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Bitcoin and Ethereum welcome the awaited bullish moves on 18 march as the crypto’s climbed past their critical resistance zones.
- Ethereum and Bitcoin recorded upswings within the past day, surging 5% and 3%, respectively.
- ETH’s recovery came as the network noted increased activity.
- Ethereum’s latest price move outpaced Bitcoin.
The crypto market saw a bullish wave as the leading cryptocurrencies, BTC and ETH, noted decent upswings. Lately, weekends have seen the crypto market with massive volatility and downward price actions. However, this Friday brought relief to crypto enthusiasts that have anticipated uptrends.
The Needed Breather
Late hours on 18 March saw Bitcoin on upside price movements, slightly moving past $42.3K. Also, Ethereum rallied towards the $2,940 as fans expected the leading alt to regain the $3K level. Meanwhile, Bitcoin had its trading volume on exchanges declining on 16 March as the crypto rallied past $40K. Santiment data indicated that Friday’s upsurge past $42.3K emerged from massive short liquidations.
Bitcoin funding rates still provided a lucrative insight into how investors place bets. Funding rates are payments to short or long investors. They are according to the difference between spot prices and perpetual contract markets.
Cost of holding BTC long position (average funding rate) in perpetual markets recorded upticks following latest price surges. The surge in funding rate might reflect potential bullishness for the crypto.
Though Bitcoin saw massive upswings within the past day, it retraced to $41,788, at this writing, up 3.24% in 24 hours.
Ethereum Leads Rally
Though BTC recorded notable surges, ETH stood out in the top ten cryptos as far as gains are concerned. Ethereum gained more than 5% within the previous 24hr to approach $3K, changing hands to around $2,957 at this publication.
Santiment data showed that Ethereum hit $2.9K after hovering beneath the area since 2 March. That came amid a significant surge in whale transactions. For instance, the ETH network recorded more than 7,000 transactions worth over $100K on 18 March, the highest since Russia-Ukraine news hit the marketplace.
The surge in whale and network activity might see Ethereum on the much-anticipated recovery. Notably, technicals show Ethereum’s latest price surges outpaces Bitcoin’s upswings.
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