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Bitcoin (BTH) and Ethereum (ETH) in weekly review – Breakout over resistance

admin by admin
July 25, 2022
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Bitcoin (BTH) and Ethereum (ETH) in weekly review – Breakout over resistance
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This price analysis was prepared in cooperation with the crypto exchange KuCoin.

The centralized crypto trading platform KuCoin was founded in September 2017. It offers a variety of different financial services, such as margin and spot trading, P2P fiat trading, staking, futures trading and lending.

Last week, sentiment towards Bitcoin (BTC) and Ether (ETH) was rather mixed: on the one hand, Tesla announced that the company had sold 75 percent of its Bitcoin inventory, which triggered a decline. On the other hand, BTC and ETH have broken through the upper limits of their range, in which both have been for several weeks. Both BTC and ETH have been able to stay above this range so far.

BTC: Erupted Over the flag and still over it

Last week, Bitcoin was able to break out over the flag tending downwards and so far it can hold above this constellation. This could indicate a recovery.

Bitcoin Price Chart (Binance). Source: TradingView

Currently, Bitcoin is at about $ 22,570, and he even managed to recover from this level.

Recovery is possible

Last week, Tesla announced that the company has sold 75 percent of its Bitcoin inventory for $936 million. This has triggered a slight decline. However, there was no decline in the market as a whole.

On July 19, Bank of America released its latest fund manager survey entitled “I’m so bearish, I’m bullish”. In German, this means something like “I’m so bearish that I’m already bullish again”. The report talks about investor pessimism, the expectation of weak corporate profits and the lowest share allocation since September 2008.

However, Grayscale analysts said the bear market could last for another 250 days if the market behaves as it has in the past. If the analysts are right, the next bull market is expected in spring 2023.

ETH: signs of recovery

Last week, Ether did not let the flag tending downwards stop it. The coin was able to break out over this constellation.

As a result, Ether, like Bitcoin, no longer fell sharply. The second largest cryptocurrency broke through the flag’s cap at $ 1,270. There is also a local up flag on the 1-day chart at the moment. If the pattern is completed, it can push the ether price up to $1,800 (local flag is shown in red).

Ethereum Price Chart (Bitstamp). Source: TradingView

The price development of ETH has been positively influenced by the recent announcement of an exact merge date. With the so-called merge, Ether completely transitions to a PoS.

Hope for growth

Market analyst CryptoLinns gave a more nuanced analysis on Ether price performance and posted the following chart. On this it can be seen that the movement on July 20 did not mark a new high, and the decline on July 21 did not mark a new low on the 4-hour chart.  According to CryptoLinns, the current support is at $ 1,450, and the resistance is at $1,630.

$ETH 4h chart

Yesterday’s rise did not appear a new high. It followed $BTC down again. And the drop did not appear a new low#ETH #BTC #Crypto pic.twitter.com/oqWjMPYf5p

– Crypto Line.eth & Mt’s (@CryptoLinns) July 21, 2022

A major reason for the increase is the continuing demand for ether on the central crypto exchanges. According to a recent tweet from the on-chain crypto analysis platform Glassnode, the ether outflow from the various central exchanges has risen to a 13-month high.

📈 #Ethereum $ETH Exchange Outflow Volume (7d MA) just reached a 13-month high of 29,822,996 ETH

Previous 13-month high of 28,398.132 ETH was observed on 20 June 2022

View metric:https://t.co/LzFffVHu6i pic.twitter.com/vdBDLlNCOw

– glassnode alerts (@glassnodealerts) July 21, 2022

According to data from Cumberland, there are currently only institutional buyers of ether, which could signal a further increase.

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