Ethereum Firm, Bitcoin, Dogecoin Tread Read: Analyst Says ‘Vulnerable’ Apex Crypto Could Hit June Low If It Happens

Major coins traded mixed on Tuesday evening, while the global cryptocurrency market cap fell 0.8% to $973.7 billion at press time.

Price development of the most important coins

coin 24 hours 7 days Price
Bitcoin (CRYPTO: BTC) -1.3% -7% $19,963.73
Ethereum (CRYPTO: ETH) 0.3% -6.2% $1,548.52
Dogecoin (CRYPTO:DOGE) -3.3% -10.3% $0.06

Top 24-Hour Gainers (data via CoinMarketCap)

Cryptocurrency 24 hour % change (+/-) Price
Flow (FLOW) +5% $2
Close log (NEAR) +6.5% $4.28
NEXO (NEXO) +3.5% $1.02 USD

Also see: How to get free NFTs

Why this matters: Bitcoin slipped below the psychological $20,000 mark on Tuesday, following a soft close in equity markets. The S&P 500 and Nasdaq both closed 1.1% lower, while their futures were flat at press time.

>

New York Federal Reserve Chairman John Williams took a hawkish stance on Tuesday. He told the Wall Street Journal that we will need policy tightening for some time.

“I think that since demand far exceeds supply, we need to get real interest rates … above zero,” he said. “We need a little restrictive policy to curb demand, and we’re not there yet.”

Edward Moyaa senior market analyst at OANDA, said risk aversion was “firmly back” and sent the top coin below $20,000.

“If the broad sell-off on Wall Street intensifies, Bitcoin looks very vulnerable here. If the S&P falls 3% over the next few days, that could be the catalyst that sends Bitcoin back towards the June lows,” Moya said in a note seen by Benzinga.

The dollar index, a measure of the greenback’s strength against six of its peers, fell on Tuesday. At press time, it was down 0.1% to 108.65 points.

Justin Bennett said the dollar index is holding below the 109.30 resistance, but a consolidation below that level is “usually a sign of imminent upside.”

The retailer tweeted: “I think we’ll see 112-113 in September.” Bitcoin in particular has been moving in the opposite direction of the dollar index lately.

chartist Ali Martinez said that nearly 82,600 BTC worth $1.7 billion were withdrawn from major cryptocurrency exchanges last month.

Michael van de Poppe tweeted it Ethereum is headed for $2,200 as it approaches the transition to a proof-of-stake mechanism.

“I still expect this upward structure to continue regardless [Bitcoin] Reached $19,000 for liquidity or not,” the cryptocurrency trader said.

Amid a volatile trading week, “disbelief” is running high among Ethereum traders, he said shrine on twitter.

“The volume has the largest ratio across exchanges since June 2021 [geshortet]. Historically, price increases are more common under these conditions,” the market intelligence platform said.

Continue reading: Vitalik Buterin issues this important reminder ahead of the Ethereum merger

Buy, Hold or Sell – Your Ethereum Analysis from 31/08 gives the answer:

How will Ethereum evolve now? Is an entry worth it, or should investors rather sell? Find out the answers to these questions and why you should act now in the current Ethereum analysis.

Leave a Comment