Most cryptocurrencies are seeing notable declines at the time of writing. The retracement started after the crypto market saw small increase, sparking the speculation of some major assets hitting previous highs.
Fundamentals have been largely bullish, as several events happened in the last seven days. One is the official launch of the ETH ETF. Although its performance on the day of launch was below expectations, it has since recovered and seen more inflow.
The inflow in ETFs also explains the latest price surge across the market. Nonetheless, Donald Trump continues to make the rounds as a pro-crypto presidential aspirant and is garnering considerable support from the space.
He recently announced that he received over $4 million in crypto donations. Memecoins pegged to his name have also seen tremendous gains since launch.
Amidst the general overview of how the market performed, let’s see how some assets performed over the last seven days
BTC/USD
Bitcoin showed huge volatility in the last seven days. It hit deeper lows and surged to its highest in more than a month. However, the week started with the coin seeing notable downtrends and losing over 6% in the first two days.
The apex coin has seen significant moves at recovery over the last 48 hours. It gained over 3% during the previous intraday session after halting Thursday’s decline. It surged from $65,794 and broke above $68k peaking at $68,14.
Indicators are flipping bullish following trading action is in the last three days. One such is the accumulation and distribution chart. The metric has been on the rise since as trading volume continues to soar. The relative strength index shows a considerable amount of the trading volume are inflows, which also translates to price surges.
The moving average convergence divergence is seeing notable surges following the bullish divergence a few weeks back. With trend indicators pointing to the bullish sentiment surrounding the asset.
Currently trading at $68,00, it is exchanging above the 23% Fibonacci retracement level. The fib level which lies at $67,900 may serve as key support in further attempts at resistance or halt downtrends.
ETH/USD
Ethereum was on the front pages during the first two days of the week. The coin has since struggled with consistent price declines. With more funds leaving the ETFs, the ETH price is taking a hit. It is down by over 7% on the weekly scale.
However, it saw a small recovery on Tuesday while the rest of the crypto market saw significant losses. Although the price change wasn’t notable, it enjoyed the exchange-traded funds effect. The effects ended on Wednesday, as the cryptocurrency lost over 4%, with a repeat the next day.
The last 48 hours has been some of the best for the asset as the coin sees considerable increases. For example, it gained over 3% during the previous intraday session. It has also registered notable increase during the current session.
The indicators are flipping bearish amidst the recovery. One such indicator is MACD, which is printing bearish signals at the time of writing. The metric had a bearish divergence two days ago.
Although trading above $3,200, the bulls must defend this critical mark, as a slip could send the apex altcoin as low as $3k.