Ethereum breaks $3,000 resistance, Bitcoin stable after strong movement

Crypto market overview: The crypto market has seen strong movement in the last 24 hours with Bitcoin surging above $52,800 last night before moving below $52,000. Ethereum on the other hand has broken a major resistance of $3,000 and still maintains the level above $2,900 despite volatility in the market. 

As the leading cryptocurrencies exhibit strong momentum, the crypto Fear and Greed Index also reflects the ‘extreme greed’ sentiment, reaching to 78 points in the index. 

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Talking about the movement of Bitcoin in the last 24 hours, CoinDCX Research Team said, “In the last 24 hours, Bitcoin experienced a notable surge, reaching a new high for the year at $53,000. However, it quickly retraced to $50,750 due to factors such as peaking open interest and unfavourable funding rates for bullish positions. This sudden drop triggered a decline in altcoins, with many experiencing high-leverage liquidations. Despite this, Bitcoin managed to recover and is currently trading at $52,000. Conversely, Ethereum remained relatively strong throughout the turmoil, showing resilience by barely dropping in price and even surpassing the $3,000 milestone.” 

Rajagopal Menon, Vice President, WazirX said, “Bitcoin has remained stable with minimal increase and an overall mixed sentiment in the market. Its moving averages indicate a bullish trend. Although Ethereum’s key indicators point to a breakout rally which could see it overtake Bitcoin’s momentum this week.” 

“Ethereum has been up by 30 per cent since the beginning of the year. Its Dencun upgrade has played a major role in its price surge. However, ETH investors are optimistic of a spot ETH ETF approval which could boost institutional investment just the way it has done for Bitcoin. Solana has shown a strong movement indicating a possible breakthrough as altcoins show a surge,” added Menon. 

Talking about the potential bull run for Ethereum, Shivam Thakral, CEO of BuyUcoin said, “Bitcoin experienced a small correction to $50,700 while trying to break the $53,000 resistance and swiftly revered to $52,000. This price action could be a result of VanEck spot BTC ETF, HODL, which soared up to 14X in a single day with $258 million in trading volume. Meanwhile, Ethereum has surpassed $3000 for the first time since April 2022 which could be the start of a bullish rally for the second-largest cryptocurrency.”

Edul Patel, CEO, Mudrex said, “Bitcoin rallied to a $53,000 level before consolidating at a $50,000 level due to increased selling pressure. However, Bitcoin has recovered and is currently trading at $52,000 level indicating a positive sentiment in the market. The next resistance lies at $52,400 however the support lies at $51,400. On the other hand, Ethereum crossed the $3,000 level for the first time since April 2022 due to speculation surrounding the approval of Ether ETFs in May has been one of several factors fueling the recent price surge.” 

CoinSwitch Markets Desk said, “As Bitcoin hit another 26-month high, bears were pretty quick to send it back to the $50,700 level, but only for an extremely short-lived duration. As it has been the case for the last 7 days, BTC is trading in a 4 per cent range with investors gaining confidence that the price can sustain over $50,000.” 

“The highlight of the day however was Ethereum going past $3000 for the first time in close to two years while the combined market dominance of Ethereum and Bitcoin has also crossed the 70 per cent mark,” added CoinSwitch. 

Underlining the future potential of leading cryptocurrencies, Vikram Subburaj, CEO, Giottus, “Bitcoin briefly made a move towards $53,000 last night in a sign that its impressive rally has more steam left. As long as BTC stays above $50,000, altcoins including Ethereum, will thrive. Ethereum has now breached the pivotal $3,000 mark for the first time in 2 years while its layer 2 – Polygon (MATIC) – is trading above $1. Altcoins will rally well this week if ETH sustains its range. The performance of stock indices, however, may affect sentiment in the short term. Key upside targets for altcoins: Ethereum ($3,100), BNB ($365), Solana ($115), Cardano ($0.65), and Avalanche ($40).” 

Another major event yesterday took place in terms of Starknet, a zero-knowledge technology-based layer 2 of Ethereum which started trading on several exchanges after an airdrop of more than $1.5 billion distributed to 1.3 million addresses, potentially making it the largest token airdrop of the year.