Home Crypto News Today’s Cryptocurrency Prices: Bitcoin remains at $34,000; Ethereum falls under $1,800; majority of altcoins see a decrease

Today’s Cryptocurrency Prices: Bitcoin remains at $34,000; Ethereum falls under $1,800; majority of altcoins see a decrease

by Michael Stark

Cryptocurrency Market Takes a Breather, Analysts Bullish on Buying Interest

Bitcoin and other cryptocurrencies took a break on Friday as the market cooled off following a recent rally. Analysts, however, see the buying interest to remain in the digital asset market in the next few days.

Bitcoin saw some profit booking as the largest crypto token declined over a per cent but managed to hold about 34,000 levels. Its largest peer, Ethereum, was also seen in red, marginally lower, and remained below $1,800 level. Majority of the altcoins were trading with cuts.

Cooling Off After Seven-Day Streak of Rally

The cryptocurrency market seems to be cooling off from its seven-day streak of rally. The crypto fear and greed index is also well within the greed zone with a score of 70/100, signaling bullish sentiments among crypto investors.

“In other news, Deutsche Bank and Standard Chartered’s SC Ventures are testing UDPN, a system that enables blockchain, stablecoins, and CBDCs to interact like SWIFT in traditional banking. UDPN bridges blockchains, incorporates digital identity standards and facilitates regulated transactions,” said Parth Chaturvedi, Investments Lead at CoinSwitch Ventures.

Market Fluctuations and Trading Volumes

Barring a few exceptions, the majority of top crypto tokens were trading lower on Friday. Polkadot tumbled over 3 per cent, while Toncoin, Polygon, and Chainlink were down 2 per cent each. Among the gainers, Solana and BNB added about a per cent each, while Dogecoin was marginally up. The global cryptocurrency market cap was trading significantly lower, falling down to $1.26 trillion-mark, as it declined more than a per cent in the last 24 hours. However, the total trading volumes dropped about 7 per cent to $46.88 billion.

Tech View by Giottus Crypto Platform

Ethereum (ETH) is currently attempting a rebound after failing to breach the $1,900 resistance yesterday. The asset is witnessing ascending momentum in mid-term due to positive sentiments across the wider market. It may continue to consolidate at $1,800 levels in the short term before testing the upper boundary. ETH is currently trading well above its 100-day moving average of $1,700 which acts as an immediate support level. Its RSI reading is at 71, cruising in overbought territory.

Levels to Watch

The immediate support levels for ETH are $1,700 and $1,650, while the resistance levels are $1,835 and $1,900. If ETH successfully breaks and holds through the $1,835 barrier, it may retest the $1,900 levels. This may depend on Bitcoin continuing to do well.

Overall, the cryptocurrency market showed signs of cooling off after a recent rally, with fluctuations seen in the prices of major tokens. Despite this, analysts remain bullish on the buying interest in the digital asset market in the coming days.

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