A recent technical analysis report from Glassnode sheds light on the current dynamics of the cryptocurrency markets, particularly for Bitcoin and Ethereum. The report highlights Bitcoin’s record-breaking price surge, which has resulted in a significant boost to investor portfolios, prompting many to consider risk reduction and profit taking strategies. 📈
The report states that the influx of capital into Bitcoin, reaching an all-time high Realized Cap exceeding $900 billion, signifies a pivotal turning point for the asset’s history. This surge in price also triggered a new record for the Realized Market Value. 🚀
Meanwhile, Ethereum’s price has been on an upward trajectory, driven in part by the successful Pectra upgrade that took place on May 7th, leading to statistically significant daily gains.
However, Glassnode identifies the $2,400 to $2,900 range as a critical resistance level for Ethereum. If investors can sustain momentum above this mark, the uptrend is expected to continue, according to the report.
*This is not investment advice.*