In the wake of new market slumps, we will analyze the pricing of Bitcoin against the dollar, and Ethereum (ETH).
This week’s tentative rises draw a still weak technical picture, dragging along doubts that we are at the beginning of a new bearish phase.
The price rebound in recent days has been accompanied by low volumes indicating buying to cover downside positions rather than opening new upside positions.
The overall picture is completed by falling volatility after touching, in recent days, values not seen since last mid-June, when the general decline that began in April was completed and with more violent and deeper dynamics.
The Fear & Greed Index has returned to hover just above 20 points, levels that characterized the summer months. Excluding the last week of October and the first week of November, the movement in the range between 20 and 30 points extends over 90 days, the longest period ever.
The TonCoin token (TON) embedded in the popular messaging app Telegram, continues to stand out from the rest of the industry by scoring a double-digit rise (+10 percent) from the levels of Friday, November 11. With a value of $1.8 per token, the total capitalization exceeds $2.1 million taking the 25th position in the ranking of the largest capitalized tokens.
Among the other few with good weekly gains is the Uniswap (UNI) token native to the decentralized trading platform of the same name, up 4 percent on a weekly basis. UNI’s price recovers $6 per token climbing to 15th position for a total capitalization of $4.5 billion.
The quotation of Bitcoin (BTC) on the dollar
The quotation of Bitcoin (BTC) against the dollar manages to recover USD 16,500, closing every day above this important short-term technical level.
From a medium-to-long-term perspective, it is necessary to recover USD 18,500 in a short time in order not to risk leaving room for bearish speculation.
Necessary to get through the weekend without witnessing plunges below 16,000 USD and not jeopardize the fragile technical structure that with the break of 18,500 USD last week undid the consolidation that lasted more than 4 months.
Analysis of Ethereum (ETH)
A reflective week for Ethereum (ETH), which, except for Wednesday, closed in one percentage point gain or loss on its way to closing the weekly balance at opening levels.
Unlike the BTC, last week’s decline did not violate the June lows, managing not to burn all the gains accumulated since mid-June.
Over the next two days of the weekend, it will be important not to revisit last week’s lows in order not to risk sinking below the psychological threshold of 1k USD.
A positive signal will come with the recovery of 1,300 USD. In that case, it will be useful to watch volumes. As buying volumes increase, there will be a second confirmation of a return to the uptrend.
Otherwise, operationally it will be better to continue waiting without anticipating technical signals.
Although the bearish assault has been less violent than that suffered by BTC, ETH also continues to remain affected by the possible defaults of investment funds linked to the FTX exchange.
