Bitcoin and Ether Market Update April 7, 2022
The total crypto market cap erased $138 billion from its value for the period since Monday and now stands at $1.99 trillion. The top ten coins were all in red for the last 24 hours with Terra (LUNA) and Solana (SOL) being the worst performers with 5.8 and 4.4 percent of losses respectively. At the time of writing bitcoin (BTC) is trading at $43,480. Ether (ETH) is at $3,221.
Bitcoin ended the month of March with a solid 5.5 percent increase – its second month in green after hitting the zone around $33,000-$32,000 in early January.
The coin hovered around the $46,000 mark during the weekend of April 2-3 closing the seven-day period at $46,401 with a 1 percent loss. BTC managed to stabilize above the key macro support on the weekly timeframe but was not showing the expected strength after the solid breakout a few days before.
On Monday, the BTC/USDT pair remained flat at $46,557 at the daily candle close after hitting a daily low of $45,165 in the early hours of trading. Neither bulls nor bears were able to take over control as the market could not choose a direction.
The Tuesday session was slightly different. Sellers pushed the price down to $45,500 to re-test the lower boundary of the mentioned horizontal support in the $45,500-$46,000 zone. The move resulted in a 2 percent price decrease.
The mid-week session on Wednesday came with a sudden crash. The biggest cryptocurrency erased 5.2 percent of its valuation and moved below both the horizontal support and the 21-day EMA, returning back to the old ascending triangle figure.
The RSI indicator was in its mid-range while the overall trading volumes remained stable.
What we are seeing midday on Thursday is a temporary bottom around the $42,700 mark. Bitcoin bulls will be looking to regain positions above $44,000 to keep the bullish momentum going.
The Ethereum project token ETH ended the month of March with a solid 12.4 percent increase which helped it regain positions above the 21-period EMA on the weekly chart. The coin also managed to surpass the horizontal resistance in the $3,100-$3,300 range eventually closing the week at $3,531 or 7.1 percent higher compared to the previous seven-day period.
On Monday, April 4, the ETH/USDT pair registered its temporary top by hitting $3,571 after a volatile session during which it was trading in the $3,570 – $3,400 zone. The coin remained flat at the daily candle close, but the stagnating trading volumes were suggesting a short break in the price rally could be expected.
The ether lost 3.2 percent on Tuesday by falling down to $3,400. The more and more hawkish stance taken by the US Federal Reserve (FED) in regards to the interest rates hikes was stopping the crypto market from resuming the rally.
The third day of the workweek came with a huge red candle to $3,159 as ETH broke below the horizontal support and the 21-day EMA, finding support at the 200-EMA. It lost 7 percent for the session.
The coin is trading slightly higher, at $3,228 at the time of writing this market update.