Crypto Market Updates
Bitcoin (BTC) and Ethereum(ETH) Market Update October 6, 2022
The total crypto market cap grew by $39 billion for the period since Monday and now stands at $965 billion. The top ten currencies are all in green with XRP (XRP) and ether (ETH) leading the group with 4 and 2.3 percent gains respectively. At the time of writing Bitcoin (BTC) is trading at $20,200. Ethereum (ETH) is at $1,365.
BTC/USD
Bitcoin closed the trading day on Sunday, October 2 at $19,000 in its third consecutive day in red. Still, it ended the previous seven-day period with a 1.3 percent increase no matter the fact that it broke the horizontal support on the weekly timeframe. Many analysts were pointing to a fake-out rather than a real break for both BTC and S&P500 (SPX) that was to be followed by a bearish re-test and a downtrend continuation afterward.
On Monday, the BTC/USDT pair rallied all the way up to $19,655 to close above the 21-day EMA while also adding 3 percent to its market cap. The coin full engulfed the last three candles, but the $20,000-$20,500 area remained the real test for the buyers’ strength.
The Tuesday trading was no different and the biggest cryptocurrency continued to move North. It increased by another 3.4 percent and stopped at $20,300.
We could clearly see a Bullish divergence between the price and the Relative Strength Index (RSI) on both the daily and weekly time-frames, supporting the upside reversal idea.
In the meantime, SPX was already above the old weekly support.
The mid-week session on Wednesday came with an early drop to $19,800. Bitcoin had already surpassed the former horizontal support and the best buyers could hope for was to successfully turn it into such a stability line again, consolidate above it, and eventually continue with the uptrend.
The coin partially recovered in the second part of the day and closed with a small loss at $20,135.
What we are seeing midday on Thursday is a slight increase in the price, but the overall volatility is low.
ETH/USD
The Ethereum Project token ETH closed last week at $1,276 and with a 1.5 percent loss. It stopped at the improvised mid-term diagonal support line on the daily timeframe making a new lower low on the weekly chart.
On Monday, October 3, it opened the new trading period strong. The ether climbed up to $1,327 or 3.8 percent higher but generally speaking it just continued trading in the $1,250-$1,450 range.
We saw another green candle being formed on Tuesday as ETH extended its good performance adding another 2.5 percent.
Bulls, however, faced some resistance near the 21-day EMA above $1,370 and on the third day of the workweek were forced to come down to $1,315 in the morning. Still, the price consolidated later on and jumped back up to $1,352.
For ETH it is crucial to show some strength above $1,420 and stabilize properly above the higher boundary of the already-mentioned range. Looking at the bigger picture, it is clear that the price action is getting reduced to a smaller and smaller area and a breakout can be expected by the end of the month in any direction.
As of the time of writing, the ETH/USDT pair is trading slightly higher.
Bitcoin (BTC), Ethereum (ETH), Major Altcoins – Weekly Market Update October 3, 2022
The cryptocurrency market lost $5 billion from its market cap during the last seven days and now stands at $926 billion. The top 10 coins traded mostly in red for the last seven days with XRP (XRP) and Cardano (ADA) losing 9.9 and 5.6 percent respectively. Bitcoin (BTC) is currently trading at $19,165 while ether (ETH) is at 1,292.
BTC/USD
Bitcoin closed the trading day on Sunday, September 25 at $18,842 and after a three-day long selling, it managed to find stability at the good old support area between $18,000-$19,000. It ended the seven-day period with a 3.3 percent decrease.
The biggest cryptocurrency was playing with fire, flirting with support that if broken could drive its price down to $16,000 at least. However, the recent price action could also be interpreted as a deviation below the support and confirmation of the Double Bottom formation on the Weekly timeframe.
On Monday, September 26 the BTC/USDT pair showed some strength and rallied all the way up to $19,260 to add 2 percent to its valuation completely engulfing the last candle.
The Tuesday session was extremely volatile. Buyers pushed the price up to $20,400 in the early hours of trading or 6 percent higher but did not manage to preserve their gains and the coin ended up the day in red.
We saw the exact same volatility but in the opposite direction on Wednesday as it was bears’ turn to be pressured. Bitcoin was trading at $18,470 intra-day, but bulls were in control of this type, dictating the direction. The price stopped at $19,426 or a little more than a percent higher.
On Thursday, the biggest cryptocurrency moved further up to hit the 21-day EMA near $19,600 and closed in green even though it was once again trading lower in the first part of the trading day.
