Early this morning, the price of Ethereum found support at $ 1170.
Concerns over the so-called ‘crypto winter’ have not frozen investors’ interest in the sector.
Bitcoin chart analysis
The bitcoin price stopped at $ 21,600 yesterday, after which we see a withdrawal below $ 21,000 to $ 20,500. This morning, we found support, and bitcoin is back above the $ 21,000 level. Moving averages are at that level with no signs of a potential next trend. In the coming period, we can expect the continuation of this lateral movement of bitcoin in the range of $ 20,000-$ 22,000.
Ethereum chart analysis
Early this morning, the price of Ethereum found support at $ 1170, and since then, we have been in a bullish momentum up to $ 125. Currently, the price remains at that level, and now we are watching to see if a new lower high will be formed or if we will continue to the bullish side. For the bullish option, we need to climb to the $ 1300 level and create a new higher high. After that, Ethereum will be in a much better situation to consolidate better and continue further towards $ 1400. For the bearish option, we need negative consolidation and a pullback below $ 1200. After that, the price under pressure could continue towards $ 1100 to the next support zone.
Market overview
Concerns over the so-called ‘crypto winter’ have not frozen investors’ interest in the sector, Bank of America said in a report on Tuesday, following its Web3 and Digital Media Day conference last week.
The report said that talks with some of the 160 clients who attended the event made it clear that blockchain technology and the digital asset ecosystem are here to stay. The bank remains optimistic about adopting digital assets in the mainstream.
The consensus was that institutional investors and companies are preparing to enter the digital assets ecosystem. The decision, for now, is to remain on the sidelines until a comprehensive regulatory framework is in place, the report said. The bank reiterates its view that blockchain technology brings the most significant evolution of software from the Internet, adding that the new Web3 application ecosystem has the potential to transform any industry.
