Bitcoin and Ethereum Consolidate Ahead of Next Push Higher After 20% Advances This Week

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This week has been notable for cryptocurrencies, with both Bitcoin and Ethereum posting double-digit gains. The two largest digital assets by market cap are both up more than 20%, and the trend is expected to continue as they continue to consolidate ahead of their next surge higher.

FTX, a cryptocurrency exchange that had suffered a major meltdown, has managed to recover more than $5 billion in assets according to a lawyer associated with the case. However, the amount of losses suffered by clients due to the collapse of Sam Bankman-Fried’s business remains unknown at this time.

Just a year ago, the company was worth an estimated $32 billion, but it recently filed for bankruptcy protection in November. Prosecutors suspect that Bankman-Fried was behind the “epic” fraud that could have caused immense losses to investors, customers and creditors amounting to billions of dollars.

Bitcoin Funding Rates Hit 14-Month High: What Does It Mean?

Bitcoin funding rates recently hit a 14-month high, indicating an increase in demand for the cryptocurrency. This increase in demand is likely due to growing interest from institutional investors as well as retail investors.

Recently, Maartun – a well-known analyst at crypto analytics platform Crypto Quant – reported that Bitcoin funding rates hit a 14-month high. According to the Crypto Quant contributor, when funding rates are too high, Bitcoin tends to experience a price drop. This is a trend often observed in the market.

Traders holding a long or short position can receive regular payouts in the form of funding rates, which depend on the divergence between perpetual contract markets and spot prices.

This payment system is designed to keep the price of perpetual contracts close to the spot price of Bitcoin. Essentially, this helps ensure that prices remain consistent for traders engaged in this type of contract.

bitcoin price

On Sunday, the price of Bitcoin remained relatively stable, trading between $20,500 and $21,150. With its bullish streak intact, there is hope for prices to reach the $21,000 mark or even higher – with the potential to reach its trading target at $23,000.

On the daily time frame, Bitcoin formed a bullish engulfing candle, indicating that an uptrend may continue. It is imperative to monitor whether Bitcoin can break above the $21,500 resistance level, as any setbacks could cause its value to decrease. Its fast support remains at a minimum of $20,000.

Ethereum Price

The price of Ethereum has steadily increased in recent months, with its key support level currently set at $1,500. If the value of the cryptocurrency were to close above this price, investors could expect to see its value increase even more.

Ethereum recently broke above the key resistance of $1,500 with a 24-hour trading volume of $14 billion. This uptrend suggests that the ETH/USD pair is about to breach the next barrier level at $1,650.

Ethereum’s key support level is currently pegged at $1,500. If it closes above this price, we can expect to see its value increase. If it breaks above $1,650, ETH price could hit new resistance at $1,700.

As such, investors should keep an eye on ETH price and be prepared to capitalize on any potential opportunities that arise.

Ethereum price chart – Source: Tradingview

The support level for Ethereum at $1,500 provides a good opportunity to invest. If this point is broken, the price could drop to $1,400. But since the trend remains positive in the short term, now may be the best time to invest with ETH.

Could these Altcoins be the next big thing?

The crypto market has seen massive growth and this has led to renewed interest in alternative currencies. Early adopters have the opportunity to benefit from the potential earnings that these coins offer.

FightOut (FGHT)

You can get the same service as a personal trainer through the FightOut platform, but this time you pay with FGHT tokens. Prepaid exercise has never been easier!

FGHT’s pre-sale was a success, with approximately $2.94 million in investments raised. All activities related to the metaverse avatar are logged and can be used to improve its performance metrics.

The current exchange rate of 60.06 FGHT per $1 (which can be purchased in ETH or USDT) is expected to increase in value as the selloff unfolds.

Don’t miss!

This product’s limited-time discounted price will expire in 8 days, 11 hours – don’t wait too long or the opportunity might be gone!

Visit FightOut now

C+Load (CCHG)

C+Charge is developing blockchain-based EV payment software that will provide carbon credits to EV drivers each time they charge for the first time. C+Charge sees this as a way to level the playing field in the carbon credit market, which has been dominated by a few large companies in the past.

Obtaining carbon credits provides C+Charge with an additional incentive to accelerate the already rapid shift to electric vehicles. Analysts predict the Voluntary Credit Market (VCM) will reach $100 billion by 2030, with companies such as C+Charge playing a significant role in this expansion. The presale has so far raised $286,394.

Visit C+Charge now

Meta Masters Guild (MEMAG)

Guild of meta-masters,

The pre-sale of Meta Masters Guild, a mobile-focused gaming guild that will create a mix of Web3 games and games to win, has begun. Its Ethereum-based games will include playable NFTs and incentives that can be redeemed for MEMAG, the company’s native token, which can then be staked and sold.

It will be released in seven stages, with the first delivering a MEMAG for $0.007. Even before MEMAG goes public, this price will eventually hit $0.023, an increase of 228.5% for early investors.

When the platform’s first game (Meta Kart Racers) is released in the second quarter of this year, Meta Masters Guild is expected to grow rapidly. Also, if the global economy and market improves, the local coin could gain significantly.

There are only 4 days and 23 hours left for everyone to invest before the price increases!

So far a total of 218,976 USDT of the $490,000 goal has been raised – don’t miss this opportunity!

Visit Meta Masters Guild Now

Find the best price to buy/sell a cryptocurrencyCryptocurrency Price Tracker – Source: Cryptonews

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