Let’s analyze the largest cryptocurrencies and see where they are exactly in terms of their performance. It is to be kept in mind that both cryptocurrencies are currently moving in the bullish zone. Despite the attempts of the bears, Bitcoin and Ethereum have demonstrated strong performances.
It is time to look at these cryptocurrencies and see where the analysts expect these cryptocurrencies to be if the bullish trend remains constant.
Bitcoin Movement
On July 21, the trading price of Bitcoin moved below the 50-day SMA, which is $22,683. Initially, there was fear among the investors that the price of Bitcoin may fall below $20k but the bulls did not let it happen.
The bulls showed strong aggression against the bears and were able to push Bitcoin’s price higher. At the time of writing, the trading price of Bitcoin is moving closer to $23,363.
The data suggest that for now, the investors are attempting to push the trading price of Bitcoin all the way up to $23,363. It is the overhead resistance level for Bitcoin and the bears may try and protect it with all their might.
If the bulls are able to push through the overhead resistance mark, then the next target for the bulls would be $24,276. The analysts expect that Bitcoin is on the right track of moving upstream and it may rise to $28,171.
If more investors and buyers keep participating in the buying spree, then the trading price of Bitcoin may rise to $30,000.
Ethereum Movement
On July 20, the trading price of Ethereum was at an all-week high as it was hitting $1,605. The following day (July 21), the trading price of Ethereum fell to a low trading mark.
Just like Bitcoin, the trading price of Ethereum dipped to $1,300 from its high trading price of $1,605. However, the bulls were fast to reach the selling spree of the investors. They launched their buying attack in favor of Ethereum, thus, pushing its value higher.
By July 22, the investors were able to push the trading price of Ethereum up to $1,500. At the time of writing, the trading price of Ethereum is $1,523 and the investors are aiming to push it higher.
For now, things are in favor of ETH’s bullish run because the announcement of the “Merge” implementation has increased the anticipation of the investors.
The high anticipation is working as a positive factor that may see the price of Ethereum rise to the 20-day EMA, which is $1,700. If the confidence of the investors remains high, then their efforts may push ETH to $2,000.
