Bitcoin still below $20,000, Ethereum suges above $1600

The overall crypto market cap is slowly beginning to edge upwards and the past 24 hour price action has put the price back up again above the crucial trendline support (marked in orange). Ever since the crash leading up to Jerome Powell’s speech at the Jackson Hole Symposium, the market had only managed to hold its ground but it seems like that is beginning to change. We are seeing broader market recovery on the charts and if prices are able to sustain above this trendline support, we can see some really good positive price action going forward.

Continuing onto Bitcoin, the scenario isn’t that great. While the overall market managed to gain almost two percentage points in this timeframe, Bitcoin price managed to gain less than half a percent. With BTC price and the overall crypto market becoming more and more dissociated in their price action, the only logical conclusion is that other altcoins are recovering against a falling BTC price and are eating into its market share.

Ethereum on the other hand, has been a surprise on many fronts and continues to be so. While Bitcoin stagnated around its $19,800 price level, Ethereum price has been recovering very strongly and has recovered much of its lost ground in the past 24 hours. Rallying over 5.5 per cent in this timeframe, ETH price is back to trading over $1650 and is well on its way to recovery. This is a very promising sign, especially ahead of the highly anticipated Ethereum Merge, that is set to happen in about two weeks and the excitement around it.

Also Read: Top Crypto Prices Today: Bitcoin Price stays below $20,000 While Ethereum Surged by 5% & Ethereum Classic jumps 26%!