The long-term fluctuations drained bulls' energy. The price of crypto-tokens dumped more than 10% on last Friday. Although there were no major economic indicators and meetings held in the last week, many kinds of assets have returned to price in the hawkish interest rate hikes. We have seen a rapid rise of the DXY, approaching ATH, and the gold price has entered a staged decline. The expiration of the $2 trillion stock-options also made a sharp correction in U.S. stocks from last Friday. These may have contributed to the crypto-market's bad performance last week. But on the other hand, BTC and ETH did not stand above 25,000 and 2,000 respectively, which made some profit-making chips choose to realize gains, which was the reason of last week's dump.
ETH didn’t remain the strength of the previous rebound, and also didn’t break 2000 in the last week. Different from the relatively passive performance of BTC ’s bears , the power of bears in ETH increased significantly after the price hit 2000. This can also be seen from the slope of the decline. In such a case, the bears were in control of the price, and on Friday, the price dumped a lot and broke the given support level with high volume.
Conclusion: Mostly fluctuation. The strength of bears has been confirmed, but the price is still a long way from the June lows, benefiting from the previous strong bulls performance. Under the current circumstances, a direct rise becomes difficult. We lowered the resistance level to 1830, which is a bearish confirmation. At the same time, we lowered the support level to 1400.
If you have any ideas, welcome to communicate with us:)
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
ETH didn’t remain the strength of the previous rebound, and also didn’t break 2000 in the last week. Different from the relatively passive performance of BTC ’s bears , the power of bears in ETH increased significantly after the price hit 2000. This can also be seen from the slope of the decline. In such a case, the bears were in control of the price, and on Friday, the price dumped a lot and broke the given support level with high volume.
Conclusion: Mostly fluctuation. The strength of bears has been confirmed, but the price is still a long way from the June lows, benefiting from the previous strong bulls performance. Under the current circumstances, a direct rise becomes difficult. We lowered the resistance level to 1830, which is a bearish confirmation. At the same time, we lowered the support level to 1400.
If you have any ideas, welcome to communicate with us:)
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
