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Bitcoin Price Rally Hesitates as Ethereum Eyes Crucial Upside Break

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Bitcoin is trading at $9378 at press time following yesterday’s sharp increase in price that saw the coin rally above the $9,700 level. 

After the price surged to a new weekly high near $9,780, it started a downside correction until the decline found support near $9,570. 

Now, if the bulls gain momentum above $9,700, the price is likely to climb above the $9,780 swing high in the near term. On the downside, if there is a daily close below the $9,500 support, the price could continue lower to $9,450.

Top BTC Analyst Expects a 15% Price Drop

Bitcoin’s strength in Monday trading came after positive news that the S&P 500 had registered a slight gain after NASDAQ skyrocketed to new all-time highs on the back of Microsoft and Netflix rallying. 

More positive news for BTC came as it was revealed that PayPal is looking to allow users to buy and sell crypto directly. 

However, despite these positive events, an analyst named CryptoCapo isn’t convinced that Bitcoin’s strength will continue. He argued in a tweet that a retracement of approximately 15% in the coming days will see the world’s first cryptocurrency drop to $8,500. 

To support his sentiment, CryptoCapo noted that the fact that Bitcoin has yet to close above $10,500 on a high time frame, suggesting a bear trend is still intact.

This analyst is the same one that correctly foretold that Bitcoin would revisit the $3,000 level, a prediction that was made months before the Black Thursday drop-in mid-March.

Upcoming ETH 2.0 Upgrade Could Spark an Uptrend to $300

Ethereum remained well bid in Monday trading, with the past few sessions showing a steady rise above $240. 

The price even briefly tested the $245 level on the day before starting a downside correction, but it remained stable above the $240 level. The second-ranked cryptocurrency is currently trading at $239.

Looking ahead, ETH seems to be eyeing a crucial upside break above the $250 level as the imminent ETH 2.0 upgrade adds more fuel to high levels of optimism around the top altcoin by market cap. 

As the network prepares to transition to a proof-of-stake (PoS) consensus algorithm, whales have been enjoying the sluggish price action to grow their positions.

If ETH can hold the support at $250, the upward momentum could see it surge towards $300 since there isn’t any other important barrier that could hold it back from such an upward movement.

Wayne Jones
Wayne is a Blockchain enthusiast and expert in crypto trading. Currently, I cover trendy issues on digital currencies.

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