The crypto market has seen a cocktail of bearish and bullish movements in different cryptocurrencies throughout the week. But Ethereum seems to be among the biggest gainers. Ether has been maintaining its bullishness despite strong indications for negative movements.
At the time of writing this article, bitcoin was trading at $41,769. According to data on CoinMarketCap, BTC has gained 3.08% in the last 24-hours and around 6.85% in the past seven days. In comparison, Ethereum has gained 6.07% and is changing hands at $2,945. Analysts say the crypto market, especially bitcoin, was riddled with macro conditions this week. Moreover, there are multiple predictions for a major drop across cryptocurrencies.
Sean Farrell, the vice president of digital-asset strategy at FundStrat, remains optimistic. He said any dips for Ether and BTC are buying opportunities. Farrell highlighted a sharp rise in Ethereum’s price-to-sales multiple, which is now above 50 compared with 17 a few months ago. This is a significant jump that possibly suggests a frothy market.
Matthew Hyland, a crypto analyst, highlighted that previous resistance around $40,000 was now increasingly looking flipped to support. He said it seems bitcoin has been using previous resistance around the $40,300 mark as new support over the past few days. Crypto Ed tweeted that BTC is finally breaking out of the bull flag.
Analysts have attributed the bearishness in the crypto market to a feeling of loss in the market. This has resulted in a mass sell-off of different currencies. Investors are pulling out their capital to reduce the risk of losses.
Be it bitcoin or ethereum, crypto enthusiasts are optimistic for more significant gains.