Bitcoin and Ether Market Update April 28, 2022

The total crypto market cap added $45 billion to its valuation for the period since Monday and now stands at $1.82 trillion. The top ten coins were mostly in green for the last 24 hours with Binance Coin (BNB) and Terra (LUNA) being the biggest gainers with 2.9 and 2.8 percent increase respectively. At the time of writing bitcoin (BTC) is trading at $39,650. Ether (ETH) is at $2,924.

BTC/USD

Bitcoin closed the trading day on Sunday, April 24 flat, at $39,500 after trading in the wide range between $39,930 and $38,950 throughout the day. As previously mentioned, the coin was trading in two bear flag patterns simultaneously on the daily chart, and during the weekend of April 23-24, it broke below the lower boundaries of both suggesting more downside could be in sight.

The BTC/USDT pair ended the seven-day period with a less than a percent loss.

On Monday, bears pushed the price all the way down to $38,220 in the early hours of trading to hit the horizontal support, but bulls were quick to react and BTC fully retraced and erased the losses eventually closing in green at $40,446.

The Tuesday session was slightly different as the biggest cryptocurrency bounced up to the 21-day EMA around $40,800 in the morning, but then it crashed, drawing one of the biggest red candles in the last few weeks. It closed the day at $38,133 or 5.8 percent lower and broke all horizontal and diagonal supports in that area.

The mid-week trading day on Wednesday, April 27 came with a relief bounce as Bitcoin broke back into the long-term uptrend corridor and above the horizontal support. It added 3 percent to its market cap.

What we are seeing early on Thursday is a continuation of the upward movement. The price is currently hovering around $39,600.

ETH/USD

The Ethereum project token ETH closed the trading day on Sunday, April 24 at $2,920 and after a five-day-long losing streak, it found itself below the critical horizontal support around $3,000. The coin lost 2.2 percent for the week and also lost the weekly timeframe support levels.

The ETH/USDT pair opened the new trading period on Monday by following all the way down to $2,793 for the first time since March 18. Buyers, however, absorbed the selling pressure and initiated an upside reversal which resulted in a full retrace. The ether closed the day at $3,000, close to the Volume Profile (VPVR) Point of Control zone.

The Tuesday session came as a shock to bulls. The leading altcoin crashed to $2,806 and lost the long-term uptrend corridor by losing 6.7 percent in a single day of trading.

The third day of the workweek saw ETH bouncing back from the mentioned lows. It jumped back above the diagonal support and ended the session with a 3 percent price increase.

The coin is trading higher, at $2,925 as of the time of writing this market update.