The Friday session saw BTC print the exact same candle but in the opposite direction, erasing the gains from Thursday. The coin was trading as high as $20,200.
The month of September was closed with a 3.3 percent loss.
The weekend of October 2-3 started with a drop to $19,300 on Saturday, which was followed by a third consecutive day in red on Sunday as the price re-visited the $19,000 mark.
What we are seeing midday on Monday is a slight jump to $19,120.
ETH/USD
The Ethereum Project token ETH managed to form a new range after breaking below the $1,330 mark. It is currently hovering in the $1,250 – $1,350 zone.
On Monday, September 26, the new seven-day period started with a solid push upwards to $1,340, which saw the last 2 daily timeframe candles being engulfed and 3 percent added back to the ETH market cap.
The ether bulls were strong on Tuesday and the price reached $1,400 intraday, but just like Bitcoin, the coin lost its momentum in the evening and dropped to $1,330 at the end of the session.
The mid-week trading day on Wednesday came with a sudden drop to $1,255 in the morning, triggering long position liquidations across the major exchanges before the price came back up to $1,340 before the daily candle close.
On Thursday, the ETH/USDT pair remained flat, still unable to break out of the mentioned range even though it was volatile and was moving up and down the $1,290 – $1,350 range during intraday. The upper boundary of the range was tested too many times without cracking.
The last day of the workweek found ETH temporarily trading at $1,374 before eventually closing in red. The main reason for the overall bearish sentiment was the SPX index broke its horizontal support thus invalidating (for now) the Double Bottom scenario. A Bearish Wedge pattern was spotted on the 1D chart.
ETH ended the month of September with a 14 percent loss.
The first day of the weekend came with a drop to $1,311, which was followed by another one – this time to $1,276 on Sunday.
As of the time of writing, the ether is trading in green, at $1,292.
Leading Majors
- Binance Coin (BNB)
The biggest and most popular exchange token continues to be relatively stable compared to the rest of the Top 10 coins.
Moreover, the technical analysis of both the daily and weekly timeframes favors a potential uptrend continuation.
The BNB/USDT pair closed the previous seven-day period at the mid-term diagonal resistance on the 1W chart and a breakout confirmation this week, combined with the fact it bounced back perfectly from the $260 support and completed a Bull Flag consolidation, might result in a 20 percent jump to the next resistance area.
This of course is if BTC and the overall market condition do not worsen and support a broader market relief rally instead. Additionally, the zone right below $300 is where the 21-period EMA and the last lower high sits, which can easily turn out to be a rejection area for bulls.
Altcoin of the week
Our Altcoin of the week is Reserve Rights (RSR). This cryptocurrency project is aimed at building an ecosystem that facilitates the creation and use of asset-backed currencies and stable currencies. In such turbulent times of high inflation worldwide, a stable solution is in high demand which explains the recent jump in the price of the RSR token.
Not only that but the official RSR protocol launch is scheduled for October 10 adding to the bull case for this coin.
The RSR/USDT pair added 23.7 percent to its valuation for the last seven days making it a total of 193 percent since hitting an all-time low in early May 2022.
Even though it moved above the 21-period EMA on the weekly chart and is trading at $0.0098 right now, we are still not seeing a clear break out of the range as the $0.1 mark remains the range high on both daily and weekly timeframes.
Support right in the sub-$0.008 area.
The Reserve Rights protocol is currently ranked at #93 on CoinGecko with a total market cap of approximately $418 million.
Bitcoin (BTC) and Ethereum (ETH) Market Update September 29, 2022
The total crypto market cap grew by $19 billion for the period since Monday and now stands at $940 billion. The top ten currencies are mostly in green with Solana (SOL) and BNB (BNB) up 3 percent each for the last 24 hours while XRP (XRP) is trading 5 percent lower for the same period. At the time of writing bitcoin (BTC) is trading at $19,466. Ether (ETH) is at $1,340.
BTC/USD
Bitcoin closed the trading day on Sunday, September 25 at $18,842 and after a three-day long selling, it managed to find stability at the good old support area between $18,000-$19,000. It ended the seven-day period with a 3.3 percent decrease.
In general, the biggest cryptocurrency is playing with fire, flirting with the support that if broken can drive its price down to $16,000 at least. However, the recent price action can also be interpreted as a deviation below the support and confirmation of the Double Bottom formation on the Weekly timeframe.
