{"id":8023,"date":"2023-11-01T10:15:57","date_gmt":"2023-11-01T10:15:57","guid":{"rendered":"https:\/\/borrowaccelerated.com\/investment\/bitcoin-prices-hold-gains-analysts-are-also-getting-bullish-on-ethereum\/"},"modified":"2023-11-01T10:15:58","modified_gmt":"2023-11-01T10:15:58","slug":"bitcoin-prices-hold-gains-analysts-are-also-getting-bullish-on-ethereum","status":"publish","type":"post","link":"https:\/\/borrowaccelerated.com\/?p=8023","title":{"rendered":"Bitcoin Prices Hold Gains. Analysts Are Also Getting Bullish on Ethereum."},"content":{"rendered":"
\n
<\/p>\n

<\/p>\n

<\/p>\n
<\/div>\n<\/figure><\/div>\n

\n Bitcoin
\n and other cryptocurrencies were little changed Tuesday, mostly maintaining gains from a recent rally as analysts turned more bullish on
\n Ether,<\/span>
\n seeing momentum behind the second-largest digital asset.<\/p>\n

The price of Bitcoin has slipped less than 1% over the past 24 hours to $34,425. The biggest crypto has rallied by 30% in about two weeks, carrying it above $35,000 at one point to trade at the highest level since May 2022, when tokens slid into a brutal bear market. Bitcoin\u2019s march higher also has ushered back its characteristic bumpy trading after months of historically low volumes and volatility.<\/p>\n

\n

\u201cBitcoin has maintained positive short-term momentum after confirming a breakout last week, and it still has room to \u2026 resistance near $35,900,\u201d said Katie Stockton, managing partner at technical research firm Fairlead Strategies. \u201cSupport for Bitcoin is at the confluence of the 50- and 200-day moving averages, near $28,300.\u201d<\/p>\n

Bitcoin has ripped higher amid rising hopes that the Securities and Exchange Commission (SEC) will soon approve the first spot Bitcoin exchange-traded fund (ETF), which would hold the crypto itself as opposed to futures tracking the token. Seen as a looming catalyst that should usher in a new wave of retail and institutional investor interest, ETF optimism has been a key force behind Bitcoin\u2019s recent outperformance of the
\n Dow Jones Industrial Average
\n and
\n S&P 500.<\/span>\n <\/p>\n

Bitcoin\u2019s rally has also buoyed the entire crypto space and reignited momentum behind
\n Ether,<\/span>
\n the token underpinning the Ethereum blockchain network. While Ether was down 1% on Tuesday to $1,800, prices have advanced 17% since mid-October, topping $1,800 to trade at the highest levels since August, and the technical market backdrop is improving, according to analysts.<\/p>\n

\u201cEther has sustained its relief rally, taking it above resistance \u2026 and 200-day moving average,\u201d said Stockton, \u201cIf the breakout holds this week, we will turn our focus to resistance near $2,030.\u00a0 Short-term momentum is positive, and a new \u2018pop\u2019 higher \u2026 increases the likelihood of a breakout.\u201d<\/p>\n

Ether\u2019s rebound from below $1,500 \u201chas confirmed a long-term broad uptrend,\u201d said Alex Kuptsikevich, an analyst at broker FxPro, with an upper bound near $2,400. \u201cThe bulls are likely targeting this upper bound,\u201d he added.<\/p>\n

Beyond Bitcoin and Ether, smaller tokens or altcoins were muted, with
\n Cardano
\n and
\n Polygon
\n each down less than 1%. Memecoins were in the red, with
\n Dogecoin
\n down 1% and
\n Shiba Inu
\n off 2%.<\/p>\n

Write to Jack Denton at jack.denton@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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