After two bearish days, this morning Bitcoin made an attempt to raise to $ 9,293. But then the first cryptocurrency resumed its decline and formed a low at $ 9,180.2.
For the other major cryptocurrencies, it was a mixed day on Tuesday. Ripple’s XRP and Stellar’s Lumen rose 4.88% and 3.99% respectively, while EOS gained 0.46%.
Yesterday, however, was a red day for the rest of the coins. Bitcoin Cash SV slid 3.56% to lead the others downside. Binance Coin (-1.74%), Bitcoin Cash ABC (-1.55%), Cardano’s ADA (-1.95%), Litecoin (-2.51%) and Monero’s XMR (-2.38%) also saw large losses. Ethereum and Tron’s TRX recorded modest losses of 0.62% and 0.60% for the day.
At the time of writing, the total market capitalization is $ 258.68 billion. Bitcoin dominance drops again to levels below 65% after Tuesday’s loss. Bitcoin dominance was 64.7% on Wednesday morning. Trade volume is $ 107.30 billion.
The Crypto Community Expects the Release of Ethereum Futures as Good News
The Commodity Futures Trading Commission (CFTC) believes that Ethereum futures are likely to start in the future. However, specific details of when or where Ethereum futures will be launched are not yet revealed. Keep in mind that while futures will theoretically increase institutional interest in the Ethereum market, it could also cause a price crashes.
In addition, there has been a consistent increase in hoarding of Ether by miners since the end of 2019. And this has led some experts to conclude that Ethereum’s credibility is growing.
ETH/USD Retreats from the Recent High, But the Bullish Trend is Still Intact
ETC/USD is moving in a good uptrend on the daily chart, after hit a bottom at $ 116.30 on December 18th. And now it looks like the price is consolidating in an upside flag on the hourly chart.
A upside breakout will obviously be bullish for Ethereum, but we will need to see sustainable movement above $ 190 to win the bulls momentum. Therefore, the closest resistance is created by the current high near $ 195. If we break above it, we should see a test of psychological $ 200 level. Most likely, the bulls will not be able to clear this area from the first attempt, but when it happens the September 19, 2019 high at $ 223.77 will be in focus.
On downside, a clear break below the bullish flag is needed to give the bears extra momentum. The first support coming with the SMA 200, localized at $ 174.40. A breakthrough below this area will bring more sellers in the market and push the price to $ 170.00. This round level is followed by $ 158.00 support, reinforced by SMA 100 on the daily chart.
Author: Silviya Velcheva
* The views expressed in this material do not constitute a recommendation or advice for the purchase or sale of cryptocurrencies in the digital assets market or other financial instruments. The predicted forecasts meet the expectations of the author of the material and may not materialize. Trading in currencies, contracts for differences on margin or cryptocurrencies poses a high risk and may not be suitable for all investors. Past results are not a guarantee of future success.