The overall cryptocurrency market remained relatively stable during the Asian trading session, with BTC rallying above $23,000 and ETH above $1,550. Due to the lack of volatility, major cryptocurrencies such as Bitcoin And Ethereum It is currently trading in a tight price range as market participants anticipate a busy week ahead.
Let us have a look at the fundamentals of the market before going into the technical perspective.
Whales Moving Millions: Are Coinbase and Binance the Next Big Ethereum, Bitcoin Hotspots?
three in the last 24 hours ethereum whale Have made significant transfers to Binance and Coinbase. The first transfer delivered 92,170 ETH worth $150.9 million to Binance from an unknown wallet. Interestingly, the whale left a relatively small amount of 1,000 ETH in his wallet, which was worth $1.6 million.
A separate Ethereum whale followed suit a few hours later with a transfer of 25,361 ETH worth $40.5 million from an unknown wallet to Coinbase.
This whale practically drained his Ethereum wallet to zero in the process. Shortly thereafter, a third Ethereum whale suddenly transferred 15,110 ETH worth $24.3 million from an unknown wallet to Coinbase, emptying their bank accounts as well.
Not to be outdone, a huge bitcoin whale appeared next, moving 9,475 BTC worth $219.5 million between two unknown wallets. Bitcoin does not appear to be in the way of any crypto exchanges where it can be traded on the open market.
How does this affect crypto prices?
Large transfers by whales often create ripples in the market, and they can be interpreted as indications of potential price movements. Some investors may see these transfers as a sign of positive sentiment, which could potentially drive bitcoin and ethereum prices higher.
On the other hand, some investors may interpret these transfers as a sign of potential selling pressure, which could lead to a decline in the prices of these cryptocurrencies.
The week ahead: Key events to watch from the US economy
The coming week will be closely watched by financial markets for several key indicators that could affect cryptocurrency prices. CB Consumer Confidence, ISM Manufacturing PMI, Unemployment Claims and ISM Services PMI are among the indicators.
- CB Consumer Confidence Index Could affect investor confidence, which could affect the demand for cryptocurrency. If consumer confidence is high, it could indicate a positive outlook for the economy and an increase in demand for cryptocurrencies.
- ISM Manufacturing PMI Provides insight into the health of the manufacturing sector, an important driver of economic growth. If this indicator is strong, it could indicate that the economy is doing well, which will increase the demand for the cryptocurrency.
- Unemployment Claims Provide information on the health of the labor market, which is an important component of the overall economy. A low unemployment rate may indicate a positive mood and increase the demand for cryptocurrencies.
- eventually ISM Service PMI Provides information on the health of the service sector, which is a significant contributor to the economy. If this indicator strengthens, it could signal positive sentiment and increase demand for the cryptocurrency.
bitcoin price
Bitcoin It is currently trading around $23,000 with a 24-hour trading volume of $18B and an increase of 0.50% over the past day. An immediate support level for bitcoin lies at $22,800, and a break below this level by the BTC/USD pair could potentially expose BTC price to the next support area at the $22,150 level.
On the 4-hour time frame, bitcoin has completed a 61.8% Fib retracement level at the $22,800 mark and a close above this level has the potential to propel BTC higher.
On the upside, an immediate resistance for bitcoin remains near the $23,500 level. However, since the BTC/USD pair has entered the oversold zone, there are chances that BTC may rebound and break the resistance at $23,500, potentially leading to a price of $24,250.
ethereum price
current live price of Ethereum There is a downside break just below $1,600, and on the technical front, the ETH/USD pair is currently facing an important resistance at $1,620, which is reinforced by the 50-day EMA. If the pair closes below this level, it could trigger a selling trend in ETH.
Ethereum price is currently trading below its immediate support at $1,570. When this level breaks, the next support for Ethereum lies at $1,515. On the other hand, if Ethereum price breaks the $1,625 resistance, it could move higher towards the $1,674 level.
The $1,740 level represents the next important hurdle for further gains in price above this point.
Top 15 Cryptocurrencies to Watch in 2023
Investors have many options in the cryptocurrency market besides Bitcoin (BTC) and Ethereum (ETH). The Cryptonews Industry Talk team has compiled a list of the top 15 altcoins to watch in 2023.
The list is updated regularly with new ICO projects and altcoins, so be sure to check back often for the latest additions.
Disclaimer: The Industry Talks section features insights by crypto industry players and is not part of the editorial content of 0x0news.com.
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