On Monday, the BTC/USDT pair showed some strength and rallied all the way up to $19,260 to add 2 percent to its valuation completely engulfing the last candle.
The Tuesday session was extremely volatile. Buyers pushed the price up to $20,400 in the early hours of trading or 6 percent higher but did not manage to preserve their gains and the coin ended up the day in red.
We saw the exact same volatility but in the opposite direction on Wednesday as it was bears’ turn to be pressured. Bitcoin was trading at $18,470 intraday, but bulls were in control this time, dictating the direction. The price stopped at $19,426 or a little more than a percent higher.
What we are seeing midday on Thursday is a flat session, obviously waiting for the US markets to open in order to choose a direction. 24-hour trading volumes are on the rise since September 4.
ETH/USD
The Ethereum Project token ETH managed to form a new range after breaking below the $1,330 mark. It is currently hovering in the $1,250 – $1,350 zone and during the last week, trading lost 3 percent of its valuation.
On Monday, September 26, the new seven-day period started with a solid push upwards to $1,340, which saw the last 2 daily timeframe candles being engulfed and 3 percent added back to the ETH market cap.
The ether bulls were strong on Tuesday and the price reached $1,400 intraday, but just like Bitcoin, the coin lost its momentum in the evening and dropped to $1,330 at the end of the session.
The mid-week trading day on Wednesday came with a sudden drop to $1,255 in the morning, triggering long position liquidations across the major exchanges before the price came back up to $1,340 before the daily candle close.
The crypto market is currently more or less ranging, waiting on the potential Double Bottom confirmation on the SPX chart that will dictate the price direction for both tradfi and crypto in the short to mid-term.
The leading altcoin is trading slightly higher – at $1,340 as of the time of writing this market update.
Bitcoin, Ethereum, Major Altcoins – Weekly Market Update September 26, 2022
The cryptocurrency market added $22 billion to its market cap during the last seven days and now stands at $931 billion. The top 10 coins were mostly in green for the last seven days with XRP (XRP) and Dogecoin (DOGE) leading the group with 31 percent and 5.9 percent increase respectively. Bitcoin (BTC) is currently trading at $18,890 while Ethereum (ETH) is at 1,295.
BTC/USD
Bitcoin closed the trading day on Sunday, September 18 at $19,400 ending the previous seven-day period with an 11 percent loss after suffering rejection at the range high right above $22,600. The bulls could not keep the bullish momentum alive and were forced to retreat.
On Monday, the BTC/USDT pair flash-crashed to $18,200 in the morning erasing more than six percent of its valuation before recovering in the evening and closing in green eventually. The high volatility came with a significant increase in the 24-hour trading volumes, which were once again above the average values for the last 14-days.
The Tuesday session saw BTC dropping 3.5 percent down to $18,860 as it once again found itself in the mid-term horizontal support area. As previously discussed, a clean break here would open the door for $12,000.
The mid-week trading day on Wednesday came with huge volatility caused by the Federal Reserve Open Market Committee (FOMC) meeting and interest rate decision. The biggest cryptocurrency traded in the $18,000-$20,000 range before closing the daily candle at $18,466 right after the FED announced a 0.75 basis points rate hike in line with the market expectations.
On Thursday, September 22 BTC made an unexpected comeback after once again bouncing back from the sub-$19,000 lows. It added almost 5 percent and closed the session at $19,420 fully engulfing the last candle.
The Friday session came with another retest of $18,500. Buyers, however, were quick to reach and managed to absorb the loses. Bitcoin closed at $19,300.
The weekend of September 24-25 started with a 2 percent drop on Saturday, which was followed by another red day on Sunday – the third in a row for the biggest cryptocurrency.
The BTC/USDT pair ended the seven-day period with a 3 percent loss but made a new 22-month candle close low on the weekly timeframe.
The Relative Strength Index remains out of the oversold area.
The coin is trading right below $19,000 midday on Monday.
ETH/USD
The Ethereum Project token ETH is currently trading 20 percent below its price before the long-expected and widely celebrated merge to Proof of Stake consensus mechanism on September 15. It was the worst performing digital asset in the Top 10 during the previous seven days erasing 24 percent of its market cap.
On Monday, September 19 it started trading lower, touching $1,280 in the morning. The ether hit the improvised lower boundary of the downtrend channel built on top of the Diamond Top pattern we discussed during our last market update.
