Bitcoin (BTC) and Ethereum (ETH) Market Update December 15, 2022

Markets
Bitcoin (BTC) and Ethereum (ETH) Market Update December 15, 2022

The total crypto market cap is up by $16 billion for the period since Monday and now stands at $860 billion. The top ten currencies are red for the day with Dogecoin (DOGE) and Binance Coin (BNB) registering 3.7 and 3 percent loses respectively. At the time of writing bitcoin (BTC) is trading at $17,707. Ethereum (ETH) is at $1,289.

BTC/USD

Bitcoin closed the trading day on Sunday, December 11 at $17,065 and after three consecutive red sessions, it finally managed to find stability above the 21-day EMA and end the week with a less than a percent loss.

On Monday, the BTC/USDT pair started the new seven-day period with a quick drop to $16,860 in the morning. Bulls, however, were quick to act and pushed the price up to $17,200 in the evening.

Looking at the 1-week chart we could still see a potential Bear flag pattern being built there with a trigger point around the $18,500 horizontal resistance. Still, the solid diagonal support and the bullish divergence on the high timeframe combined with the slowly expanding price action on the 1-day chart could prove to be the catalyst for a mid-term reversal to the upside.

On Tuesday, December 13 the biggest cryptocurrency rallied 3 percent to $17,800 on the slightly better-than-expected Consumer Price Index (CPI) data from the United States, which suggests inflation might be coming under control soon.

The mid-week session on Wednesday saw the United States Federal Reserve (FED) raising the interest rates by 50 basis points in line with the expectations and below the more hawkish 75 basis points.

Bitcoin first climbed up to $18,400, but then fell back down to close the day at $17,825.

As of the time of writing this market update, the coin is trading in red, around the $17,700 level.

Bitcoin (BTC) and Ethereum (ETH) Market Update December 15, 2022 - 1

ETH/USD

The Ethereum Project token ETH ended the previous week with a 1 percent loss after two consecutive weeks in green. On Sunday, December 11, it remained flat above the 21-day EMA, but still below the short- to mid-term resistance zone between $1,270 and $1,300.

The ether formed a green candle to $1,275 on Monday, but not before hitting a daily low of $1,240. The trading range was narrowing the market was getting ready for the inflation data report and the FOMC meeting.

The rising trading volumes and the “not that bad” economic data from the United States allowed risk assets including cryptocurrency to rally and on Tuesday ETH jumped by 3.3 percent to $1,320, successfully closing above the range for the first time since November 8.

The third day of the workweek came with a rapid reversal in the trading direction. The leading altcoin hit $1,352 early in the session, but then turned South and eventually closed at $1,307 – close to the range high.

What we are seeing midday on Thursday is a drop below the former resistance line, to $1,287. It is critical for bulls to avoid larger corrections that would invalidate the breakout.

Bitcoin (BTC) and Ethereum (ETH) Market Update December 15, 2022 - 2
Follow Us on Google News