Ethereum-Bitcoin report July 28th, 2022

Week of ups and downs with an oscillation of even 20% between highs and lows on Ethereum which, at the end right now, gains 9.35% compared to last week and is positioned in the $ 1,634 area, while Bitcoin remains unchanged in the area of ​​$ 23,000.

This strong fluctuation was caused by the SEC investigation of Coinbase, which subsequently replied with a statement, stopping the decline. On top of that, it appears that investment firm ARK INVESTEMENT MANAGEMENT sold a large chunk of Coinbase stock – according to ARK’s daily information on July 26th – causing the loss for Coinbase’s stock on that day of 21%, and causing a sell-off around the crypto world.

Thanks to the meeting of the Federal Reserve on Wednesday 27th July which raised rates by 75 basis points, bringing them in the fork between 2.25% and 2.50% to contain inflation, both stocks and cryptocurrencies rose significantly.

Those who expected instability after the FOMC were disappointed and the expectations are currently for other hikes of 0.50% as chairman Powell, who does not expect a significant recession, said.

Another positive sign is that even in these bear market months, the number of new tokens on the market has expanded.

Going to the technical analysis Ethereum having made a minimum – as we wrote above – on July 26th the one at 1,350 dollars (green horizontal line on the chart) becomes the new support that must not be broken, while the resistance remains at 1,700 dollars (horizontal line red on the graph).

As for the Bitcoin same speech with the support moving up in the $ 20,680 area and the resistance in the $ 24,320 area.