Despite the bearishness in the Bitcoin market, Ethereum has been leading the altcoins to a surge. While its rally carried the second-largest altcoin to an all-time high, Bitcoin and its hard fork coins have been witnessing a consolidation phase.
The Ethereum market indicated that the altcoin surged by 25% in the past 3 days and was showing room for more upswing. At the press time, ETH was rallying at a value of $2,758 and was moving toward resistance at $2,781.
While Bollinger Bands had relatively converged, indicating that volatility had reduced, the signal line remained under the candlesticks, thereby acting as support. However, with an active market, the digital asset was close to hitting the overbought zone.
Meanwhile, money was flowing into the ETH market which was a bullish sign.
Bitcoin SV [BSV]
The Bitcoin SV price has surged by 25% over the past 3 days and was trading at $287.96. However, over the past day, the coin was seen consolidating between $283 and $292. This restricted movement was highlighted by Bollinger Bands which remained converged suggesting low volatility. Meanwhile, the asset was headed away from the equilibrium zone.
The buying pressure was visibly rising and the awesome oscillator was also indicating that the buying momentum was on a rise.
After the recent fall, Bitcoin’s value recovered by 14% and the asset was trading at $54,215. As visible in the chart above, the price was consolidating above the support at $53,931.
However, Bitcoin price has remained unstable in April and the market may continue to remain in the current price range in the short term. With volatility remaining stable and the signal line taking over the candles, the market has remained bearish. Likewise, Relative strength index was showing that the market was at equilibrium but the selling pressure has remained high.
While MACD indicator suggested that Bitcoin has been seeing a bearish trend over the past three days.