Bitcoin and Ether Market Update June 23, 2022

The total crypto market cap decreased by $6 billion for the period since Monday and now stands at $911 billion. The top ten coins were all in green for the last 24 hours with Binance Coin (BNB) and Solana (SOL) leading the pack with 4.5 and 3 percent gains respectively. At the time of writing bitcoin (BTC) is trading at $20,787. Ether (ETH) is at $1,114.

BTC/USD

Bitcoin closed the trading day on Sunday, June 19 at $20,590 on its best day since May 30 when we saw a price jump of more than $2,000 in just one day. The biggest cryptocurrency ended the week in red and 22 percent lower compared to the previous seven-day period making it a total of 11 red candles in that timeframe in just three months’ time.

The good news for bulls was that BTC was able to close above the lower boundary of the long-term uptrend corridor and the psychological level of $20,000.

On Monday, the BTC/USDT pair remained flat as traditional markets were also closed for the day. The 24-hour trading volumes were once again below the average values for the last 14 sessions while the Relative Strength Index (RSI) was slowly moving out of the oversold area.

Buyers attempted a breakout on Tuesday, but only managed to reach the $21,735 mark before closing flat at the end of the day. The momentum was still not on their side.

The third day of the workweek saw the biggest cryptocurrency correcting its price down to $19,967 as even worse news was coming out about the state of the inflation in the European Union countries and the UK.

What we are seeing midday on Thursday is a solid jump above yesterday’s high. BTC is trading at $20,776.

ETH/USD

The Ethereum project token ETH was one of the worst performing digital assets in the last few weeks and months. Even the upcoming merge and move to a Proof of Stake (PoS) consensus mechanism could not attract investors.

Last Sunday, the price of ether rallied all the way up to $1,128, which resulted in a 13 percent increase for the day but the coin was still looking weak from a technical perspective. It has now spent three full months in the red zone. Last time we saw this in 2018 this was followed by 4 more months of selling before the market finally bottomed.

On Monday, June 20 the ETH/USDT pair remained flat and still above the psychological level of $1,000. The next major support can be found in the $750-$700 area.

The Tuesday session was no different and neither bulls nor bears were able to take over control of the market direction, so ETH closed the day without any major fluctuations.

The mid-week trading on Wednesday was when the coin started moving South again. This time it reached $1,053 and erased 7 percent of its market cap. The $1,130 line turned into short-term resistance.

As of the time of writing this market update, the leading altcoin is trading higher, at $1,111, and is close to fully retracing the losses from the previous day.