Joseph M. Wagner II
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Cryptocurrency Ethereum with One Dollar Bill as financial concept.

BTC futures traded up moderately today, gaining 2% in value, closing at approximately $56,600. More impressive is the close effectively above the 50-day moving average after closing below it on April 22nd. This short four-day period marked the first occurrence of pricing below this technical indicator since October 9th.

On a weekly candlestick chart, you can clearly see that Bitcoin futures basically recouped all the losses of last week, although Bitcoin failed to re-enter the upward channel that took it past $65,000 nearly three weeks ago. Our outlook right now is cautiously bullish.

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Ethereum, on the other hand, is looking fully bullish and has been on the rise. Ethereum, the world’s second-largest crypto by market cap, has gained nearly 14% in value in the last seven days, compared to Bitcoin, which gained nearly 2% in the same period. The second place in terms of Market capitalization is by a wide margin, Ethereum’s $310,000,000,000 next to Bitcoin’s $1,000,000,000,000 may be small, but in terms of 24-hour spot volume, it’s a lot closer of a call, with Ether’s numbers at $33 Billion and Bitcoin’s 24 hr. trading volume not too much higher at $46 billion.

ETH has been more resilient than BTC during this last correction where ETH just continued higher to make new record highs, currently trading above $2,700 for the first time in history. Ethereum looks poised to tackle $3,000 by the end of the summer.

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