Ethereum – Bitcoin report 08th September 2022

Welcome back to the usual weekly report. Let’s start by noting that Bitcoin’s drop below $ 20,000 has decreased Bitcoin’s dominance to 39%, reaching its lowest value in the last year.

However, there are also good growth potentials given the high volatility we witnessed during the year with one-way news only in the negative: Russia-Ukraine war, inflation, rate hikes.

If only one of these three components were to lose its incisiveness, we could see a recovery in prices, especially in foreign policy, after the American Midterm elections, there could be a detente.

With regard to rates, however, a halt to the rises in the short term is less likely, the same thing for inflation and above all for the costs of raw materials.

This scenario could entail rather broad but non-directional lateral movements, rather than new collapses or large rises.

As for Ethereum, with the Merge at the gates, it is hoped that it can be successfully concluded and will be decisive for the future prices of the cryptocurrency.

On a technical level, Bitcoin – which stands at $ 19,150 – must strictly hold the support in the $ 18,500 area (green horizontal line on the chart), the resistance and the supertrend in the $ 20,185 area.

As for Ethereum, the key support is $ 1,418 (green line on the chart) and the resistance is the supertrend at $ 1,636 close to the current price of $ 1,610.