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The world’s richest man and the co-founder of Dogecoin are sparring over whether the latter actually has a Python script that could put a huge dent in Twitter bot activity.
Over 9,500 people around the world were surveyed for Block’s 2022 Bitcoin report which showed that more optimistic individuals possessed a greater self-reported knowledge level of the crypto.
Ethereum was bullish on its chart today at the time of writing. ETH broke its consolidation phase and rose upwards by 4% over the last 24 hours. The king altcoin secured $1900 as a strong support level. After the coin moved past the $1700 level, the bulls started to show up in the market. The demand for the altcoin also came back into the market after Ethereum moved up and past the $1700 price mark. Continued buying strength can push ETH to trade above the $2000 price level. If the bulls continue to trade above the $2000 price level then the recovery would remain strong in the market. Currently, Ethereum has been down by 60% from its all time high of $4800, which the coin secured in the month of November, 2021. The overhead price ceiling for the coin stood at $2100. If the bulls fail to hold the momentum the coin could go back to the consolidation phase. Ethereum Price Analysis: One Day Chart ETH was priced at $1949 at the time of writing. The coin’s nearest support line was $1900, a fall from which could push ETH near $1700. The break from the consolidation caused the coin to rise by 4% over the last 24 hours. For the coin to invalidate the consolidation bit, the coin has to attempt trading near the $2100 and then at $2400. If bulls the tire out, Ethereum could be sandwiched between $1700 and the $1900. The volume of the coin declined in the last trading session. The volume bar was red in colour which indicated that the bearish pressure still remained in the market. Technical Analysis Buyers came back in the market as demand for the coin increased on the one day chart. The Relative Strength Index noted a move upwards as buyers regained confidence. Despite the increase in the buying strength, RSI noted a small downtick which could mean that selling pressure was back in the market. The coin was priced above the 20-SMA which is a sign of bullishness and push from buyers cause price to rise further. This indicated that price momentum was driven by buyers in the market. Related Reading | TA: Ethereum Tests $2K, Why ETH Could Extend Rally As buyers increased in number as seen on the RSI, Ethereum flashed buy signals on the one day chart. Awesome Oscillator depicts the price momentum and it showed green histograms signalling a change in price momentum. Green histograms on the AO can be attributed to a buy signal. Bollinger Bands indicate the price volatility. The indicator showed tightening of the bands which can be related to a change in volatility or an incoming price fluctuation in the market. Although Ethereum rose on the charts, indicators have painted a mixed signal. Only with sustained buying strength can Ethereum invalidate the bearish thesis completely. Related Reading | TA: Ethereum Reaches Crucial Juncture, Can The Bulls Make it
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Bitcoin remained in a positive zone above $31,200 against the US Dollar. BTC could correct lower, but the bulls might remain active near $30,800. Bitcoin is showing positive signs above the $30,500 and $31,000 resistance levels. The price is now trading above the $31,200 level and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $31,800 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could correct lower and test the $31,000 and $30,800 support levels. Bitcoin Price Faces Key Resistance Bitcoin price extended increase above the $31,000 zone. It even broke the $32,000 resistance on a couple of occasions, but the bears protected more gains above $32,200. The recent swing high was formed near $32,400 before the price started a downside correction. There was a move below the $32,000 level. The price corrected and tested the 23.6% Fib retracement level of the upward move from the $29,085 swing low to $32,400 high. It is now testing the $31,800 zone. There is also a key bullish trend line forming with support near $31,800 on the hourly chart of the BTC/USD pair. Bitcoin is also well above the $31,200 level and the 100 hourly simple moving average. Source: BTCUSD on TradingView.com An immediate resistance on the upside is near the $32,000 level. The next major resistance is near the $32,200 and $32,400 levels. A clear move above the $32,400 resistance level could start another increase. In the stated case, the price could rise towards the $32,500 resistance. The next major resistance sits near the $33,400 level. Dips Supported in BTC? If bitcoin fails to clear the $32,400 resistance zone, it could start a downside correction. An immediate support on the downside is near the $31,800 level and the trend line. A downside break below the trend line could send the price towards the $30,800 support. The 50% Fib retracement level of the upward move from the $29,085 swing low to $32,400 high is also near the $30,800 level. Any more gains might open the doors for a move towards the $30,000 support. Technical indicators: Hourly MACD – The MACD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is moving lower towards the 50 level. Major Support Levels – $31,800, followed by $30,800. Major Resistance Levels – $32,000, $32,200 and $32,400.
Europe’s top securities regulator has warned that soaring inflation could drive investors to cryptocurrencies. Stressing that there is “an imbalance” in how each EU country deals with crypto, the regulator calls for a common regulatory framework across European countries. Inflation Could Drive Investors to Crypto, EU Regulator Says The European Securities and Markets Authority (ESMA), […]