It quickly recovered in the second part of the session and closed in green, at $1,380. However, the coin was still trading below the $1,420 short-term support, which indicates a lack of bullish momentum and weak technical structure to support a reversal to the upside.
The ETH/USDT pair lost 4 percent on Tuesday and fully erased the gains from the previous day by falling down to $1,322.
The third day of the workweek came with extreme volatility thanks to the Federal Reserve rate hike decision. ETH lost 6 percent and touched the previous range high around the $1,240 mark.
Bulls were quick to react and bought the support. On Thursday, September 22 the coin followed BTC and rallied 6.5 percent up to $1,327. Buyers appeared right at the horizontal support to prevent a freefall scenario.
The Friday session saw ETH trading in the $1,270 – $1,360 range before closing flat.
The first day of the weekend came with a small red candle to $1,317 on the daily chart, which was followed by another one on Sunday that pushed the price of ether below $1,300.
The seven-day period was closed with a 3 percent loss and right at the long-term diagonal support.
Leading Majors
- Solana (SOL)
Without a doubt, it was XRP stealing the show again last week, but let’s have a quick look beyond and check how Solana’s SOL has been doing recently.
We will be offering a look at the current Weekly chart setup where the SOL/USDT pair once again confirmed the $30 support and found the needed stability there.
October is usually quite a good month for risk assets, so a relief bounce from the current levels is not excluded. If an upside reversal occurs then SOL can re-visit the range high at $48 which is 58 percent above the support area and is a major resistance from back in May 2021. This is also where the 21-period EMA is currently situated on the weekly timeframe.
On the daily timeframe, $37 remains the first target for bulls.
Altcoin of the week
Our Altcoin of the week is Compound (COMP). Compound is one of the oldest DeFi lending protocols and also one of the most well-known mainly because of its innovative approach to digital assets management.
The COMP token registered an impressive 23 percent increase during the last seven days and climbed up to #94 on CoinGecko with a total market cap of $435 million. The COMP/USDT pair has been in an uptrend since the end of August when Compound III protocol (labeled as the most effective tool for borrowers in DeFi) was launched, adding 44 percent for the period.
Additionally, the project recently announced the Borrowing for Institutions features with the goal to attract more non-retail funds to the DeFi ecosystem.
The altcoin is currently flirting with the range high resistance near $65 on both weekly and daily time-frames. Potential support can be expected in the zone at around $45. The next big target up if the current resistance is surpassed and confirmed will be the psychological level of $100.
Bitcoin and Ethereum (ETH) Market Update September 22, 2022
The total crypto market cap grew by $16 billion for the period since Monday and now stands at $927 billion. The top ten currencies are all in green in the last 24 hours with XRP (XRP) leading the pack with a 6.7 percent of increase. At the time of writing Bitcoin (BTC) is trading at $19,200. Ethereum (ETH) is at $1,310.
BTC/USD
Bitcoin closed the trading day on Sunday, September 18 at $19,400 ending the previous seven-day period with an 11 percent loss after suffering rejection at the range high right above $22,600. The bulls could not keep the bullish momentum alive and were forced to retreat.
On Monday, the BTC/USDT pair flash-crashed to $18,200 in the morning erasing more than six percent of its valuation before recovering in the evening and closing in green eventually. The high volatility came with a significant increase in the 24-hour trading volumes, which were once again above the average values for the last 14-days.
The Tuesday session saw BTC dropping 3.5 percent down to $18,860 as it once again found itself in the mid-term horizontal support area. As previously discussed, a clean break here would open the door for $12,000.
The mid-week trading day on Wednesday came with huge volatility caused by the Federal Reserve Open Market Committee (FOMC) meeting and rate decision. The biggest cryptocurrency traded in the $18,000-$20,000 range before closing the daily candle at $18,466 right after the FED announced a 0.75 basis points rate hike in line with the market expectations.
What we are seeing midday on Thursday is a slight increase in the price of BTC as it is hovering around the $19,200 mark, engulfing the last day’s candle.
ETH/USD
The Ethereum Project token ETH is significantly under-performing in the aftermath of the long-expected and widely celebrated merge to Proof of Stake consensus mechanism on September 15. It was the worst performing digital asset in the Top 10 during the last seven days erasing 24 percent of its market cap.
On Monday, September 19 it started trading lower, touching $1,280 in the morning. The ether hit the improvised lower boundary of the downtrend channel built on top of the Diamond Top pattern we discussed during our last market update.
