Since the conclusion of January, both Ethereum and Bitcoin have demonstrated a robust upward trajectory. Bitcoin notably surpassed its previous all-time high of $69,000, reaching a pinnacle on March 13, 2024, at $73,679. However, there’s been a subsequent potential correction following a divergence between the price graph and the Relative Strength Index (RSI).
Presently, a channel pattern has emerged, hinting at a potential closure followed by a resumption of the upward trend. Notably, there’s a concern regarding the potential continuation of the decline in momentum. Nevertheless, indicators such as the 20, 50, 100, and 200 moving averages, alongside the Moving Average Convergence Divergence (MACD), suggest bullish continuity.
In terms of Fibonacci regression, the retracement has not exceeded 38.2%, indicating that the bullish trend may persist. These factors collectively suggest a cautiously optimistic outlook for Ethereum and Bitcoin, with potential for further upward movement in the near term.
