Although the US dollar seems to be living its last hours of glory due to inflation reaching an all-time high, the downward trend continues in the market for the two largest cryptos in terms of market capitalization: bitcoin (BTC) and ether ( ETH).
Ether (ETH) Technical Analysis.
Ether is still below $1,100 as a price retracement of nearly 1% is seen. Last Tuesday, ETH/USD was at a low of $1,037.56. It rose to $1,086.58 on Wednesday: a rise that comes after four days of losses.
Meanwhile, prices have fallen to the point drop to $1,050. Traders then decided to buy down more tokens in an attempt to increase the value of the Ether. At the same time, the Relative Strength Index (RSI) was at 35.50.
Ultimately, Ether registered a fall of almost 6%, compared to its value last week. However, it can be said that there is some stability in the price level since last month when they fell under $900.
Currently, traders and analysts are expecting further consolidation in the value of Ether as well as a possible price rally. This rally could happen if the current low holds.
Bitcoin (BTC) Technical Analysis.
On Wednesday, there was a price rebound, but the world’s largest cryptocurrency did not stop trading under $20,000. Bitcoin managed to reach an intraday high of $19,973.58 during the day. Meanwhile, the 14-day RSI (Relative Strength Index), indicating a new resistance level, rose at 37.40.
The bulls’ numerous attempts to re-enter the value of bitcoin into the $20,000 zone have not yielded decisive results. On the contrary, a series of losses was observed. The downtrend continues therefore traders are reluctant to take long positions.
Looking at the current charts, it can be concluded that the momentum will continue to move up as long as the 10-day moving average continues to climb as well. Note that recently, the relative strength index (RSI) completed a value of 38.63. Analysts believe that the ceiling ahead is 41.60.
Recently, the prices of bitcoin (BTC) and ether (ETH) have fallen significantly, compared to their values in 2021. Crypto professionals are afraid of falling below $20,000 for bitcoin (BTC). At the same time, some analysts believe that the bearish trend in the market is a positive sign for the future of cryptocurrency.
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Luc Jose Adjinacou
Far from dampening my enthusiasm, an unsuccessful investment in cryptocurrency in 2017 only increased my enthusiasm. So I decided to study and understand the blockchain and its many uses and share my pen knowledge related to this ecosystem.
