Bitcoin and Ether Market Update February 17, 2022
Total crypto market cap added $73 billion to its value for the period since Monday and now stands at $1.94 trillion. The top ten coins are all in red for the last 24 hours with Solana (SOL) and Terra (LUNA) being the worst performers with 3.4 and 2.5 percent of losses respectively. At the time of writing bitcoin (BTC) is trading at $43,170. Ether (ETH) is at $3,056.
Bitcoin closed the trading day on Sunday, February 13 at $42,070 on its fourth consecutive day in red after hitting the lower boundary of the weekly timeframe resistance zone – $46,800 – $45,500. It found support at the 21-day EMA and the short-term horizontal support from back in January 2022 – $42,000. This area is also one of the most actively traded on the daily chart as per the Volume Profile Indicator (VPVR) and is indicating a strong buying/selling interest there.
Looking closely, we could also see an inverted Head and Shoulders pattern is formed on the mentioned chart, which suggests a reversal to the upside can be possible.
Bitcoin closed the previous week with a 1 percent loss.
On Monday, buyers stepped in and started building their positions, preparing for an attack of the resistance zone above $45,000. However, the rising inflation and geopolitical turmoil were impacting the price action, so the trading volumes were still low.
The BTC/USDT pair climbed up to $42,550.
The Tuesday session was an even better one for bulls. BTC climbed all the way up to $44,640, adding almost 5 percent to its total valuation.
The mid-week trading on Wednesday was marked by high volatility. The biggest cryptocurrency closed the session with a loss after failing to break above the $44,500 mark.
What we are seeing midday on Thursday is a continuation of the price correction. BTC is trading at 43,170.
The Ethereum project token ETH was in a fourth-day losing streak coming into the new week. It erased 11.2 percent from its price since hitting $3,280 on February 10 but found support around the September 2021 low right below $2,900.
Unfortunately for bulls, the ether once again moved below the mid-term diagonal downtrend and the 21-day EMA on the daily chart. It closed the week with a 6.3 percent loss.
On Monday, February 14, the ETH/USDT pair started moving in the upward direction. It hit the mentioned exponential average without being able to break above it.
On the second day of the workweek, the leading altcoin formed a solid green candle up to $3,183, which resulted in an 8.5 percent increase for the day as bulls once again found themselves above the diagonal resistance.
On Wednesday, February 16, we saw a volatile session during which the ETH token was moving up and down the $3,053 – $3,190 range before closing the daily candle at $3,118. It stabilized above the September weekly bottom in a preparation for an attack of the $3,200-$3,300 resistance area.
It is trading slightly lower, at $3,058 as of the time of writing on Thursday.