The past week saw Bitcoin (BTC) rebounding and reclaiming a pivotal $42,000 level, while Ethereum (ETH) experienced a modest uptick in its price. However, the real stars of the week were several altcoins, with Manta Network (MANTA) leading the pack, followed by Sui (SUI) and Conflux (CFX), showcasing impressive gains in the top 90 cryptocurrencies.
Manta Network (MANTA) stole the spotlight with an astounding 50% surge over the week, reaching a peak of $3.83. Presently, MANTA is trading at $3.66, exhibiting robust performance with a 0.80% increase in the last 24 hours.
Sui (SUI) also made waves, achieving a 35% gain during the week. Despite a 1.02% decrease in price, SUI is currently trading at $1.40, demonstrating resilience in the market.
Conflux (CFX) garnered significant attention, boasting a weekly increase of over 33%. Trading at $0.242, CFX experienced a 10.81% price increase and an impressive 31.56% surge in trading volume within the last 24 hours.
Additionally, notable altcoins like Internet Computer (ICP), Solana (SOL), and Avalanche (AVAX) reported gains in their weekly charts, with ICP up by 11%, SOL by 10%, and AVAX showing a 9% increase, according to data from CoinMarketCap.
Bitcoin (BTC) & Ethereum (ETH) Weekly Review
In the past week, Bitcoin experienced a decline, retracing to $38.5K before a slight recovery to $42,007 today, according to Santiment. However, this upward movement in Bitcoin contrasts with the lackluster performance of altcoins.
The SP500 recently achieved a new All-Time High, leading to speculation that Bitcoin and other major cryptocurrencies might “regress to the mean” and catch up with the bullish trend in equity markets. The cryptocurrency sector has notably lagged behind stock markets since diverging on January 17th.
Crypto analyst CryptoCon emphasized a historical pattern, stating that no Bitcoin cycle mid-top has occurred without revisiting the Monthly Least Square Moving Average. The current value of this moving average is $30,358, and despite its steady increase, Bitcoin’s price has not come close to testing this crucial support.
However, long-term data observations, including the 2019 example, suggest caution regarding claims that the market has hit its low. CryptoCon’s estimate anticipates a move to the low $30K region by February or March.
As of now, Bitcoin is priced at $42,007, with a 24-hour trading volume of $20.35 billion and a market cap of $823.85 billion. In the last 24 hours, Bitcoin experienced a 1.19% decrease, while the weekly chart shows a 3% increase.
Meanwhile, Ethereum (ETH) has shown signs of recovery, particularly around the $2200 level. Notable long-tail rejection candles on its daily chart suggest a decrease in bearish momentum. This positive shift coincides with Bitcoin stabilizing above $40,000 and a broader uptick in the altcoin markets, sparking a new relief rally.
Over the recent fortnight, Ethereum experienced a significant correction, dropping from $2714 to a low of $2168, marking a 20% decrease. During this pullback, the coin price broke below the channel pattern’s support trendline, which had supported a recovery rally for nearly three months.
As of now, Ethereum is priced at $2,284.43, with a 24-hour trading volume of $7.00 billion and a market cap of $274.55 billion. In the last 24 hours, Ethereum experienced a 0.98% decrease.
However, Ethereum demonstrated resilience around the $2200 mark, reclaiming the breached support trendline and triggering additional buying orders in the market. The reversal marked the prior downfall as a ‘Bear Trap,’ with evidence of considerable short liquidation.
Looking ahead, Ethereum’s ability to maintain its position above the reclaimed support at $2200 is crucial. If successful, it could initiate a 6.85% relief rally, aiming for the $2430 level.
However, a significant obstacle lies at this immediate resistance level, corresponding to the 50% Fibonacci retracement of the recent correction. To continue its upward trajectory and potentially retest the $2700 mark, Ethereum must break above this critical barrier, gaining further momentum in the process.
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