Bitcoin stays at $34,000 as Ethereum falls below $1,800; majority of altcoins experience decline in crypto prices today
CRYPTO MARKET TAKES A BREATHER AFTER RALLY
Bitcoin and other cryptocurrencies saw a brief pause in trading on Friday after a period of significant gains. However, analysts remain optimistic about the market’s future prospects.
Bitcoin and Ethereum See Some Profit Booking
Bitcoin experienced some profit booking on Friday, leading to a slight decline of over one percent. Despite this, the largest crypto token managed to hold at around the 34,000-level. Ethereum, the second-largest cryptocurrency, also saw a marginal decrease and remained below the $1,800-level. Additionally, many other altcoins were trading with cuts.
Market Cools Off After Seven-Day Rally
The crypto market appears to be cooling off after a seven-day streak of rallies. The crypto fear and greed index also reflects bullish sentiment, with a score of 70/100, indicating positive investor sentiment. According to Parth Chaturvedi, Investments Lead at CoinSwitch Ventures, the broader crypto market seems to be reacting in sync and cooling off after the recent rally.
Deutsche Bank and Standard Chartered Test Blockchain System
In other news, Deutsche Bank and Standard Chartered’s SC Ventures are testing UDPN, a system that enables blockchain, stablecoins, and CBDCs to interact similarly to SWIFT in traditional banking. UDPN bridges blockchains, incorporates digital identity standards, and facilitates regulated transactions.
Cryptocurrency Market Cap and Trading Volumes Decline
Despite a few exceptions, the majority of the top cryptocurrency tokens were trading lower on Friday. The global cryptocurrency market cap fell to the $1.26 trillion-mark, declining over one percent in the last 24 hours. Additionally, the total trading volumes dropped about seven percent to $46.88 billion.
Tech View by Giottus Crypto Platform
Ethereum (ETH) is currently attempting a rebound after failing to breach the $1,900 resistance. The asset is witnessing ascending momentum in the mid-term due to positive market sentiment. It may continue to consolidate at $1,800 levels before testing the upper boundary.
ETH is currently trading well above its 100-day moving average of $1,700, acting as an immediate support level. Its RSI reading is at 71, signifying overbought territory. If ETH successfully breaks and holds through the $1,835 barrier, it may retest the $1,900 levels, depending on Bitcoin’s performance.
Support and Resistance Levels for ETH
Support: $1,700, $1,650
Resistance: $1,835, $1,900
In conclusion, the cryptocurrency market saw a temporary halt in trading on Friday after a period of significant gains. Despite this brief pause, analysts remain positive about the market’s future prospects, particularly regarding Bitcoin and Ethereum.
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