The crypto market is about ending another dull day after seeing little or no improvement in price. The total cryptocurrency market cap is down by 1.17% as of the time of writing over the last 24 hours. The past trading session ended with more traders expecting the current to be better but we are seeing a reverse.
Crypto derivatives are also down 14% during this time as more traders avoid the market. Nonetheless, the market still holds a hint of bearish dominance as 51% of the currently open orders is from short positions. Bitcoin is about to end another day below $45,000 as Ether retrace to $3,000 again.
The king coin is currently up by 0.41% in the past 24 hours. The candle representing this data on the daily chart is looking more like a doji with longer wicks and smaller body – volatility with little impact on price. The good news during the intraday trading is that the $42k support was held for the first time in the last four days.
If bitcoin continues to hold the $42k support, we may see a gradual hike in price and less bearish pressure on the coin. RSI has been steady over the last four days. Going by this, BTC may continue oscillating between $41k and $43 until the market sees a significant boost.
Ether has shown high volatility as it massive price swings over the last seven days. We notice that the largest alt has been unable to flip the $3,200 resistance during this time. ETH has been trading between $2,900 and $3,100 during the past 24 hours. Price movements are looking like the second-largest will end the days at $3,000.
It is also important to note that the fear and greed index reading is at 26 – displaying fear. Market sentiment has not changed since the last intraday session as we notice a slip in the fear and greed index. With more Twiter influencers calling for calm, we may see an improvement in this index.