Crypto Hotshots 2022 🔥♨️

Twitter Instagram Facebook Facebook Linkedin Youtube Spotify Medium Reddit Telegram
Voice of Crypto
  • VOC Explained
  • News
  • Analysis
  • Bitcoin
  • Altcoin
  • Press Release
    • Sponsored
    • Global Crypto Events
  • Services
    • Content Marketing Services
    • Crypto Influencer Marketing
    • Advertise With Us
  • Know Us
    • About Us
    • VOC Team
    • VOC Vigilantes
    • Brands Who Trust Us
    • Contact Us
Reading: This Is What Technicals Hint about Bitcoin and Ethereum
Share
  • bitcoinBitcoin(BTC)$28,340.00
  • ethereumEthereum(ETH)$1,809.54
  • tetherTether(USDT)$1.00
  • binancecoinBNB(BNB)$317.22
  • usd-coinUSD Coin(USDC)$1.00
  • rippleXRP(XRP)$0.57
  • cardanoCardano(ADA)$0.387289
  • staked-etherLido Staked Ether(STETH)$1,806.10
  • dogecoinDogecoin(DOGE)$0.075973
  • matic-networkPolygon(MATIC)$1.14
  • Events
  • Videos
  • Podcast
Voice of CryptoVoice of Crypto
Aa
  • VOC Explained
  • News
  • Analysis
  • Bitcoin
  • Altcoin
  • Press Release
  • Services
  • Know Us
Search
  • VOC Explained
  • News
  • Analysis
  • Bitcoin
  • Altcoin
  • Press Release
    • Sponsored
    • Global Crypto Events
  • Services
    • Content Marketing Services
    • Crypto Influencer Marketing
    • Advertise With Us
  • Know Us
    • About Us
    • VOC Team
    • VOC Vigilantes
    • Brands Who Trust Us
    • Contact Us
Follow US
Copyright © 2023 Voice of Crypto. All Rights Reserved
Voice of Crypto > News > This Is What Technicals Hint about Bitcoin and Ethereum
News

This Is What Technicals Hint about Bitcoin and Ethereum

Jim Haastrup
Last updated: 2023/03/17 at 7:47 AM
Jim Haastrup Published October 7, 2022 March 17, 2023
Share
VOC, Voice of Crypto, BTC Price Analysis

The crypto market has been through a lot to be where it currently is, with the top two cryptocurrencies taking massive hits throughout 2022.

Contents
Technical Analysis of BitcoinTechnical Analysis of Ethereum

Bitcoin has fallen to lows below $19,000 and has gotten back up several times. Ethereum rose to a high of about $1,700 before the historical merge that saw the blockchain move from a Proof Work mechanism to a Proof Of Stake mechanism.

However, despite the bullish signs on Ethereum before the merge, the cryptocurrency flipped backward and hit a low of $1,300 less than two weeks after the merge.

As if the previous dips were not enough, on 13 September, the US federal reserve imposed a hike in their interest rates, adding salt to injury and crashing the price of bitcoin to $18,200. Ethereum itself was not exempted, as the cryptocurrency dipped 3% to lows of $1,250.

However, as it stands, the cryptocurrency market is showing signs of trying to recover.

Bitcoin is currently eyeing an uptrend to the $22,000 level, and Ethereum may just reclaim the $1,500 level before further price action in either direction.

Below is an analysis of these two cryptocurrencies, with predictions of where they may be headed.

Technical Analysis of Bitcoin

After hitting support around the $18,000 level, bitcoin may soon see an uptrend. The next target, should this happen, is the $22,000 zone.

However, there is fairly strong resistance around the $20,500 zone that bitcoin is currently testing. This resistance had been acting as support over the last five months. However, after the price of bitcoin broke this level to the downside in June 2022, the $20,500 zone has become a resistance zone and is keeping the price of bitcoin down.

Interestingly, this level also coincides with the 50-day moving average (around $20,300).

Crypto Chart showing a test of 50-day moving average (red line) around $20,300
Crypto Chart showing a test of 50-day moving average (red line) around $20,300 | Source: Tradingview

This overlap between the resistance bitcoin faces and the 50-day moving average means that the price of Bitcoin is in for some serious struggle.

To see the price of Bitcoin move upward, the bulls need to apply significant momentum to push back against the bears. If the bulls fail to do this, Bitcoin may slip downwards again, and experience another drop.

Technical Analysis of Ethereum

Ethereum has managed to hold itself over the $1200 zone in an interesting turn of events. The price action on Ethereum shows that the bearish trend on the cryptocurrency is indeed weakening.

However, the bulls shouldn’t rejoice just yet. A weakening downward trend doesn’t translate to a dead one.

Chart showing ascending trendline on Ethereum (blue line)
Chart showing ascending trendline on Ethereum (blue line) | Source: Tradingview

The 4-hour chart supports Ethereum by an ascending trendline (blue line). This might also explain why Ethereum has managed to keep its head above the $1,200 zone.

However, according to data about the Funding Rates on Ethereum from CryptoQuant, its investors are still undecided, indicating that there is no strong bullish or bearish momentum.

Chart snippets showing indecision between buyers and sellers (red arrow pointing to green hash)
Chart snippets showing indecision between buyers and sellers (red arrow pointing to green hash) | Source: CryptoQuant

 

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)

You Might Also Like

VOC x HQNFTs International Women’s Day Celebration Ends with Free Gasless NFT Giveaway

5 Crucial Things About CFTC Suing CZ Binance

How First Citizens Bank Acquiring SVB Deposits & Loans Can Benefit Crypto

G7 Nations to Push for Stricter Crypto Regulations

XRP Dominates Cryptocurrency Market with Highest Weekly Gains

TAGGED: Bitcoin, Blockchain, Crypto Exchange, Ethereum
Share this Article
Facebook Twitter Email Copy Link Print
Previous Article VOC, Voice of Crypto, ETH 5 Best Places To Stake Ethereum
Next Article VOC, Voice of Crypto, Meta Facebook Parent Meta Takes a Deep Dive in the NFT Space
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Binance

Follow US

Find US on Socials
Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Subscribe to our Newsletter

Get Newest Articles Instantly!

Ledger
Popular News
Web3 Shorthand
Web3 Shorthand: A Glossary for Crypto Newbies
Women in Web3
VOC x HQNFTs International Women’s Day Celebration Ends with Free Gasless NFT Giveaway
Quick-Tips-To-Avoiding-A-Fake-Crypto-Wallet
Quick Tips To Avoiding A Fake Crypto Wallet

Follow Us on Socials

We use social media to react to breaking news, update supporters and share information

Twitter Instagram Facebook Facebook Linkedin Youtube Spotify Medium Reddit Telegram
Voice of Crypto

Voice Of Crypto hits a beat with almost 15 million users, churning out the best news and content in the Web3, crypto and blockchain space

Subscribe to our newsletter

You can be the first to find out the latest news and tips about trading, markets...

  • Advertise With Us
  • About Us
  • Privacy Policy

Copyright © 2023 Voice of Crypto. All Rights Reserved

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?