Naeem Aslam
Zaye Capital Markets
Hopes for Bitcoin Exchange traded fund becoming a reality this year were dashed by the SEC’s decision yesterday. There will be no Bitcoin ETF this year. The price of Bitcoin has crippled on the back of this and I think it is likely that the price may not only drop below the $2K mark, but with this kind of momentum behind it, the price can test the 1500 level.
Simply put, the bad news keeps coming just like cockroaches coming out of a hole.
If we look at the Ethereum price, the future God of the crypto market (once it was called this), it is being treated worse than a narcos mafia head. It has lost all the potential and the fact that the price has dropped below the key psychological level of $100, this is the most bearish sign to date.
But again, this is a crypto market which has the ability to blow your mind and the downside is limited and the price at its current level represents an opportunity of a lifetime.
In terms of technical analysis, the price has failed to break above the downward trend line and this confirms that the downtrend is strong. It seems like that the price may test the next support which is shown by the green horizontal line.
Ethereum price is very close to its long term support zone shown by the green horizontal line on a daily time frame. The RSI is showing extreme reading and it is trading below the 30-mark. Any reading below 30 usually brings bulls back into the market.
The information is purely for education purposes only and cannot be perceived as an advise.
Recommended Content
Editors’ Picks
Ethereum continues hinting at rally following reduced long liquidations
Ethereum has continued showing signs of a potential rally on Tuesday as most coins in the crypto market are also posting gains. This comes amid speculation of a potential decline following FTX ETH sales and normalizing ETH risk reversals.
HBAR price jumps 75% as BlackRock tokenizes Money Market Fund on Hedera
Archax, Ownera and The HBAR Foundation have enabled the first tokenization of BlackRock’s money market fund (MMF) on Hedera. Last year Hedera Council member abrdn’s successfully tokenized its MMFs on Hedera.
Bitcoin price holds above $66K as Morgan Stanley files prospectus to add BTC ETF exposure in two of its funds
Bitcoin (BTC) price remains range-bound, holding above the $63,000 level, while its upside is capped below $68,000, going against or delaying the assumption that the fourth halving would be a 'sell-the-news' outcome.
Crypto community reacts as BRICS considers launching stablecoin for international trade settlement
BRICS is intensifying efforts to reduce reliance on the US dollar after plans for a stablecoin effort surfaced online on Tuesday. Most people expect the stablecoin to be backed by gold, considering BRICS nations have been accumulating large holdings of the commodity.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?