Top 3 Trending Coins: BTC Bulls Target Push Above $25K as ETH Bulls Target $2K

Key Points

• Bitcoin is consolidating around $24,000, up over 3% this week as bulls eye a push above the $25,000 resistance area.
• Ethereum is up closer to 12% this week, near $1,900 as bulls eye a push above the $2,000 mark.
• Energy Web Token has maintained upside momentum after a positive shoutout from BlackRock.

Bitcoin Bulls Eye Break Above $25,000 Level, Push Back Towards $30,000

At the end of a choppy week that has seen Bitcoin swing between sub-$23,000 and near-$25,000 levels, the world’s largest cryptocurrency by market capitalization is trading flat on Friday near the $24,000 level. Sentiment remains upbeat in cryptocurrency markets amid data this week hinting towards peak inflation in the US – the latest US consumer sentiment survey saw one-year inflation expectations drop to 5% from 5.2%, after data in the prior two days showed a drop in the rates of Consumer and Producer price inflation.

The idea that inflation in the US has now peaked has supported cryptocurrency markets this week as it eases concerns that the Fed will have to get aggressive with rate hikes in the next few quarters in order to get inflation back to its 2% target. At current levels, Bitcoin is on course to end the week more than 3% higher, with the cryptocurrency undoubtedly still in an uptrend, though the $25,000 area appears to be offering strong resistance for now.

The cryptocurrency appears to have formed an ascending triangle in the last few weeks, suggestive that a break higher is on the cards. If Bitcoin can push above its 100-Day Moving Average at $25,060 and the May low at $25,400, the door is open to a swift run higher towards $30,000 and perhaps even to the late May highs in the mid-$32,000s.

BlackRock Launches Spot Bitcoin Private Trust

News this week that BlackRock has launched a spot Bitcoin private trust for its US-based institutions, one week after it partnered with Coinbase to offer cryptocurrency trading services to its clients, could be just the sort of catalyst (aside from macro developments) that could help BTC rally in the weeks ahead.

BlackRock said in a post on its website that “despite the steep downturn in the digital asset market, we are still seeing substantial interest from some institutional clients in how to efficiently and cost-effectively access these assets using our technology and product capabilities”. “Bitcoin is the oldest, largest, and most liquid digital asset and is currently our clients’ primary subject of interest within the digital asset space,” the world’s largest asset manager said.

2017: BlackRock CEO Larry Fink calls Bitcoin an 'index of money laundering'

2022: BlackRock Picks Coinbase To
Provide Clients With Direct
Bitcoin Exposure.

Bitcoin adoption only trending one direction 🔥

— Dan Held (@danheld) August 10, 2022

According to the CEO of Digital Currency Group (which owns Grayscale, CoinDesk and Foundry) Barry Silbert said that the move from BlackRock could be the catalyst for central banks around the world to start investing in Bitcoin.

Ethereum (ETH) Bulls Target $2,000 Level Amid Merge Optimism

Having just missed out on hitting the $2,000 mark on Thursday, ETH, the native token that powers the Ethereum network was last changing hands around $1,900, still up in the region of 12% this week. The world’s second largest cryptocurrency by market cap continues to derive support from optimism about the network’s upcoming “Merge” to Proof-of-Stake (PoS) from Proof-of-Work (PoW) after a successful trial run on one of its major public testnets this week.

In wake of Thursday’s successful Goerli testnet “Merge”, developers are tentatively putting forward dates when the Ethereum mainnet merge to Proof-of-Stake from Proof-of-Work might go ahead. Developers seem to agree that the so-called Bellatrix upgrade, the upgrade that kick-starts the merge process, should go live on 6 September.

Tentative Mainnet Bellatrix fork slot/time 👇

Epoch: 144896
Time: 9/6/2022, 11:34:47 AM (UTC)

— terence.eth 🦇🔊 (@terencechain) August 11, 2022

Ethereum bulls continue to eye a test of the $2,000 level and then a push above it into the $2,000-$2,200 resistance area just above it. If ETH can push above here in the next few weeks, a test of its 200DMA around $2,260 is likely.

Energy Web Token (EWT) Boosted After BlackRock Shoutout

Energy Web Token, the native token that powers the Energy Web Chain, saw a more than 30% surge on Thursday and has risen a further 8% on Friday after the project received praise from BlackRock for trying to reduce Bitcoin mining emissions. As mentioned above, BlackRock has launched a private spot Bitcoin fund for its clients.

“BlackRock is encouraged that organizations such as… Energy Web are developing programs to bring greater transparency to sustainable energy usage in bitcoin mining, and will follow progress around those initiatives,” it said earlier in the week. EWT was last changing hands just below $4 per token, having failed an attempt to push above its 200DMA at $4.09 for a second day running.

Indeed, $4 is an important area of resistance for the cryptocurrency. If it is able to push above here, the door could be open for a swift run higher towards resistance in the $6.0-$7.0 area.