Bitcoin recovers above $20,000 as trading volume soars while Ethereum finds support level at $1,500

Bitcoin and Ethereum saw more negative momentum over the weekend after plunging to the $20,000 and $1,500 levels last week. BTC and ETH are back to their levels of the previous week in the cryptocurrency markets as of this Monday. With an increase of more than 20% from the previous day, the transaction volume for Bitcoin and Ethereum has increased significantly.

The bears are still in charge of the market despite the latest price increase, as the global crypto market cap unfortunately has yet to surpass $1 trillion. Let's take a look at some factors to consider for what Bitcoin and Ethereum's next move would be in the coming weeks.

Key objective

• Bitcoin and Ethereum prices rebounded after the market slowdown that occurred over the weekend.
• Last week, Jerome Powell's statements at the Jackson Hole conference fueled negative sentiment in the stock and cryptocurrency markets.
• The increase in trading volume indicates that traders are ready to buy more positions if there is another correction.
• The Ethereum network merger will continue to boost ETHUSD over the next few weeks, especially once the network merger is complete.

Bitcoin Market News Update

The words of Federal Reserve Chairman Jerome Powell at the Jackson Hole conference in Wyoming are expected to have the most impact on Bitcoin and other digital currency markets.

Jackson Hole is an annual gathering of central bankers where several key organizations discuss impending monetary action and macroeconomic ideas. This year's conference was held August 25-27 and Jerome Powell warned there could be tough times ahead as the Fed plans to raise interest rates to help limit inflation and strengthen the economy.

Rising interest rates put short-term downward pressure on markets as traders consolidate positions and withdraw funds. Additionally, rising interest rates are hurting other businesses, including real estate, as buyers' purchasing power declines as the size of a mortgage they can acquire and afford. decreases.

Regardless of the Fed's future monetary action, Bitcoin is likely to remain at the $20,000 level, especially since cryptocurrency markets are inherently inflation resistant and price declines are driven by uncertainties. and the panic of traders.

Ethereum Price Market Update

After falling to around $1,400 over the weekend, ETHUSD saw its price rise 7% on Monday, bringing it down to $1,500. Traders are buying ETH expecting bullish momentum as the network merge date approaches in a few weeks.

While some speculate that the Ethereum merger trade is already priced in, others believe that most of the price increase will occur after the merger. More so, we cannot be certain that Ethereum's network will not experience any obstacles or problems until the integration is complete. While investors remain cautious, today's spike in trading volume and the rapid rebound from the $1,400 level imply that the Ethereum market is quite healthy and will undoubtedly hit the $2,000 area in the near future. the next months.

Cardano's Vasil Hard Fork is expected to take place the same month as the Ethereum merger, according to Cardano founder Charles Hoskinson. He also said on a Live stream on Twitter that extensive testing is currently underway in preparation for launch in mid-September. This indicates that more bullish news will be released in September. Also, ETC needs to be watched closely as it is likely to experience a price spike in September. There will be an increase in hash rate as POW miners switch to Ethereum Classic after the merger.

The next move in the crypto market

Today's bullish momentum is a good indication for the Bitcoin and Ethereum markets. Although the short-term volatility may worry some traders, it is still an ideal opportunity to buy crypto assets at low prices.

Bitcoin is expected to trade in the $20,000 range, while Ethereum's $1,500 level should remain a vital support range for the cryptocurrency. The increase in trading volume signals that a market shift is on the horizon this week, as many traders are sitting on the sidelines, ready to buy BTC and ETH if prices fall again.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service. Follow us on twitter @thevrsoldier to stay up to date with the latest news from Metaverse, NFT, AI, Cybersecurity, Supercomputer and Cryptocurrency! Image source: betochagas/123RF // Image effects by Colorcinch