It quickly recovered in the second part of the session and closed in green, at $1,380. However, the coin was still trading below the $1,420 short-term support, which indicates a lack of bullish momentum and weak technical structure to support a reversal to the upside.
The ETH/USDT pair lost 4 percent on Tuesday and fully erased the gains from the previous day by falling down to $1,322.
The third day of the workweek came with extreme volatility thanks to the Federal Reserve rate hike decision. ETH lost 6 percent and touched the previous range high around the $1,240 mark.
Bulls were quick to react and bought the support. As of the time of writing this market update on Thursday, the ether is trading significantly higher – at $1,310.
Bitcoin, Ethereum (ETH), Major Altcoins – Weekly Market Update September 19, 2022
The cryptocurrency market erased $165 billion from its market cap during the last seven days and now stands at $906 billion. The top 10 coins ended the week in red with ether (ETH) and Bitcoin (BTC) being the worst performers with 25.4 and 14 percent loses respectively. Bitcoin (BTC) is currently trading at $18,714 while ether (ETH) is at 1,314.
BTC/USD
Bitcoin closed the trading day on Sunday, September 11 at $21,828 in its fifth day in green after bouncing back up from the support zone right above $19,000. The coin successfully moved above the 21-day Exponential Moving Average (EMA) on the daily timeframe chart to add 9 percent to its valuation for the seven-day period.
The current technical structure on the weekly chart was looking quite similar to a Double Bottom formation with a neckline at around $24,000. A bullish breakout above that level could suggest a mid to long-term bullish reversal.
On Monday, September 12, the BTC/USDT pair continued to climb and eventually reached the $22,420 mark. The 24-hour trading volumes were significantly higher than the average for the last 14 days.
The bad inflation data from the United States, however, once again spoiled the party. The higher-than-expected numbers pushed the risk assets down and the cryptocurrency market followed.
BTC fell down to $20,160 on Tuesday erasing 10 percent of its market cap during the session.
The mid-week trading on Wednesday came with another volatile day for the market participants. The biggest cryptocurrency remained flat even though bears pushed the price as low as $19,640 intraday.
On Thursday, September 15 BTC fell further down to close the daily candle at $19,720. The selling pressure was increasing, but $19,500 was still valid horizontal support from back at the end of August – the beginning of September and was expected to hold this time as well.
The Friday session saw bitcoin temporarily trading near $19,337 before jumping back up in the evening to eventually end flat.
On the first day of the weekend, it climbed back above the psychological level of $20,000 increasing by almost 2 percent for the day.
This was followed by a renewed selloff on Sunday when the BTC/USDT pair finally closed a daily candle at $19,415.
As of the time of writing, the price is hovering even lower – at $18,750.
ETH/USD
The ether was in a solid uptrend since the end of August but September 11 marked the local top, which resulted in a reversal to the downside. It jumped by 12 percent in the week of 5-11 September.
On Monday, September 12 it started trading at $1,763 after reaching a high of $1,791 the day before. Bears pushed the price down during the session and the leading altcoin hit $1,717 at the daily candle close.
The Tuesday session was no different and ETH followed bitcoin on its way down as a result of the bad CPI data. The price of the coin decreased by 8.5 percent fully engulfing the last week’s candle. Not only that but we could clearly see a Diamond Top reversal pattern being formed, which is by definition a bearish figure.
On Wednesday, the Ethereum token moved 4 percent up to the 21-day EMA in expectation of the important technical milestone.
The Ethereum community celebrated the long-expected Merge on September 15, which saw the biggest altcoin transition from Proof of Work (PoW) consensus mechanism to Proof of Stake (PoS) in an attempt to improve its overall performance and most importantly – reduce energy consumption. The Merge happened at around 07:30 CET with the price reaction being extremely negative.
The ETH/USDT pair decreased by 10 percent and moved below the 21-day EMA to hit the $1,474 mark. It is worth noting that the mentioned Diamond Top pattern visible on the daily timeframe chart came into play as the price lost the dynamic support.
On Friday, the ether reached the mid-term horizontal support at $1,430 but was unable to break it.
The weekend of September 17-18 started positively for buyers. On Saturday, the altcoin jumped up to $1,470 with many traders believing we could see a run to the high of the range in the coming weeks.
On Sunday, however, they were proved wrong as the free-fall continued and ETH ended the seven-day period at $1,332.
