Bitcoin Hits $38000 While Ethereum Nears $2150, Crypto Rally To Continue?

In the world of cryptocurrencies, Bitcoin and Ethereum recently amassed substantial attention among crypto market traders and investors as both the tokens witnessed a phenomenal price surge.

According to recent market data charts, Bitcoin witnessed phenomenal surges over the past few days, resulting in its price briefly crossing the $38,000 mark, much awaited by traders within the industry.

Similarly, the Ethereum token also witnessed substantial gains over the past few days, resulting in the token crossing the $2100 mark. Concurrent to Bitcoin, Ethereum is also keenly eyed by traders and investors as the token noted significant advancements recently.

The price surge in Bitcoin seems to fall in line with the recent congestion witnessed by the Bitcoin network, along with its nearing halving date. Furthermore, the discussions orbiting around the approval of a Bitcoin spot ETF appear to have boosted market sentiment, potentially contributing to additional gains in the digital asset sector.

BTC Price Evaluation Report

As of writing, the Bitcoin price experienced a marginal surge of 1.59% in the past twenty-four hours, reaching $37,912 today. Furthermore, the token noted a substantial increase of 4.10% over the past week, along with a 10% upsurge over the past month.

As of today, the BTC price briefly touched the $38000 mark before dropping below again, creating a buzz within the broader crypto markets.

According to one of the leading crypto market analysts, Michael Van De Poppe, the Bitcoin price is Gradually ascending towards a fresh resistance level, surpassing $38K, signaling an imminent move towards $40K.

Also read: EBA Proposes Stricter Anti-Money Laundering Rules Amid Binance’s DOJ Settlement

ETH Price Report

At the time of writing, the ETH price also witnessed a marginal surge of 2,31% over the past twenty-four hours, reaching $2104 today. Moreover, the token saw a substantial increase of 7.33% over the past seven days, along with a monthly upswing of 13.72%.

Besides, Maarten Regterschot, a crypto market observer and a contributing analyst at CryptoQuant, has recently shared on X an observed systematic buying trend in Ethereum. He presented a chart illustrating instances of one or more investors participating in Time Weighted Average Price (TWAP) buying on Ethereum futures.

Additionally, another analyst’s remarks sparked curiosity among crypto market enthusiasts. As per Ali charts’ statement, surpassing a crucial resistance range from $1,982 to $2,044, Ethereum noted 1.67 million wallets acquiring 38.7 million ETH.

Interestingly, having minimal resistance in the path and strong support below, staying above this demand zone could position ETH to reach new annual highs.

Also read: Victory Securities Become Hong Kong’s First Virtual Asset Retail Broker

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.