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Bitcoin continues trading sideways; Ethereum outperforms with strong gains
Bitcoin is currently 4.25 per cent away from its all-time high of $123,091.6 scaled on July 14 this year.
Bitcoin to consolidate in short term
Bitcoin, Edul Patel, Co-founder and CEO of Mudrex, said, is consolidating following a procedural setback for crypto-related legislations in the US. "Despite this, the broader market remains bullish, with Ethereum trading at a 5-month high above $3,100."
"Steady ETF inflows and over 545,000 ETH accumulated by corporate treasuries in the past month helped maintain the uptrend. Market focus now shifts to the US PPI data due today," said Patel. A softer-than-expected print, he believes, could revive bullish momentum and push BTC above $120,000, while a higher reading may lead to a retest of the $115,000 support zone.
Piush Walke, derivatives research analyst at Delta Exchange, on the other hand, expects Bitcoin to consolidate before making a directional move in the near term. Bitcoin has seen increased volatility following a round of profit-taking, with sharp intraday price swings. It continues to trade within a broad range of $115,500 to $118,500. "A decisive breakout and close above this range would be key for the next leg of its rally," said Walke.
Ethereum outperforms
Ethereum (ETH), on the other hand, was trading with a substantial gain and holding above the psychological $3,000 mark. Last check, it was seen trading at $3,143.10, higher by 5.52 per cent with a trading volume of $35.98 billion. It has traded in the range of $2,961.87 – $3,149.79 in the last 24 hours.
For Ethereum, Walke believes resistance near $3,200 could pose a challenge, as whale order data suggests selling activity near the level. "Institutional interest in Ethereum remains strong, with $193 million flowing into Ethereum ETFs," said Walke.
Besides, the other popular altcoins do not appear to have moved much as they remain stuck around the gained levels. Regardless of this, the momentum and market sentiment, according to the CoinDCX research team, is bullish, and hence the cryptos are believed to rise again. Among the top gainers are Ethereum Name Service (ENS) with over an 18 per cent jump, followed by Bonk with 15.5 per cent and Pump.fun by 15 per cent. The losers for the day include Fartcoin with a drop of 3.22 per cent, Four by 2.78 per cent, and UNUS SED LEO by close to 2 per cent.
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