The cryptocurrency sector has demonstrated a degree of resilience over recent days, during which both Bitcoin and Ethereum have notched what might be taken as significant support levels. These levels could just as easily turn out to be precursors to more pronounced downward moves, but for now, they look like support. Part of the reason they seem supportive is that price action has been so tame of late: neither asset really wants to budge either on the way up or the way down. That’s usually not a good sign for areas trying to act bullish. Bitcoin’s Strategic Support and Accumulation Patterns Recently, Bitcoin displayed solid support at around the $79,000 mark, where roughly 40,000 BTC have been amassed. This level has become a key zone for Bitcoin, as large holders and long-term investors have clearly placed themselves in this price area, waiting either for consolidation or for the price to break out. With 40,000 BTC below this price, the $79K zone has become a critical support area not to be ignored. Beyond this support, Bitcoin has burst through the $82,080 price cluster. Here lie about 51,000 BTC, an impressive accumulation of the digital asset. Should Bitcoin hold above this price zone, there’s definitely a shot for the upward momentum to continue. In that case, the next resistance we might look at is the $83,500 level. Here, too, large orders abound. Approximately 48,500 BTC are waiting at this price. And as at 82,000, large orders here could just as easily serve as a price drag for Bitcoin heading higher. Looking at Cost Basis Distribution, #Bitcoin has built notable support at $79K, with ~40K $BTC accumulated there. It has also worked through the $82.08K cluster (~51K $BTC ). If this level holds, the next to test is $83.5K, with 48.5K $BTC positioned: https://t.co/YqeQ2uWJlV pic.twitter.com/9aE3UdsT2O — glassnode (@glassnode) April 11, 2025 Should Bitcoin maintain its level above $82,000, a test of the next resistance could occur at $83,500. If the market breaks through this resistance, the next two levels to look for would be $88,000 and $90,000. If we reach these two prices, we are likely pushing toward new all-time highs. Ethereum’s Range-Bound Trading and Potential Support Zones Although Bitcoin has been amassing impressive support, Ethereum has also been exhibiting some interesting behavior. At present, it’s well-established that Ethereum is trading in a very clearly defined range, where price bounces between $1,548 and $1,599, at which levels there are accumulations of 793,900 ETH and 732,400 ETH, respectively. This is a range that has seen consistent price action and offers a relatively tight trading band in which Ethereum appears to be range-bound. The range’s upper limit—approximately $1,599—has served as a resistance level, while the lower limit—around $1,548—has provided support. These are our two clear accumulation zones. They are two clear levels of interest. They are two scenarios that traders are right now trying to play out in their favor. Given this context, it’s worth taking a look at Ethereum’s price chart to see how the second-largest crypto by market cap has performed in and around this range. Ethereum’s support at the $1,461 level has probably been established, where 380,000 ETH were amassed. This level might absorb any further downside movement and could even provide a cushion against the price getting pushed lower in the event of near-term selling pressure. If the $1,461 level holds, stability could return to this market, with a rebound toward the upper end of the trading range seen as a fairly decent bet. Ethereum’s price movement has been mostly stable, which means that price action on the cryptocurrency is somewhat limited. This also means that the lack of volatility could be a potentially good thing for Ethereum’s price if traders can digest the current range-bound structure before a more substantial breakout emerges. The hope would be that traders can use this current price chart as a foundation before building toward the $1,610 area or even the $1,700 region. The Road Ahead: Bitcoin and Ethereum’s Market Outlook With both Bitcoin and Ethereum continuing to consolidate and establish strong support levels, the market is eager to see if they will give any signals of continuing strength or a breakdown. Accumulation at $79K and $82K for Bitcoin, along with range-bound trading for Ethereum between $1,548 and $1,599, makes it seem as though both assets are going through a consolidation phase. For Bitcoin, breaking above $83.5K would appear to be a clear signal to the market that new all-time highs are on the horizon; for Ethereum, a break above $1,599 or a sustained bounce from $1,461 could catalyze the next leg up. In the short term, both assets need these support levels to be critical. If they don’t break these levels, Bitcoin and Ethereum can keep moving up in what looks like an increasingly well-defined trend. If they do break these levels and go down significantly, then we not only have two more lower highs and lower lows in their charts, but we also have the very strong possibility that any significant lower movement in either (or both) of these assets might take down the entire crypto market with them. And that last scenario is obviously not a good one for anyone. Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. 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