Ethereum weekly report – Bitcoin 29th September 2022
A slight recovery week for cryptocurrency prices, after the previous weeks of decline: the increases are for Bitcoin by 2.5% to $ 19,314 and for Ethereum by 3.5% to $ 1,318.
The week was characterized by the interventions of some central banks such as the BOJ (Bank of Japan). Kuroda intervened in defence of the yen, an intervention that had not occurred since 1998, after the yen had reached critical levels.
Then it was the turn of the Bank of England, which also intervened, causing the volumes of Bitcoin in the United Kingdom to soar at the same time.
Clearly, these interventions have created shocks to the financial markets and it is questionable whether the rebound of cryptocurrencies can continue.
On a technical level, as regards Bitcoin, absolutely nothing has changed with the support in the $ 18,500 area (green line on the chart) and the resistance of the supertrend that held on Tuesday 27 September in the $ 20,200 area.
Even for Ethereum the same speech even if the resistance marked by the supertrend in the $ 1,439 area has never been touched, a new support is added – touched on September 21st – in the $ 1,210 area, before the final test of the minimum in the $ 990 area.
In conclusion, due to the war in Ukraine – where there is still no truce in sight – the still high inflation data and the relative counter-moves by the central banks would not seem to show a glimmer for a rise, but we have to wait for the elections of Midterm in the US in November which could lead to a relaxation on the markets, especially at a geopolitical level.