Crypto investors are closely watching the Ethereum (ETH) market as the price seems poised for another rally. Analysts suggest that the rally could be triggered by a drift in the dollar and rates.
According to Chris Burniske, founder of venture firm Placeholder, if the dollar and rates drift lower, Bitcoin (BTC) could push through $25,000, and if Ethereum follows suit, it could lead to another round of fireworks.
Bitcoin has been experiencing some volatility over the past few days. Technical analyst Jake Wujastyk believes that the Bitcoin price is attempting to catch a bid after forming an anchored volume-weighted average price (VWAP) pinch on the daily chart.
The pinch pattern typically indicates that a breakout could be imminent, either up or down.
Over the past seven days, Bitcoin’s price has been fluctuating, with a low of $22,198.98 on March 4 and a high of $23,880 on March 1. At press time, the world’s largest cryptocurrency is changing hands at $22,386.
Ethereum’s price has been following a similar pattern to Bitcoin’s over the past few days.
As reported by U.Today, the price of Bitcoin plunged by roughly 6% on March 3, hitting an intraday low of $22,000. The recent sell-off was linked to the collapse of Silvergate, a cryptocurrency-friendly bank. Silvergate’s shares took a massive hit and reached an all-time low after the bank delayed its annual report. Major cryptocurrency clients, including Coinbase, Bitstamp, Circle, and Paxos, have severed ties with the bank.