Bitcoin Price on the Road to Strong Recovery, Ethereum Still Lags Behind

The cryptocurrency market is showing signs of recovery as the total market cap surged by 1.41% today, reaching $2.44 trillion.

Bitcoin managed to briefly breach the $69,000 level, but retraced to its current price at $68,850.

Despite this retracement, BTC is still up 2.7% on the weekly chart and has 24-hour trading volume of around $23.2 billion.

In the past 24 hours $80.36 million were liquidated from the market ($25.95 million being longs and $54.4 million in shorts).

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The 1-day technical analysis from TradingView remains extremely bullish with the summary and moving averages pointing to “strong buy” at 17 and 14, while oscillators show “buy” at 3.

Many altcoins followed suit, with the bigggest gainer for today being eCash, which surged 14.9% and has a trading volume over $100 million.,

However, there is one altcoin that isn’t showing much bullishness during this surge and that is Ethereum.

Although Ethereum recently got the greenlit from SEC for spot ETFs, the prce of ETH seems to be lagging behind Bitcoin.

At the time of writing, Ethereum is valued at $3.274 with a 6.5% weekly decrease and $11.8 billion trading vokume.

Despite the positive start of spot ETH ETFs, these funds seem to be registering outflows in the past 2 days. Nevertheless, many analysts and crypto experts are optimistic about the ETFs’ future performance and the positive impact on the price of Ethereum.

However, Ethereum’s 1-day technical analysis from TradingView seems rather bearish. The summary and moving averages pont to “sell” at 11 and 10, respectively, while oscillators remain “neutral” at 9.

Alexander Stefanov