More than profitable week for all cryptocurrencies with often double-digit earnings and with the breaking of the period highs for Bitcoin and Ethereum with a weekly gain of 9.5% for Bitcoin and 11.7% for Ethereum.
As we wrote in previous reports, despite the existence of geopolitical (war in Ukraine) and macroeconomic (inflation and rate hike) dangers, Bitcoin has approached the highs of the beginning of the year in the area of 47,000 dollars, even if it is too early to say that it can reach the all-time highs in November in the $ 69,000 area.
A complicated economic situation and a rise in commodity prices have not affected the bullish sentiment of cryptocurrencies, which could be an excellent investment alternative even with the emergence of a stagflation.
Certainly, we are witnessing a maturity of the cryptocurrency market with large funds that are investing in new projects and a landing on the financial market of many products, including derivatives.
The very important news on Ethereum of the last few weeks is the launch of the Ethereum Merge on the Kiln test net which has fomented the community for this passage of the network to a proof – off – stake consensus system. Even if it is not possible to establish a link with this launch, the rise of Ethereum is about 25%, demonstrating that the owners are believing it.
At the graph level, it clearly emerges – as we wrote above – the break for the Bitcoin resistance in the $ 45,300 area (green line on the graph) which now becomes support as the supertrend is near. The resistance now becomes $ 52,000 (red line on the chart).
Ethereum also broke the highs for the period, stabilizing in the $ 3,400 area, now the support is in the $ 3,260 area (green line on the chart) with the supertrend set long at $ 3,220 nearing. The resistance moves to the area around $ 3,880 (red line on the chart).
As it could be seen, with this cycle of 7 bullish bars there has been a more orderly climb than in the past with a decrease in volatility. This also signals a step towards the maturity of cryptocurrency assets on the financial market.