Ethereum ate the dust on 29th October, 2022 when its value subsequently went down below $1,500. Even though there were earlier gains prior to the weekend yet not even Bitcoin was able to divert the slump and moved into the red zone.
Bitcoin’s value eventually neared $20,000 because of the overall digital market decline by almost 2%.
Bitcoin in the Red Zone
It has been now for back-to-back two days that Bitcoin’s price has fallen on the past weekend. The occasion has been recorded by the crypto analysts and experts as fading away of expected bullish.
After hitting its record high value during the month of October i.e. $21,022, Bitcoin value was set aback once again near $20K range i.e. 20,086. It lost about $1K in two subsequent days in the past week.
It is believed that the reason behind the value decline of Bitcoin is the US$. USD has acquired strength because of an unexpected increase in USD’s Q3 GDP rate that was recorded as 2.6%.
However, Bitcoin was able to gain some momentum particularly because it did not fall below its key ceiling price level namely $20,000. Resultantly, the relative strength index (RSI) is more or less intact.
Although, the RSI has dropped a bit from 66.00 to a resistance level of 56.82 but the declining impact brought Bitcoin into the red zone.
Ethereum Eating the Dust
In contrast to Bitcoin, the major blow was felt by the second highly valued cryptocurrency namely Ethereum. The past weekend slump caused havoc upon Ethereum which took the coin’s price below $1500.
The ETH/USD pair went down to an arbitrary low @ $1,493 in an intraday performance which though at one point in time exceeded $1,572.
According to experts since Ethereum was able to break beyond its crucial price barrier and went above $1,590 past week, momentum has however shifted in Ethereum’s favor. Experts believe that bears will go back into the market.
Bitcoin vs. Ethereum
When in the past week Bitcoin and Ethereum saw their prices increase, the hype had inculcated into ‘overbought territory’. This overbought territory has in return allowed the bears to re-emerge in the market.
However, the moving average of Ethereum is relatively on the higher side as compared to the moving average of Bitcoin. Ethereum’s movement average is further expected hold its ground in the future.
According to experts, this indicates that a quick rebound is likely to resurface prior to the end of this week. They are awaiting for the forex and stocks markets to close this weekend which will attract investors focus towards cryptocurrencies.
However, there is a lot more ground to be covered by both the leading cryptocurrencies, particularly when the year is nearing its end. Usually, when the year is closing, it is expected that the prices of digital currencies go up.