- Bitcoin sets further lows at $47,000 last week.
- Ethereum still respects support at $2,040.
- BNB, VET, and UNI continue consolidating
Weekly Crypto Price Analysis this week covers some of the most popular cryptocurrencies this week. Since our previous weekly crypto price analysis, the overall crypto market has gone lower. The bearish momentum, however, is expected to change this week.
On the 7-day heatmap, we can see the market mostly trading in the red, with the leader, Bitcoin, down by almost 4 percent. Meanwhile, Ethereum is among the best performers with a gain of 15 percent as it failed to move lower earlier last week. Dogecoin is among the worst performers, with a loss of around 32 percent after a very bullish rally at the beginning of April.
Weekly Crypto Price Prediction: Markets set to rally as bearish momentum is exhausted
Bitcoin has seen another sharp push to the downside over the past days after spending the first half of last week consolidating in an increasingly tighter range above the $54,000 support.
On Thursday, a rapid spike lower set another major lower swing low until support was found around the $47,000 mark. From there, the crypto price started to consolidate once again.
After another brief spike lower to retest the $47,000 support level yesterday, the market started rallying overnight. Over the past hours, the previous support level of around $54,000 was reached and currently provides some resistance.
This could lead BTC/USD towards another retracement later this week. If a higher low is set above the previous low at $47,000, we can expect a much serious medium-term reversal to play out over the next week. Additional support is seen at the $51,500 previous support/resistance level.
Ethereum has been one of the rare cryptocurrencies that held its ground over the past week. After establishing support at the $2,040 early last week, the market retested it several times until a push to the $2,650 mark resulted in a new all-time high on Thursday.
From there, most of the gain was lost as the crypto price action reversed and retested the $2,040 again. After some further consolidation above the $2,170 support, ETH/USD started rallying overnight and broke through the minor local resistance at $2,380.
Currently, the Ethereum price action looks to break through the next resistance level at $2,550. From there, we can expect a further all-time high to be set this week. However, first, we could see another short-term retracement that establishes another higher low, from which to push higher later this week.
Similarly, like Ethereum, Binance Coin also held its ground over the last week and failed to set a significantly lower low. In fact, a higher low was set on the 23rd of April, indicating that the crypto price structure is trading in an increasingly tighter range over the past weeks.
After consolidating above $480 support over the past days, BNB/USD finally moved higher and set a higher local high around the $450 price mark. Therefore, we should see further bullish price action momentum later this week.
Over the next 24 hours, a small retracement could set another higher low as the market is likely not yet ready to directly move to the next major resistance at $600. However, BNB should reach this target by the end of this week. Otherwise, a much more serious reversal could be seen later next month.
After several slightly lower lows below the current all-time high, around $0.27 last week, VET/USD finally made a sharp move lower in the middle of last week. A quick spike lower resulted in a retest of the $0.13 price mark, after which the crypto price quickly rallied back to $0.20.
From there, Vechain price slowly moved lower again and established a higher low around the $0.16 mark overnight, indicating that we will likely not see further downside this week. A higher high above the $0.205 mark is yet to be set. Therefore, the Vechain price action trades in an increasingly tighter range as of now. However, once this range is broken, we expect a steady move higher later this week.
Uniswap established a strong trading range last week. After finding and retesting support around $28-$29.5 support area, the market consolidated for several days and pushed higher towards the all-time high of $39 again.
UNI/USD peaked at $38, establishing a slightly lower high, and from there saw an equally strong push lower with support found at the $30 mark. Therefore, both a lower high and a higher low has been set, indicating that the crypto price action is trading in an increasingly tighter range.
Over the weekend, UNI started rallying again, and after initial struggle around the middle of the range support resistance area around $33-$34, peaked at $37. This will likely lead towards another move lower this week as the market looks to continue trading in an increasingly tighter range.
Therefore, further UNI/USD price action development is needed as of now. Once a new higher high is set, we should see further all-time highs for the market.
Weekly Crypto Price Prediction: Conclusion
Overall our Weekly Crypto Price Analysis indicates we should see the markets turn bullish again this week. The first days might be spent in slight retracements for most of the cryptocurrencies. However, from there, we should see further highs by the end of the week. Therefore, the overall sentiment is bullish for this week.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
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