Bitcoin (BTC) and Ethereum (ETH) Market Update November 17, 2022
The total crypto market cap is down by $10 billion for the period since Monday and now stands at $828 billion. The top ten currencies are trading mostly in red, with Polygon (MATIC) and Cardano (ADA) being the worst performers with 3 and 2.9 percent loses for the last 24 hours. At the time of writing bitcoin (BTC) is trading at $16,569. Ethereum (ETH) is at $1,198.
Bitcoin closed the trading day on Sunday, November 13 at $16,347 after losing 3 percent during the session. The biggest cryptocurrency ended the week of November 7-13 with a stunning 22 percent loss as a result of the FTX insolvency fiasco.
On Monday, the price was extremely volatile moving in the $15,800-$17,200 range but still managed to start the new trading period with a green candle that brought a 1.8 percent of increase. The $16,300 area has been established as short-term support on the lower timeframe charts.
The BTC/USDT pair moved further up on Tuesday and hit the $17,000 mark before closing at $16,900. The 24-hour trading volumes for the last week dropped below the average values for the last 14 days while the Relative Strength Indicator (RSI) remained oversold on the 1D chart.
The mid-week session on Wednesday came with a drop to $14,680 on the news that the popular institutional crypto lender Genesis Global was temporarily suspending withdrawals and new loan issuance due to the worsening market conditions.
BTC was starting to form a Bearish Pennant figure, which usually indicates a further downside can be expected. Still, many analysts were pointing to the fact the selling pressure was getting weaker and weaker and the bottom could already be in sight.
What we are seeing midday on Thursday is a low trading activity before the US markets open. The coin is hovering around the $16,500 mark.
The Ethereum Project token ETH fell to $1,222 on Sunday after a quick 17 percent pump at the end of the workweek that managed to erase some of the losses from the FTX-caused market dump.
The coin ended the seven-day period 22 percent lower, clearly rejected at the 21-period EMA on the weekly timeframe chart.
On Monday, the ether briefly touched $1,293 but then went back below $1,270 which we considered the current local resistance with $1,200 being the support. Still, it managed to form a green candle on the 1D chart.
The Tuesday session was no different and bulls once again tried to break above the horizontal resistance and once again failed.
The ETH/USDT pair was seeing very low 24-hour volumes with an RSI in the mid-zone.
On Wednesday, it tested the lower boundary of the improvised range and ended the day with a 3 percent loss, but still without any major change in the trading direction.
As of the time of writing this market update, ETH is trading below $1,200, breaking below the support line. If the level is lost, then the coin will most probably re-test the $1,100 -$1,000 area.