ISLAMABAD: The cryptocurrency market remained on upward slide on Saturday and the market capitalisation increased by 0.8 percent to $2.03 trillion as of 1235 hours GMT.
The price of Bitcoin (BTC), the largest cryptocurrency, reached $46,405 after gaining 0.08 percent. With this increase in price, the market capitalisation of the BTC has reached $871.7 billion.
Likewise, ethereum (ETH) price gained 0.21 percent to reach $3,236. With this increase in price, the market capitalisation of ETH has reached $378.8 billion.
On the other hand, XRP gained 10.94 percent to reach $1.15. The market capitalisation of XRP stands at $114.7 billion after this increase.
Likewise, Cardano (ADA) price reached $2.16 with a 5.48 percent increase in its price. Its market capitalisation has reached $69.6 billion after this increase.
Similarly, Dogecoin (Doge) price appreciated by 1.17 percent to reach $0.281. With this increase in price, the market capitalisation of Doge reached $36.7 billion.
According to experts, Ethereum price is ready for a 15% bounce as ETH continues to set higher highs and higher lows. The bulls are aiming for a rally toward $3,800 next if it conquers a critical level of resistance. They said that Ethereum price has formed an ascending parallel channel and a break above the topside trend line of the governing technical pattern could work in favour of the bulls, opening up the possibility of a rally of 15 percent.
According to the expert, the first resistance is at $3,352, the 61.8% Fibonacci extension level, then the $3,404, the upper boundary of the parallel channel. Should ETH manage to be able to slice above this level, the measured target of the potential ascent is 11%, reaching $3,800, reaching the 78.6% Fibonacci extension level.
Adding credence to this bullish thesis is the Relative Strength Index (RSI), which suggests that Ethereum price is still not overbought, even as ETH has recorded its August high and could be primed for a higher target.