Bitcoin (BTC) and Ethereum (ETH) Market Update November 3, 2022

Bitcoin (BTC) and Ethereum (ETH) Market Update November 3, 2022

The total crypto market cap is down by $25 billion for the period since Monday and now stands at $1,001 billion. The top ten currencies are trading mostly flat, with Binance Coin (BNB) being the best performer with 3 percent of gains for the last 24 hours. At the time of writing bitcoin (BTC) is trading at $20,131. Ether (ETH) is at $1,534.


Bitcoin closed the trading day on Sunday, October 30 at $20,600 after reaching a local top of $20,800, which it was unable to surpass for four days in a row. It ended the seven-day period with a 5.3 percent increase.

On Monday, the BTC/USDT pair was trading in the $20,200-$20,800 range before closing the session at $20,480 right below the important support/resistance horizontal line at $20,500.

The coin added 5.5 percent to its valuation for the month of October, engulfing the previous 30-day period candle.

The Tuesday session was no different and the price of BTC continue to feel the selling pressure. It formed a negligible red candle on the daily timeframe chart.

The biggest cryptocurrency was, as expected, quite volatile on Wednesday, November 2 in expectation of the United States Federal Reserve’s (FED) interest rate hike decision. The coin rallied to $20,800 in the first part of the trading day, but then dropped all the way down to $20,150, which resulted in a 1.5 percent loss.

The Federal Open Market Committee (FOMC) raised the interest rates by 0.75 basis points, in line with expectations, but the even more hawkish comments from the chairman Jay Powell colored both traditional and crypto markets in red.

What we are seeing midday on Thursday is a fifth consecutive red candle for BTC as it is trading at $20,115.

Bitcoin (BTC) and Ethereum (ETH) Market Update November 3, 2022 - 1


The Ethereum Project token ETH closed the previous seven-day period with a solid 16 percent increase. It hit the 21-period EMA on the weekly timeframe chart near $1,620, but not before peaking at $1,665 on Saturday, October 29.

The ether started losing steam during the weekend and on Monday, October 31 hit $1,570 on its way down. As we previously discussed, this level acts like a magnet on the 1D chart and is where the biggest trading activity is located.

The ether ended the month of October with an 18.5 percent of increase and just like bitcoin managed to engulf the previous candle.

On Tuesday, the biggest altcoin climbed to $1,610 intraday, but bulls could not keep up with the momentum and the coin eventually closed the day flat.

The third day of the workweek came with a solid 3.7 percent drop to $1,517 from the high-Volume Profile zone and on the interest rate decision news.

As of the time of writing this market update, the ether is trading higher – at $1,536

The 24-hour volumes are close to the average for the last 14 days while the Relative Strength Index (RSI) is out of the overbought area.

Bulls might expect a short pullback, hopefully to the $1,470 level near the last range high and the 21-day EMA.

Bitcoin (BTC) and Ethereum (ETH) Market Update November 3, 2022 - 2
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