Price Update: Bitcoin and Ethereum Prices May Bounce Back Soon
The top two cryptocurrencies in the world by market capitalization Bitcoin (BTC) and Ethereum (ETH) have turned bearish in the cryptocurrency market after trading in the bullish territory for a few weeks. After recording their yearly highs recently, both of the digital assets have faced a significant drop in their price values. Looking at the current technical picture of both BTC and ETH, it seems that they may bounce back in the coming days.
BTC/USD: Can Bitcoin Bounce Back?
The largest cryptocurrency in the world by market cap Bitcoin (BTC) has been dropping down during the last few days. The price value of Bitcoin faced a loss of over $2,000 in recent times as the coin dropped from its local highs of $12k to $10k. Bitcoin’s price even went down below $10,000 for a shorter period of time but has recovered so far.
Currently, the price of BTC is down over 1% while trading at around $10,243 at the time of writing. This means that Bitcoin is still in the bearish zone and may drop down further if it does not sustain it here. In the short-term case scenario, there is a chance that the coin may plummet down in the coming days. However, the trend line has slightly started moving upward which means that the coin is preparing for bouncing back. The next major resistance for the coin is standing at $10,500.
ETH/USD: Chances of recovery are still there
Following Bitcoin’s price drop, the world’s second-largest cryptocurrency Ethereum (ETH) also could not sustain its bullish trend and dropped down. Recently on September 1, the second-ranked digital currency recorded its high at around $488 but after that, it has been plummeting down. For over the course of the last seven days, the coin has faced a loss of more than 12% which sent the price of the coin down to $330 area.
However, the coin has slightly recovered so far. Currently, the price of ETH is trading at $343 with a change rate of -9.42%. Though ETH price is trading in the bearish zone the chances for recovery are still out there. If the coin manages to break above the resistance of $350 in the coming days it might be able to bounce back towards its yearly high value.
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