Today’s Crypto Market Update
BTC dropped over 15% at a given point / ETH/USD pair remains positive / US30 launched a comeback
Attention turns to the crypto market for now, after BTC dropped over 15% at a given point. However, although some investors are cautious, others want to take the opportunity to purchase the coin. What about you? Are you ready for the risk? Keep in mind that this comes after Tesla made a u-turn, not accepting BTC payments in the company. Tesla CEO surprised many since everyone knows him as an icon in the crypto industry. The announcement by the executive subjected other popular cryptocurrencies to pressure.
From the crypto chart, BTC/USD went below its support level, $47,000. However, the pair recovered some losses as the trading day was ending. Keep in mind that BTC declined to the $43,979 level back in February. Do you think that the asset will hit that lower again? Bitcoin has to maintain its resistance level, as any breakout can lead to downside acceleration. The digital coin requires a high resistance level at $53,446 and also at $52,332.
Ethereum almost overtook BTC in the last few days, with new highs daily. The asset has flourished after attracting institutional investment. Also, some traders prefer ETH, claiming it is more advanced than BTC. Moreover, most investors who want lucrative opportunities turn to other currencies as Bitcoin seems more mature.
Technically, ETH/USD pair remains positive at the moment. However, Ethereum went below its support level, off $3,520. At the same time, the H4 chart indicates a positive RSI deviation. As Bitcoin has the most pressure, you can expect ETH to recover quicker from its recent sell-off. Analysts expect the instrument to hit its next target at a new high, $4379. Also, a breakout under $3520 can increase the selling momentum. However, ETH/USD has to find a strong support level, above $3000.
US30
The stock market seems to recover after investors avoid technology stocks. That is because of the pressure surrounding the market for now. As USTECH finds it hard to increase momentum, US30 launched a comeback, analysts expecting the asset to gain more soon.
What do you think about the current market nature? Feel free to share your views via the comment section.
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