Hangover for cryptocurrencies – The price of Bitcoin closed the week below $65,000, and it continues a second week in a row in the red. The king of cryptocurrencies is getting closer to $60,000. And BTC isn’t the only one falling, as Ethereum is also closing in on $3,000. In today’s bulletin, we take stock of the ETH situation!
Ethereum price falls 3.5% in 24 hours
BTC has lost the $65,000and the price of Ethereum fall towards $3,000. Therefore, ETH displays a drop of 3.5% in 24 hours and almost 5% in one week :
Ethereum performance against different pairs. Source: Coincheckup
ETH is less efficient than BTC over 24 hoursbut both active are neutralized over a week and a month.
Towards a rebound on ETH at the level of moving averages 9 and 18 weekly?
Following the rejection around $4,000the price of Ethereum returned to the level of support to $3,500. Nevertheless, ETH continues a fourth consecutive week in the redand the price finally falls below the support at $3,500 :
Buyers could show themselves at the level of institutional bias (EMA 9/EMA 18) bullish. The buyers’ objective will be to take back the $3,500 as supportthen return to the level of the weekly resistance at $4,000. In case of rejection at $3,500 levelthe price could fall towards next support located at $3,100.
The RSI must maintain the bullish trendline and go back above 66 so that the momentum remains in the hands of buyers.
Ethereum price loses $3,500 in 4 hours
There period of hesitation around $3,500 is it finished? The course has fell significantly below $3,500it is currently blocked at the level of moving averages 9 and 18 trending downward :
If the momentum persists, the price could join the next strong support at $3,250. On the other hand, if buyers manage to push the price back beyond the $3,500ETH could return to the height of the resistance at $3,650. The RSI is bearishThose are the sellers who have the advantage of momentum Currently.
The price of Ethereum has lost $3,500, and sellers have control over the price. The next support in 4H is around $3,250. To hope to find some color on the second capitalization of cryptocurrencies, we will have to manage to regain the level at $3,500 as support. And, even if cryptocurrencies fall, Michael Saylor remains very (too?) optimistic about Bitcoin.
