The sideways trend near the lows for the period continues for the main cryptocurrencies. The fluctuations this week are around 1% for both Bitcoin (+ 1.75%) and Ethereum (-0.9%).
Attempts for Ethereum to overcome the resistances in the area of $ 1,900 in the first place and $ 2,000 in the second place have failed at the moment, also due to an economic context and complicated macroeconomic conditions such as the non-resolution of the war in Ukraine, which raises the commodity prices – especially gas and oil – and also wheat prices where Ukraine has always been a major producer.
This variable raises interest rates: in this week both India and Australia have raised rates beyond the consensus and this leads to less liquidity in financial markets around the globe and at the same time for cryptocurrencies.
So even if trading cryptocurrencies is becoming more and more simplified and even spending cryptocurrencies has never been easier, the aspects we have described above compress the market cap that risks falling below a trillion dollars aggravated by the recent collapse of the Luna and Terra-UST.
On a technical level – as we have already said above – Ethereum is trapped between the support in the $ 1,700 area and the resistance in the $ 1,930 area, where the supertrend also passes. Until one of these two levels is broken, this very difficult side to trade will continue.
The same goes for Bitcoin with the addition of a deeper support in the $ 25,200 area before the support in the $ 28,000 area, the resistance is located in the $ 32,300 area, while the supertrend allocates $ 31,600.
Even here, if no news, like to make it possible to succeed from the aforementioned ranges intervenes, a boring side is waiting for us.