Bitcoin, Ethereum Trends Diverge; BTC/USD & ETH/USD Price Setups

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Bitcoin continues to be well supported, now testing a formidable resistance on the 200-day moving average, roughly coinciding with the end-August high of 28150. This follows a hold last month above strong support at the June low of 24750, which has kept intact the higher-top-higher-bottom formation since the end of 2022.

The lack of a meaningful upward momentum in recent weeks raises the risk of Ethereum staging a secondary/lower high on the weekly charts, relative to early 2023. This would be the first time since the recovery started in late 2022 that the higher-highs-higher-lows sequence would be broken. ETH/USD in August fell below crucial support on the 200-day moving average for the first time since January.

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