ETH continues to see further price declines in the last seven days. Since the ETF launch, the coin has not seen any significant improvement as outflows mount.
Following promises by Donald Trump to make a United States Bitcoin reserve if elected, the current administration’s latest move of $2 billion worth of Bitcoin is viewed as against this promise. Crypto proponents further accused the government of trying to sabotage the bid. Nonetheless, there has been no indication it is planning to dump the transferred funds.
However, the crypto market has yet to register any table improvements since the start of the week. Let’s see how some assets in the top 10 are performing.
BTC/USD
Bitcoin has not registered any price improvement since the start of the week. It is currently on the second day of consistent decline. The previous day’s action left many in shock as it retraced after looking so promising.
During the previous intraday session, it surged to a high of $70k for the first time in almost three months. The hike sparked speculation of the asset’s return to its all-time high. Others called for a new ATH of around $74k. All speculation failed, as the coin saw massive declines. As a result, it closed at $666,65 and registered losses of more than 2%.
Bitcoin’s downtrend is ongoing, with the coin seeing almost a 2% drop. It recently flipped the $66k support and is trading at $65k. Nonetheless, the bills are staging a buyback as the current candle shows a notable wick following its rebound at $65,302.
However, indicators are still bearish despite the small efforts. The moving average convergence divergence is very close to completing a bearish convergence. Both the 12-day EMA and 26-day EMA are very close to interception, which may happen in the next 24 hours if the price improvement stops.
Nonetheless, the relative strength index is yet to respond to the ongoing attempt at buyback. The metric is 54 and shows no signs of recovery. The trend may indicate lingering selling pressure amidst bullish efforts.
ETH/USD
Ethereum is seeing a small decline at the time of writing. Although not notable, the apex altcoin retested $3,200 but rebounded at $3,232. The latest decline marks another failed recovery attempt, as the asset failed to continue its climb after peaking at $3,365.
The latest price trend closely mimics that of the previous day. ETH touched $3,400 but faced massive rejection and retraced. It dropped to a close at $3,317 and closed with gains of less than 2%. As a result of the latest trend, the asset is printing a doji on the weekly scale.
Nonetheless, the latest price brings the apex altcoin closer to the first pivot support at $3,147. Indicators are also pointing to a possible retest. One such is MACD, which is printing sell signals. The metric showed a bearish divergence during the previous week and has since showed no signs of recovery.
ETH continues to see massive resistance at the 50-day exponential moving average, which explains its recent failure to surge above $3,400. Amidst the failure, the coin continues to see less buying pressure pointed out by the accumulation and distribution chart.
SOL/USD
As of the time of writing, Solana is seeing positive fundamentals. A few hours before press, the United States Securities and Exchange Commission recently announced its withdrawal from a case that could define the asset under review as a security if won. The regulators stated that they want to amend their policies to accommodate cryptocurrency and other assets.
However, it appears that the market ignored this bullish announcement and failed to react accordingly. As a result, it has continued its price decline, with an almost 2% drop in the last 24 hours. Nonetheless, the wick sticking out of the current candle suggests attempts at buyback. It rebounded at $175 and is exchanging at $179.
Indicators have yet to react to the latest bullish actions, as the moving average convergence divergence continues to print sell signals. The 12-day EMA is heading for an interception with the 26-day EMA. This event may happen in the next 24 hours.
The relative strength index is also on the decline amidst growing buying pressure. It is at 59 having been overbought last week.
The bulls must defend prices above $180, as the sellers are likely to stage a decline below $170. Nonetheless, the asset may see notable demand concentration at the 23% fib level.
