Ethereum is expected to have a slightly more bullish bias in the coming week, while Bitcoin is still in a consolidation phase with a revisit to $60k becoming more likely.
Bitcoin traders are facing a tough period after experiencing easy rallies since last October. Ethereum has been more complex, with BTC’s halving event last month changing market conditions to chop and range formations.
Market sentiment over the weekend was investigated by AMBCrypto to determine where this week’s price action could be headed.
Speculators are expecting bullish returns in the near term for either Bitcoin or Ethereum. Bitcoin’s Open Interest increased on the 10th of May but has been trending downward since a price spike on the 6th of May. The price also formed lower highs, descending from $64k to $61.1k.
Ethereum saw Funding Rates slip into negative territory in early May but has since recovered. A slight bounce in price saw the Open Interest and funding rate increase.
Bitcoin’s liquidation heatmap showed a cluster of liquidations at the $60k area, with $61.8k and $63k as potential bullish targets. Traders may want to buy the dip to the $50.6k-$60k region.
Ethereum has a cluster of liquidity near $2950, close to the current market price of $2928. A drop to the $2860 region could present a buying opportunity. Liquidation levels around $3.1k-$3.2k are seen as attractive targets.
In the event of a drop below $2.8k for Ethereum, traders should be prepared for a strong short-term downtrend and adjust their stop-losses accordingly.