It’s been a mixed session for the crypto market yesterday due to price action among the top 10 cryptos. Bitcoin (BTC) and Solana (SOL) continued to be in a breakout mode, while Ether (ETH) struggled to move higher and witnessed a slight pullback.
With the Ethereum Merge exactly two days away, we may see ETH and BTC record huge volume-based trades, which can move the market significantly. The market dominance levels of both BTC and ETH have moved a bit higher over the last three to four trading sessions and are currently over 41% and 20%, respectively.
The Fear and Greed Index is showcasing improved investor sentiment as it has jumped by 9 points during yesterday’s session, closing at 34/100.
Support comes from Nasdaq, which rose by 1.27% yesterday. However, it could be a difficult day ahead for traders as the US inflation report is going to be released. Any uptick in inflation can roil the market mood.
Key coins
On the daily chart (shown above), BTC is showcasing strength in momentum. The break above the 50-day Exponential Moving Average (EMA) has been a positive development and is now providing strong support. However, BTC needs to break another resistance level, at $23,200, to confirm a trend reversal.
The market is expected to demonstrate volatility in the next few sessions, and a break below the 50-day EMA could send the price below $21K.
In the 4-hour chart above, we can see that ETH, struggling to break above the $1,780 level, has pulled back. The 50-EMA slope is providing strong support, but it needs to cross the $1,720 mark once again to reverse the trend and start moving higher.
Since the Merge is so close, ETH price action will be news driven. Therefore, it’s best to stay cautious.
Top 5 gainers in the last 24 hours
- Golem (GLM): 18.93%
- AirSwap (AST): 12.26%
- Status (SNT): 10.84%
- Solana (SOL): 8.13%
- ThetaFuel (TFUEL): 6.60%
