In September alone, several new developments have affected the price of Ethereum and Bitcoin, the two largest cryptocurrencies in the market by market capitalization.
In the tenth month of this year, we saw the negative effect the news of the FED rate hike had on general cryptocurrencies in the market.
We saw the speculation that came before the Ethereum merge and the developments that came after in terms of its price.
We also saw several upgrades on several other chains, like the Vasil upgrade on the Cardano network and the integration of the new Robinhood Wallet with the Polygon network.
Now, lets focus on the two largest cryptos in the market in terms of performance and how they have done so far from a technical perspective.
The muddy waters that bitcoin had to wade through didn't start in September alone. After the massive selloff in early June of this year, it is safe to say that the price of bitcoin has been in consolidation ever since, regardless of the minor corrections it has experienced over the last two months.
In recent view, however, bitcoin is currently trading between the significant bearish channel and the $18,000 support.
A rebound from this level would send the bitcoin price right upwards to retest the 50 and 100-period moving averages and the $21,000 level, where the upper resistance of the major bearish channel is.
At the time of writing, the RSI on the 4-hour chart above also shows a crossover, indicating that the bitcoin price is likely to retest the $18,200 level again before a bounce or a breakdown of this level.
Ethereum has failed to break the $1400 resistance in the last seven days. The bears appear strong around this level, pushing back against the bulls after each attempt.
Ethereum in the charts at present lacks momentum. The price of the cryptocurrency seems stuck between the range around the $1.400 and $1200 levels.
The Ethereum bulls appear exhausted and may need a boost to push back against the bears. Intra-day volatility on the ETH/USDT pair seems high enough, but the price action over the last ten days shows compression, suggesting that either the bulls or bears are planning another strike against the other. Depending on which side wins, we may see a breakout of either the $1400 level or the $1250 level.
Disclaimer: The author's comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR (do your own research)