Bitcoin Price below $27k, Ethereum Price Holds The Fort at $1800 Amid Market Weakness

KEY TAKEAWAYS

1. Top crypto tokens by market cap – Bitcoin price is down 1% trading around $26,900, Ethereum price is trading at $1800, down about 1% in the past 24 hours.
2. Global crypto market cap is down about 1.4% in the past 24 hours, currently at about $1.12 trillion, according to data from CoinMarketCap.

CRYPTO MARKET TODAY AT A GLANCE

Additional Read: Bitcoin Price Prediction

TOP CRYPTOS TODAY BY MARKET CAP

While the past 24 hours in the crypto market – we have observed some minute weaknesses across the board, with only XRP gaining on the back of positive news amongst all the top 15 cryptos by market capitalization. This is mainly due to Ripple’s recent launch of a CBDC platform to develop national CBDCs. It is a platform that central banks, governments, and financial institutions can use to issue their own central bank digital currencies (CBDCs). But apart from that, all other cryptos have lost some amounts here and there.

But if we were to zoom out to look at the broader weekly picture – things would look much different. The crypto market this week has largely been favorable, with Bitcoin and Ethereum gaining around 3% each this week. Others like Litecoin (LTC) and Ripple’s XRP have gained 19% and 8% over the past seven days. However, it is also prudent to observe that Bitcoin has fallen down below the crucial support region of $27,500 to $28,500 (more on this later) and thus could find it difficult to gain back its lost momentum again.

BITCOIN PRICE TODAY

BTC/USD | Source: TradingView

Bitcoin has experienced an impressive performance in 2023, with substantial gains of over 80% at its peak and still holding strong with a 60% increase as of writing. However, recent market movements have indicated some weakness on the upside since April. Currently, Bitcoin is trading below the crucial resistance region of $27,500 to $28,500, indicating a temporary pause in the bullish momentum.

Technical indicators reveal that BTC price is also trading below the 50-day exponential moving average (EMA), which further adds to the cautious sentiment. This indicates a short-term bearish signal, as the price is struggling to maintain its upward momentum. Traders and analysts can closely monitor the price action to identify potential support levels. Key support zones to watch include the $25,000 level (marked in black), which has historically acted as strong support area.

Overall, while Bitcoin has showcased remarkable growth in 2023, the current technical analysis indicates only a temporary consolidation phase. Traders should closely monitor key support and resistance levels, along with market developments, to navigate the dynamic crypto market successfully.

ETHEREUM PRICE TODAY

ETH/USD | Source: TradingView

Ethereum has shown a relatively stronger performance than Bitcoin, with notable gains over the past 7 days. However, its price is currently hovering around a critical support level of $1800. Holding above this level is crucial as a breakdown could potentially lead to a more significant correction in ETH price.

Similar to Bitcoin, Ethereum has also dipped below the 50-day exponential moving average (EMA). However, it is worth noting that Ethereum is still trading above the long-term 200-day moving average, indicating a relatively healthier position. This provides some reassurance for investors, suggesting that the current price movement may be a temporary correction rather than a significant bearish trend.

The Relative Strength Index (RSI) for Ethereum is currently at 43, which suggests that the market sentiment is not excessively bearish at the moment and also indicates that there is still some potential for a bullish reversal or a pullback rally in the near future. Thus keeping an eye on the key support levels would help traders and investors in the crypto market make better decisions.

Additional Read: Ethereum Price Prediction