Ethereum just blasted into a new trading range! On the other hand, Bitcoin is on the verge of starting a new price discovery uptrend, says crypto analyst Rekt Capital, 546,700 X followers. According to the analyst firm, any decline in Ethereum would confirm $2,200 as Range Low support. Bitcoin must first clear resistance at roughly $105,000 to catalyze a breakout into price discovery.
Ethereum’s price increase of 40% last week was an impressive enough move, but more importantly the increase moved Ethereum into a new and higher trading range. Ethereum has printed a Weekly Close in its $2,200-$3,900 Macro Range. Historically Weekly Closes above $2,200 have kicked off significant uptrends in the Middle of Ethereum’s Range.
Bitcoin is now fighting to break above its final resistance zone. According to Rekt Capital, Bitcoin must go lower than $100,000. Once it does, it should make that level support before shooting up. The crypto’s Range High resistance is at $104,500.
Unless Bitcoin’s able to definitively clear the $104,500 Range High resistance, price action within that range is likely. So, as always, a potential Lower High in Bitcoin must be turned into support… just like what happened after the 2020 halving. A drop to $97,000 would complete that retest.
Bitcoin needs to receive a Weekly Close above the Range High of its recently regrown Re-Accumulation Range. Now, this move will begin the breakout process. Until this happens, the crypto will be met with persistent counterforce.
