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News/BTC and ETH catch brief break after oversold conditions
2 months ago5 mins read

BTC and ETH catch brief break after oversold conditions

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As highlighted in our daily crypto update yesterday, markets appeared set for a relief rally, the inklings of which we started seeing today.

BTC surged by approximately 5.2% in the past 24 hours, sending the price to $20,300 at the time of writing, whereas ETH followed BTC in the upward trend, rising 4.7% in the past 24 hours, pushing the price to close to $1,400.

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On the flip side, DXY finally found some resistance after surging for 12 days straight to break recent highs. Currently sitting at 113.88, a corrective phase for DXY will help crypto find some relief.

S&P 500 also seems to be finding its feet above 3,673 and steadily rising. We will have to wait and see whether another higher high gets rejected by this trend line or we push through to a new range. Bulls will be looking toward the 4,000 level for a reaction.

spx 27.png SPX Price Chart. source TradingView

Top altcoin gainers and losers

Gainers

Uniswap UNI (+14.11%) Stepn GMT (+12.65%) Maker MKR (+10.52%)

Losers

Terra Classic LUNC (-10.84%) Chain XCN (-1.51%) Cosmos ATOM (-1.41%)

BTC Technical Analysis

Bitcoin price caught traders off guard and broke out of its range reclaiming $20,000 and above. $20,500 serves as the immediate resistance but if the price breaks through we could see a minimum of $21,500-$22,000 sooner rather than later.

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ETH Technical Analysis

Ethereum is forming soft support on ETH/BTC, the success of that support will be judged on the price action seen on ETH/USDT pair.

If Ethereum breaks $1,560 and breaks this lower high trend line we can expect a clean move to $1,800. Otherwise Ethereum will most likely head back and test support at $1,250.

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Coin360 Daily Digest

Here's a quick rundown of the major crypto market news from today.

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For more daily updates and news, follow us on Twitter.

Disclaimer: None of the information here constitutes financial advice and market participants are advised to conduct their own research since cryptocurrencies are speculative assets with considerable risks.