The price is currently trading at $1,137 up from a daily low of $1,283.
Leading Majors
- XRP (XRP)
A long time has passed since we last mentioned XRP in our weekly market update, mainly due to the lack of trading activity on its main pairs.
The coin lost nearly 80 percent of its value since peaking above $1.55 in April 2021 then spent more than 3 months trading in a range in the $0.32 – $0.39 area. Last week, however, it finally managed to make a break to the upside by hitting the $0.39 mark on Sunday before completely erasing all of its gains in the evening part of the session.
To fully confirm the reversal, it will be necessary to stabilize above the mentioned range high and a potential climb above $0.42 where we saw the biggest trading activity before the range was formed. It is also where the 21-period EMA currently sits on the 1W chart.
Altcoin of the week
Our Altcoin of the week is Chiliz (CHZ). Branded as the world’s first tokenized sports exchange Chiliz is one of the leading cryptocurrency projects for sports and entertainment.
It provides its blockchain infrastructure support to the Socios.com fan engagement platform – the most well-known football fan token platform.
The CHZ/USDT pair added 11 percent to its market cap during the last seven days making it a total of close to 150 percent since it founds its bottom at the end of June 2022. The coin remains extremely volatile above its 21-period EMA on the bigger, weekly timeframe, but continues its uptrend thanks to the series of new fan token announcements, exchange listings, and most importantly – the innovative Chiliz Chain 2.0 that was first mentioned in late August.
As of the time of writing, CHZ is trading close to the previously stable support/resistance area of $0.25. A pullback down to $0.18 cannot be excluded for a healthy consolidation.
Chiliz is ranked at #47 on CoinGecko with a total market cap of approximately $1.24 billion.
Bitcoin (BTC) and Ethereum (ETH) Market Update September 15, 2022
The total crypto market cap decreased by $82 billion for the period since Monday and now stands at $988 billion. The top ten remained mostly flat for the last 24 hours with Polkadot (DOT) being the worst performed with 1.8 percent loss. At the time of writing bitcoin (BTC) is trading at $20,104. Ether (ETH) is at $1,578.
BTC/USD
Bitcoin closed the trading day on Sunday, September 11 at $21,828 in its fifth day in green after bouncing back up from the support zone right above $19,000. The coin successfully moved above the 21-day Exponential Moving Average (EMA) on the daily timeframe chart to add 9 percent to its valuation for the seven-day period.
The current technical structure on the weekly chart was looking quite similar to a Double Bottom formation with a neckline at around $24,000. A bullish breakout above that level could suggest a mid to long-term bullish reversal.
On Monday, September 12, the BTC/USDT pair continued to climb and eventually reached the $22,420 mark. The 24-hour trading volumes were significantly higher than the average for the last 14 days.
The bad inflation data from the United States, however, once again spoiled the party. The higher-than-expected numbers pushed the risk assets down and the cryptocurrency market followed.
BTC fell down to $20,160 on Tuesday erasing 10 percent of its market cap during the session.
The mid-week trading on Wednesday came with another volatile day for the market participants. However, the biggest cryptocurrency remained flat. In a scenario where the mentioned macro support around $19,000 fails then the next expected zone of stability is situated near $12,000.
Bitcoin is currently trading at $20,100 midday on Thursday.
ETH/USD
Today the Ethereum followers and the broader crypto community celebrate Merge Day, which saw the biggest altcoin transition from the Proof of Work (PoW) consensus mechanism to Proof of Stake (PoS) in an attempt to improve its overall performance and most importantly – reduce energy consumption. The Merge happened at around 07:30 CET with no immediate price reaction.
Going slightly back in time, the ether ended the last seven-day period with an 11 percent of increase and above the 200-period EMA on the Weekly chart. The ETH/USDT pair was preparing for the next leg up after a solid consolidation.
On Monday, September 12 it started trading at $1,763 after reaching a high of $1,791 the day before. Bears pushed the price down during the session and the leading altcoin hit $1,717 at the daily candle close.
The Tuesday session was no different and ETH followed bitcoin on its way down as a result of the bad CPI data. The price of the coin decreased by 8.5 percent fully engulfing the last week’s candle. Not only that but we could clearly see a Diamond Top reversal pattern being formed, which is by definition a bearish figure.
On Wednesday, the Ethereum token moved 4 percent up to the 21-day EMA in expectation of the important technical milestone.
As of the time of writing the price is hovering around the $1,600 mark.
