Ethereum Hits Revenue Of Network-based Projects As Bitcoin Drops To $20,500

Increasing selling pressure led to a dip in the cryptocurrency markets over the weekend. In the last 24 hours, the global cryptocurrency market cap fell more than 3% to $915 billion over the day while Bitcoin once again fell below $21,000, according to CoinMarketCap data at the time of writing (11.50 am, India time).

The global crypto market volume over the last 24 hours decreased 4.33% to $53.48 billion while the total volume in DeFi was $4.38 billion, representing 8.2% of the total crypto market 24-hour volume. The volume of all stablecoins was $48 billion, 90% of the total crypto market 24-hour volume.

Bitcoin (BTC) dominance decreased by 0.28 per cent to 42.81%. BTC price dropped 3.64% in the last 24 hours. At the time of writing, BTC was trading at $20,530. In the last 7 days, BTC price has increased by around 7%.

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Bitcoin remains more than 50% below in 2022, hit by the monetary tightening and hint of blowups in a digital-asset sector that’s still sobering up after bingeing on leverage.

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Most cryptocurrencies dipped over the weekend with increasing selling pressure. Despite the decline, Bitcoin has gained nearly 8% over the past week. If bulls can keep the bar above the US$21,000 level, we might see sharp upward moves. If sellers take over the BTC, we might likely see a bearish trend this week,” Edul Patel, CEO and co-founder of crypto investment platform Mudrex told FE Online.

As the price of Ethereum falls, the revenue of projects based on the network is also plunging drastically. ETH has lost nearly 5%, and it is about to test its support level at US$1,200. If buyers lose control to sellers, we might see Ethereum falling to the US$1,000 zone,” he added.  

Next key support for Bitcoin And Ethereum

Last week, Bitcoin was on an uptrend and had crossed the $22,000 level with the U.S.  Feds saying that the recessional concern is exaggerated. However, BTC dropped below $21K through the weekend. On the 4-hourly time frame, the BTC chart has broken out of the triangle pattern. However, the trend has dropped marginally and it is retesting the pattern. The daily RSI that had earlier surged to 50, dropped to the 40 level in the last couple of days with extremely low trading volumes in the same period. The next key support for Bitcoin is at $14,000,” analysts at WazirX Trade Desk shared in a note.

Ethereum has been closing in Red for the last 3 to 4 days after it had begun an upsurge last week. ETH against Bitcoin has lost marginally in the last couple of days as Bitcoin’s dominance index crossed the 44% level. The weekly chart for ETH-BTC continues to traverse within an ascending channel pattern, trading at the support levels. The next key support for ETH-BTC is expected at 0.046 level and next resistance is expected at 0.076,” they added.

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