Ethereum-Bitcoin Report 07th July 2022
Recovery attempt this week around 5% for Bitcoin and 10% for Ethereum.
Over the weekend the descent was bought with a $ 1,000 retest for Ethereum which provided valid support.
Some analysts were expecting a new capitulation after the recent big declines and the breaking of very important medium-long term averages.
Meanwhile, the native stablecoin of Circle USD Coin (USDC) came close to reaching Tether as the market’s largest stablecoin, reaching $ 55.9 billion on July 2 with an 8% increase in capitalization, while USDT had a drop of 19% to around $ 66 billion.
After the Terra project failed in May, investors are more cautious about stablecoins and are looking a lot at things like working in financial services like Circle registered with FINCEN and other regulators in the United States and undergoing a severe audit.
Returning to the graphic and technical aspect, as far as Bitcoin is concerned, it is below the resistance of the supertrend at $ 20,840 – currently $ 20,340 – the support moves to the $ 18,540 area (green line on the chart).
On Ethereum we are more optimistic having long turned the supertrend now at $ 1,170 even if there was a false long signal on June 26 with the exceeding of the area of $ 1,230.
The supports remain the supertrend in the $ 1,068 area and the static support of the last minimum in the $ 990 area.
Another good news on the stability front of cryptocurrencies is that of the proposal for a maker DAO vote that will bring a traditional bank into its ecosystem for the first time, it seems that the proposal has been voted positively at 80% and will end on 07th July, provides for the creation of a Dai vault for HVB as a guarantee on the maker protocol. It would be the first integration of a bank into the crypto ecosystem of a real collateral.