Ethereum – Bitcoin weekly Report 22nd September 2022
Very heavy week for all cryptocurrencies that fell, following all other assets such as equity indices, after the Federal Reserve meeting on Wednesday evening and the 75 basis point hike that brought US rates in the 3% range. and 3.25%.
The weekly balance is -7% for Bitcoin at 18.840 points and for Ethereum -22% at 1.270 points.
This hike in US rates, one of the most aggressive in the last 40 years, has made markets worry about generalized hikes by other central banks.
As for Ethereum, the consequences of the merge continue to be felt with the last support in the $ 990 area (green horizontal line on the chart) and the resistance is represented by the supertrend in the $ 1,413 area.
Bitcoin, on the other hand, held the support in the $ 18,500 area (green horizontal line on the chart), already tested twice in the last four daily bars but, as long as the supertrend does not turn upwards in the $ 20,100 area, the downward break is always at risk.
Now that the merge has been completed and the markets are already appreciating the rate hikes, it will be necessary to see how the cryptocurrency market will evolve, whether with a stable recovery in prices or it is still early to find an annual low.