- Cryptographic sales will continue as buyers struggle to gain momentum
- Ether may come first as NFTs become more popular
After the thaw on Tuesday, cryptocurrencies will be hard to come by on Friday. Bitcoin will be able to hold more than $ 46,000 after falling more than 11% on Tuesday, but crypts could lose even more if the momentum is not reversed soon. The withdrawal earlier this week is a “buy rumor, sell fact” mix after El Salvador introduced Bitcoin as a legal tender, and a possible US lawsuit against the cryptocurrency Coinbase is threatening.
Market sentiment has been quite risky since then, despite the setback and volatility in Wednesday’s session, it may be more difficult for coins to bounce back in the short term. The biggest loser today is Ether, falling 1.4% at the time of writing, adding to yesterday’s 2.5% drop. As a coin linked to the blockchain Ethereum, I believe that crypt, which may surpass Bitcoin next year, especially after the growing popularity of non-binding tokens (NFTs), is a unique digital asset that is mostly offered in the Ethereum blockchain, with digital art still more prominent.
All in all, Ethereum manages more volume than the Bitcoin blockchain and offers a wider range that is widely used to handle contract fulfillment and online payments, making Ether an important candidate for the top of the crypt world. With regard to the price of the coin, the withdrawal was suspended on Tuesday in the immediate vicinity of the $ 3,000 mark, where the 50-day SMA is approaching, which has become increasingly important over the past month. Prior to that, the $ 3,218 area may provide short-term support, as the ether has fluctuated in the area in the past. In addition, we may notice some resistance around $ 3,500 before the $ 4,000 mark comes into play, although RSI and stochastic oscillators are signaling a further decline in the medium term.
ETH /USD Everyday schedule
In the meantime The price of Bitcoin is trying to stabilize near the $ 45,960 limit that has been in the table for me over the last few months. The daily chart pattern has seen a lower lower level since Tuesday’s melting, so BTC / USD finds support on the road and so far today’s lower level is higher than yesterday, which would be a positive sign if no more losses accumulated today. If so, make sure that a setback of more than $ 46,500 would not be for further upward consolidation, although the stochastic will show signs of struggle in the short term. To get support, a 50-day SMA is approaching the $ 45,000 level, which would be a good place to start.
BTC / USD daily schedule
– Written by Daniela Sabin Hathorn, Market Analyst
Follow Daniela on Twitter @HathornSabin