low volume of crypto transactions indicates that further consolidation may be needed for Bitcoin to gather enough strength to make the breakout.

Bitcoin trades below the eight-day and 21-day exponential moving averages (EMA) with the eight-day EMA trending below the 21-day, both of which are bearish indicators. However, the crypto is struggling to close above the 200 day simple moving average, and if it can close the day above the level, the overall sentiment will turn bullish.

Bitcoin has resistance above the descending trendline, $ 46,718 and $ 50,505, while crypto has support below $ 44,850 and $ 42,223.

See also: How to buy Bitcoin

The Ethereum Chart: On Sunday, Ethereum was trading up nearly 5% and making an effort to print a bullish Marubozu candlestick that indicates higher prices could occur on Monday. Bulls will want to see Ethereum close the day above Saturday’s high of around $ 3,350.

Like Bitcoin, Ethereum had stayed below a descending trendline and was trying to exit in a bullish fashion. If Ethereum breaks the trendline, the bulls will want to watch the big bullish volume to enter the crypto to confirm that the pattern has been recognized.

Ethereum is trading in accordance with the eight-day and 21-day EMAs, with the eight-day EMA trending above the 21-day, both of which are bullish indicators. The two EMAs have also started to bend upwards which is positive for the bulls. Ethereum is also trading well above the 200-day SMA, indicating that overall sentiment is bullish.

Ethereum has resistance above the descending trendline, $ 3,610 and $ 3,949. The crypto has support below at $ 3,240 and $ 2,890.

See also: How to buy Ethereum

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