Ethereum neared almost breaking its crucial price ceiling of US$ 1,200 because of the boosted sentiment which kicked off the week.
However, the crypto markets edged downward at 0.68% which eventually put markets again in the red zone.
Bitcoin also failed in acquiring any value gains when today’s trading session began today. Experts believe that FTX trauma still has plenty left in hurting the crypto economy.
Bitcoin Fundamental Analysis
When today’s trading session began in the crypto industry, Bitcoin could be seen edging down and resultantly put aback on its earlier crucial price ceiling.
Edging down could also be seen in the BTC/USD whose value fell below $16,564.61, which was the intraday’s lowest value.
This is also in total disregard to BTC’s past day performance wherein the day trading ended with the highest price of the day namely $16,795.20.
Since the FTX fiasco emerged, the circumstances have revised the crucial price ceiling for BTC at $16,000 for the present week. Given the latest BTC value, it is evident that BTC may end this week at a price over and above $16,000.
The edging-down impact came when BTC’s two-week relative strength index (RSI) was struck by an obstacle.
However, BTC’s RSI failed in showing resistance which allowed bearish sentiment to overcome bulls. Otherwise, the bulls were taking BTC’s value to the $17K mark if the bearish hasn’t made a forced entry.
Ethereum Technical Analysis
In contrast to Bitcoin, Ethereum (ETH) was smoothly moving towards breaking its crucial price ceiling of $1,200. However, the upward movement was circumvented as Ethereum’s value declined.
Ethereum opened the trading session on 18th November 2022 at the price range of $1,222.20. However, at the end of the trading day, the value of Ethereum settled at a price range of $1,200.48.
This decline in value stemmed from the edged down in ETH/USD wherein the price ceiling was capped at $1,220. However, the bulls for Ethereum remain intact and prevent declines from occurring further.
On the other hand, the traders seem to have refused the idea that Ethereum’s value may drop further, particularly below the $1,200 level. Resultantly, Ethereum has been able to swap hands at a price range of $1,209.44 currently.
Ethereum’s past 10-day moving average could have been the reason why further declines in the value have been refused. This is so because Ethereum’s moving average is trending up which has eventually supported ETH’s bulls.
Apart from the moving average, Ethereum’s past 2-week RSI is also showing signs of proceeding above the 37.75 key floor level. This could be one of the major reasons why sell-offs have been circumvented.
FTX Trauma Not Over Yet
However, the FTX’s trauma continues to haunt the crypto economy which is likely to add more value declines in the near future.