- Bluzelle crypto price has surged to a record high as demand rises.
- Ethereum price has formed a double-top pattern on the daily chart.
Ethereum and Bluzelle prices continued rebounding this week as demand for cryptocurrencies continued. Bluezelle’s BLZ token soared to a high of $0.1974, the highest level on record. It has soared by more than 316% from the lowest level this year.
Ethereum price also continued rising. ETH coin rose to a high of $1,665, a few points above last week’s low of $1,530. Other cryptocurrencies like Bitcoin, Chainlink, and Ellipsis (EPX) have also jumped.
The main reason for the rally was the recent performance of Bitcoin, which jumped to a high of over $27,000 from last week’s low. This rally is likely because of the upcoming interest rate decision by the Federal Reserve. Analysts expect the Fed will decide to pause its interest rates between 5.25% and 5.50%.
Ethereum price prediction
The 4H chart shows that the ETH crypto price made a double-top pattern at $2,021. The neckline of this pattern was at $1,626, where the coin is now trading at. It has moved slightly from last week’s low of $1,531. Ethereum remains below the 25-day and 50-day moving averages.
ETH has also risen above the 50% Fibonacci Retracement level while the Relative Strength Index (RSI) has drifted upwards. Therefore, the outlook for Ethereum is bearish, with the initial level to watch being last week’s low at $1,531. A break below that level will see it drop below the key support at $1,400.
Bluzelle price forecast
Bluzelle is a blockchain network that handles over 10,000 transactions per second (TPS) and has a seamless interoperability with Cosmos. It also offers a decentralized storage network that runs on top of the IPFS technology.
The daily chart shows that the Bluzelle price has been in a strong bullish trend in the past few months. It has jumped above the important resistance level at $0.1375, the highest level in February this year.
Bluzelle crypto price has moved above the 25-day and 50-day moving averages. The Relative Strength Index (RSI) has moved above the overbought level. It has also formed an ascending channel shown in black.
Therefore, the BLZ price will likely continue rising as buyers target the key resistance level at $0.25. The stop-loss of this trade will be at $0.1600.
