Bitcoin, the world’s largest cryptocurrency, has experienced a rollercoaster ride since the start of 2023, surging by more than 70% in the first quarter. This performance outperformed other assets such as physical gold and US stocks.
However, the uptrend appears to be short-lived, as BTC recently fell 2% to $28,069.54, while Ethereum also fell 1.15% to $1,890.98.
Ethereum (ETH), the world’s second-largest cryptocurrency, has outperformed BTC over the past week, mainly driven by anticipation around the upcoming Shanghai hard fork update scheduled for April 12.
In light of this, traders hesitate to place any significant bids before its publication. US non-farm payrolls Data on Friday.
Investors are looking to bitcoin and ethereum as safe-haven assets amid the prospect of a US banking crisis. Bitcoin has been struggling to overcome the $28,800 to $29,000 resistance zone since mid-March, but experts believe recent macroeconomic data and gold performance could provide the needed boost.
Historical data indicates that April has generally been a strong month for cryptocurrencies such as Bitcoin and Ethereum, which may contribute to investor confidence in the crypto market. As a result, investors are bullish on the cryptocurrency market, predicting that it will reach new all-time highs in the coming weeks.
PostFinance and Sygnum Partner to Offer Cryptocurrency Services
Swiss government-owned retail bank Postfinance has recently announced a partnership with local cryptocurrency bank Sygnum to offer cryptocurrency trading and storage services to its customers. Therefore, this positive development clearly shows the growing interest in digital assets.
It is worth noting that this partnership enables PostFinance to offer its customers the opportunity to buy, store and sell major cryptocurrencies such as bitcoin and ether, while ensuring that these services are fully compliant with local regulations. Does
As such, the government-owned bank’s decision to offer regulated and compliant digital assets banking services to its customers is a good move for the cryptocurrency market, as it supports the increasing relevance of digital assets in the financial system.
Ethereum’s Shepela upgrade and its potential impact on the market
Another factor boosting the crypto market could be the upcoming Capella update. Ethereum, the second largest cryptocurrency by market capitalization, is set to introduce a significant upgrade called the Capella Update on April 12, 2023.
However, the update will allow users to withdraw their staked ETH from a platform that initially supported proof-of-stake migration, called the Beacon Chain. The market is anticipating the potential impact on the cryptocurrency industry.
Ethereum is currently on a rally and it is projected to continue the uptrend towards the $1,900 level and towards the $2,000 range. In contrast, the last time Ethereum posted a major uptrend, it was followed by a market selloff and a decline to key support areas.
Thus, it is unclear how this upgrade will directly affect the price of the crypto market, but Ethereum’s upward momentum could have an impact on other cryptocurrencies, including bitcoin.
bitcoin price
The current price of Bitcoin is $28,069 with a 24-hour trading volume of $15.5 Billion. Bitcoin is down about 1.50% in the last 24 hours. The BTC/USD pair is currently exhibiting a bearish bias based on technical analysis. However, it might face resistance once it reaches the $28,250 level.
If bitcoin manages to overcome the $28,250 resistance, its price could potentially increase towards $28,900 or $29,250.
Conversely, if a bearish trendline emerges, a substantial support is expected near the $26,500 and $25,500 levels.
ethereum price
The current price of Ethereum is $1,890, with a 24-hour market volume of $9 Billion. Ethereum has experienced a decrease of 1.15% in the last 24 hours.
Currently, Ethereum is struggling to break the $1945 resistance and it is constantly trading near the $1,850 support area.
Should the ETH/USD pair manage to climb above the $1,940 level, it is expected to face resistance near the $2,050 mark.
Support for the ETH/USD pair is expected at $1,850 or $1,720.
Top 15 Cryptocurrencies to Watch in 2023
Keep yourself informed about the latest ICO projects and altcoins by referring to our handpicked selection of the 15 most promising cryptocurrencies to monitor in 2023, suggested by experts from Industry Talk and Cryptonews.
Disclaimer: The Industry Talks section features insights by crypto industry players and is not part of the editorial content of 0x0news.com.
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