Negative week for the main cryptocurrencies with a loss for Bitcoin of 1.50% (which stands at $ 20,550) and for Ethereum of about 4% (currently $ 1,170).
Tuesday’s CPI figure for US inflation at 9% has made the entire crypto market nervous and caused crypto to sell further in an already negative environment.
Ethereum recorded outflows for the 11th consecutive week and underperformed Bitcoin.
From the point of view of the financial markets, however, if the correction of the equity markets continues, we could still see new lows, especially for a market that still fears a regulatory framework.
On a technical level for Bitcoin, after the holding of the support in the area of 18,830 dollars (green line on the chart) also the holding of the psychological threshold of 20,000 dollars is an excellent signal, even if the supertrend constitutes a resistance in the 21,050 area and indicates that the market is still short.
As for Ethereum, the key support is $ 990 (green line on the chart) as we indicated in the previous report and a double bottom was made there.
As we write the supertrend is turning long and it is positioned right near the support in the $ 999 area.