Ethereum-Bitcoin Report April 28th, 2022

Week in red for the main cryptocurrencies with losses of around 5.5% for Bitcoin and Ethereum.

After breaking the 39,000 dollars momentarily, Bitcoin has recovered them and it is currently quoting 39,500 dollars in a still bearish scenario.

The strengthening of the dollar and Powell’s fed hawkish statements on Thursday brought down all risky financial assets, including cryptocurrencies.

Some news about cryptocurrency regulations and discipline comes from Brazil where the Senate approved a bill to regulate the country’s crypto industry.

On a technical level, returning to Bitcoin, the support (green line on the chart) moved to the $ 37,660 area, a double low – very important – created on Tuesday and Wednesday, while the supertrend is in the $ 41,350 area, confirmed from some previous relative highs.

Also for Ethereum the support (green line on the chart) has moved down to the $ 2,760 area, while the supertrend acts as a resistance in the $ 3,068 area.

Yesterday night, the liquidity injection by the PBOC (People’s Bank of China) and the meeting of the Bank of Japan provided liquidity and optimism to the markets, currently supporting this timid rebound.

Clearly, with all the movements of central banks to combat rising inflation, according to the latest US data (5.1% compared to 3.1% estimated), they throw havoc for a linear trend of all asset classes from currencies to cryptocurrencies themselves.