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Ethereum (CRYPTO: ETH) and Bitcoin (CRYPTO: BTC) are trading lower on Friday in a declining cryptocurrency market.
Benzinga conducted a poll on Twitter to see if traders thought the Ethereum or Bitcoin chart looked more bullish. It was found that 75.5% of Benzinga followers think Ethereum looks more bullish while 24.5% think the Bitcoin chart looks more bullish.
See also: What is Bitcoin and how does it work?
Ethereum Daily Chart Analysis
- Ethereum appears to have broken away from an ascending triangle pattern and is now testing the old resistance as support.
- Resistance was found near the $ 3000 level before the breakout above, this level can now serve as support. The highest low trendline is somewhere that Ethereum could find support in the future.
- The crypto is trading above the 50-day moving average (green) and the 200-day moving average (blue), indicating that the crypto is experiencing a period of bullish sentiment.
Bitcoin Daily Chart Analysis
- Bitcoin appears to be holding a key level as support and may be poised to move towards resistance.
- The $ 60,000 is one area in the past where Bitcoin has encountered resistance. Bitcoin is holding above the $ 45,000 level, an area in which crypto has already found support.
- The crypto is trading above both the 50-day moving average (green) and the 200-day moving average (blue), indicating that sentiment in the crypto appears to be bullish.
What’s next for Ethereum and Bitcoin?
Bullish traders would like to see cryptos bounce back from support and start pushing higher, forming higher lows along the way. The bulls want to see the long term uptrend continue.
Bears are looking for cryptocurrencies to fail to hold above support lines and for cryptos to start falling towards the next lower support line. This could make the general market sentiment more bearish.
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