During the Asian trading session, the overall cryptocurrency market was relatively stable, with BTC holding above $23,000 and ETH rallied above $1,550. Due to the lack of volatility, leading cryptocurrencies like Bitcoin and Ethereum are currently trading in tight price ranges as market participants anticipate a busy week.
Before diving into the technical outlook, let’s take a quick look at the fundamental aspects of the market.
Whales Move Millions: Are Coinbase and Binance the Next Big Ethereum and Bitcoin Hotspots?
In the last 24 hours, three Ethereum whales have made significant transfers to Binance and Coinbase. The first transfer delivered 92,170 ETH worth $150.9 million to Binance from an undisclosed wallet. Interestingly, the whale left a relatively small sum of 1,000 ETH worth $1.6 million in its wallet.
Another Ethereum whale followed a few hours later with a transfer of 25,361 ETH worth $40.5 million from an unknown wallet to Coinbase.
This whale practically depleted its Ethereum wallet to zero in the process. Shortly after, a third Ethereum whale abruptly transferred 15,110 ETH worth $24.3 million from a secret wallet to Coinbase, also depleting its bank account.
Not to be outdone, a large Bitcoin whale appeared next, transferring 9,475 BTC worth $219.5 million between two unknown wallets. The bitcoin does not appear to be on its way to any crypto exchanges where it could be traded on the open market.
How is it affecting crypto prices?
Large transfers of whales often create ripples in the market and can be interpreted as a sign of possible price movements. Some investors may see these transfers as a sign of positive sentiment, which could potentially push Bitcoin and Ethereum prices higher.
On the other hand, some investors might interpret these transfers as a sign of possible selling pressure, which could lead to a decline in the prices of these cryptocurrencies.
Previous week: Key US economic events to watch
Several key indicators that may impact cryptocurrency prices will be closely monitored by financial markets over the coming week. Indicators include CB Consumer Confidence, ISM Manufacturing PMI, Unemployment Claims and ISM Services PMI.
- The CB consumer confidence index can affect investor confidence, which in turn can affect demand for cryptocurrencies. When consumer confidence is high, it can indicate a positive outlook for the economy and increase demand for cryptocurrencies.
- The ISM Manufacturing PMI provides insight into the health of the manufacturing sector, which is a key driver of economic growth. When this indicator is strong, it can indicate that the economy is doing well, which will increase demand for cryptocurrencies.
- Initial jobless claims Providing information on the health of the labor market, which is a crucial component of the overall economy. A low unemployment rate can indicate positive sentiment and increase demand for cryptocurrencies.
- Finally, that PMI for ISM services provides information on the health of the service sector, which is a major contributor to the economy. If this indicator is strong, it could indicate a positive sentiment and increase demand for cryptocurrencies.
bitcoin price
Bitcoin is currently trading around $23,000 with a 24-hour trading volume of $18 billion and up 0.50% over the past day. The immediate support level for Bitcoin is $22,800 and a break below this level by the BTC/USD pair could potentially expose BTC’s price to the next support area at the $22,150 level.
Over the 4-hour period, Bitcoin has completed a 61.8% Fibonacci retracement at $22,800 and a close above this level has the potential to fuel an uptrend in BTC.
Bitcoin price chart – Source: Tradingview
On the upside, Bitcoin’s immediate resistance level remains around $23,500. However, as the BTC/USD pair has entered the oversold zone, there are chances for BTC to rally and break the $23,500 resistance level, potentially resulting in a price of $24,250.
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Ethereum price
Ethereum’s current live price is just below $1,600 and on the technical front, the ETH/USD pair is currently facing a significant resistance level at $1,620, which is bolstered by the 50-day EMA. If the pair closes below this level, it may trigger a selling trend in ETH.
Ethereum price chart – Source: Tradingview
Ethereum price is currently trading below its immediate support level of $1,570. If this level breaks, the next support for Ethereum is $1,515. On the other hand, if ethereum price breaks the $1,625 resistance level, it can rally to the $1,674 level.
The $1,740 level represents the next significant barrier to price growth above this point.
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Top 15 Cryptocurrencies to Watch in 2023
Investors in the cryptocurrency market have many options beyond Bitcoin (BTC) and Ethereum (ETH). The Cryptonews Industry Talk team has compiled a list of the 15 best altcoins to watch in 2023.
The list is regularly updated with new ICO projects and altcoins, so check back regularly for the latest additions.
Disclaimer: The Industry Talk section features insights from crypto industry players and is not part of Cryptonews.com editorial content.
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Cryptocurrency Price Tracker – Source: crypto news
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