Situation almost unchanged this week for Bitcoin and Ethereum, which recover the weekly loss thanks to the rise on Wednesday evening triggered by the Fed meeting and by the words of its chairman Jerome Powell which excluded a rise of 0.75% basis points, raising only rates of 0.50%.
This has resulted in a rally in exchanges for other financial assets and crypto.
Now it remains to be seen if this will be a relief in the short term considering that the beginning of the previous cycle of interest rate hikes in 2015 ended with an all-time high for Bitcoin in 2017, thus creating a 2-year bull market.
So, on a technical level, thanks to this recovery of around 5%, Ethereum is trading at $ 2,937 below the resistance of the supertrend at $ 2,966. The support (green horizontal line on the chart) is located on the last low at $ 2,718.
Very similar graphic conformation for Bitcoin which is trading $ 39,590 with the supertrend short in the area of $ 40,170 and a resistance of a previous maximum – more important in terms of value – in the area of $ 42,980. The support, touched 5 times on the daily chart, is at a minimum in the $ 37,700 area (horizontal green line on the chart).
Among the news of the week, we point out that Shiba inu owners can now coin virtual space within Shib, in the Shiba metaverse, and that Gucci will begin accepting crypto payments in its US stores.
As you can see, cryptocurrencies are moving into the luxury market and developing many innovations.