ETH registered notable price moves over the last six days with a small impact on the weekly scale. Nonetheless, price actions are currently mixed with the bulls and bears struggling for dominance.
The same sentiment is present on the global scale, as the crypto market has yet to register a significant change in valuations. Most assets in the top 10 are grappling with growing bearish sentiments that threaten to push prices lower.
For example, XRP is at $0.53 and slightly lower than its opening price. It edging closer to flip the mark and may hit $0.52. Other cryptocurrencies in the top 10 are also experiencing a similar trajectory. Let’s examine them
BTC/USD
Bitcoin is printing its first red candle after two days of notable increases. As selling pressure grows, it is threatening to retest the $62k support in the coming hours. The current-day price action slightly affected its weekly performance. It’s printing a red doji as it tried surging earlier this week but halted, dropping to its lowest price in the last two weeks.
It surged to a high of $64,444 on Monday but lost momentum as the bulls failed to sustain it. BTC retraced and closed with slight losses. Although the bulls attempted a buyback the next day, the same price action played out.
The downtrend worsened on Wednesday as the largest cryptocurrency tested the $60k support but rebounded. Nonetheless, it registered losses exceeding 2%. The dip continued into the next day as it lost the highlight mark, dipping to $58k. It rebounded and reclaimed $60k.
Bitcoin started Thursday with the same sentiment it ended the previous day with. The uptrend continued, and it climbed higher, breaking above $62k. However, it faced significant rejection after surging above $63k.
Indicators like the relative strength index are declining in response to the latest price change, which shows the growing selling pressure the asset is experiencing. Nonetheless, the accumulation and distribution show that the bulls are gradually soaking up the excess supply, which explains the declining exchange reserves.
On-chain data shows that retail traders from Asia are among the main actors in the ongoing bullish bid. They are actively pumping money into Bitcoin, and the Korea premium is positive as a result. ETFs are also seeing notable buying activities, and the fund premium is also positive.
The moving average convergence divergence is printing bullish signals amidst the most recent change in trajectory. The 12-day EMA is rising and will intercept the 26-day EMA if trading conditions improve.
ETH/USD
Ethereum started the week with significant improvements. However, the hike was short-lived as the asset succumbed to significant price-selling pressure. It dropped from a high of $2,520 to its opening price at $2,439. Although it registered small losses, the bulls attempted buyback on Tuesday with limited success.
The decline resumed on Wednesday as the asset registered its biggest decline. It dropped from $2,439 to $2,349. It closed with losses of almost 3% following a slight increase. It dipped lower to $2,300 the day but recovered and closed with a green candle.
The uptrend continued as the apex altcoin reclaimed $2,400 and attempted $2,500 but failed. It faced notable rejections at $2,471 and ended the day with gains exceeding 2%. It made another failed attempt the next day.
Currently struggling at $2,460, it’s experiencing selling congestion amidst a bullish on-chain day. The asset is receiving significant funding from the Asian market. Korea premium is positive as buying pressure increased from the region. Traders are stocking up on ETFs, resulting in a positive fund premium.
MACD is also printing buy signals amidst the downtrend. ETH is seeing an ongoing bullish convergence as the 12-day EMA edges closer to intercepting the 26-day EMA. A change in market trajectory may result in a complete interception in the coming hour.
However, Indicators like the relative strength index are declining in response to the latest price change, which shows the growing selling pressure the asset is experiencing. The average direction index continues it downhill movement.
BNB/USD
Binance coin closed the previous week with small losses as it failed to maintain momentum. An example of this happened on Monday when it opened trading and surged to a high of $581. However, it retraced below its opening but closed with no significant price change.
The bulls launched buybacks the next day, causing price increases. It broke above $580 and peaked at $586. Although it saw a slight decline, it closed with gains of almost 3% but lost more than half of it the next day.
Thursday saw the asset dip lower, breaking critical support. It lost the $560 barrier, hitting a low of $551 before rebounding. The day ended with small losses. However, this marked the end of the downtrend as the uptrends resume the day.
Currently trading at $588, BNB flipped the highlighted resistance, hitting its highest in the last seven days. While the latest feat sparked mixed reactions, indicators are alsomost all bullish. One such is MACD. The 12-day EMA just intercepted the 26-day EMA as the positive divergence starts.
The relative strength index is rising in response to the latest price increases. Its is at 57 from 53 the previous day. However, the average direction index continues it downhill movement.
