Bitcoin
Over the week, the price of bitcoin dropped from $28,476 to $27,933 (on Friday evening, April 7), or, in other words, by 1.9%. Now BTC has a fairly low volatility. On no day of the week did the cryptocurrency fall or grow by more than 1.5%.
Source: tradingview.com
Since the price of bitcoin has not changed much in seven days, the support/resistance levels have remained the same as a week ago: $26,541 and $29,380, respectively.
Source: tradingview.com
At the same time, once again, a new absolute record of mining difficulty was set in the Bitcoin network. Now the figure is approximately 47.89 T (trillion), which indicates a high interest on the part of miners in the extraction of the historically first cryptocurrency. The previous three difficulty recalculations were also upwards.
The index of fear and greed for the week rose by 1 point. Now it is 64. This indicates the prevalence of greed over fear.
Ethereum
In the week from March 31 to April 7, Ethereum added about 2.6% in price. At the same time, on Wednesday, April 5, the coin crossed the $1,900 mark. This indicator has not been reached since August 2022, when the transition to Proof-of-Stake was not yet completed. True, at the time of writing this material, Ethereum failed to stay above $1,900: now it is trading at $1,869.
Source: tradingview.com
The growth in the value of ETH during the week is associated with the hype around the Shapella update, scheduled for April 12th. The current price acceleration may be due to the fact that after the upcoming event, a huge amount of cryptocurrency can be unlocked and put up for sale. The natural message is to raise the price (sell more = more profitable).
At the moment, more than 18 million tokens
are blocked. This represents about 15% of Ethereum’s total supply of 120 million coins. On social media, the market research team K33 Research reported that even unlocking $2.4 billion of Ethereum
could lead to a serious drawdown of the world’s second-largest cryptocurrency in terms of capitalization.
Interesting statistics are provided by the analytical platform Santiment. Its experts compare the changes in the ten largest accounts with ETH on exchanges and outside the trading floors. So, the first, according to analysts, are close to historical lows. And, on the other hand, the largest off-exchange accounts are growing. This suggests that those who have a lot of savings in the short term
not going get rid of the air.
Source: santiment.net
From the point of view of technical analysis, ETH did not have a strong momentum. The rally on April 5 simply formed the $1,942 resistance level. And the coin itself is trading near the $1,860 support level.
Source: tradingview.com
Cardano
Over the past week, Cardano has shown a decline of 5.7%. This cryptocurrency failed to gain a foothold above the $0.4 level, which was reached on the last day of March. The week turned out to be absolutely multidirectional: two sessions of decline were replaced by three sessions of growth, after which again two days passed in the red zone.
Source: tradingview.com
While April hasn’t been going so well for the followers of Charles Hoskinson’s project so far, March has brought very positive results. Firstly, the coin itself added more than 14% in price. Secondly, large holders of the ADA token – those who have on their accounts from 1 to 10 million coins – bought more than 150 million tokens in March for an amount exceeding $57 million. About this
told Analyst Ali Martinez citing the Into TheBlock platform.
Source: intotheblock.com
So, just like with Ethereum, the big players have faith in Cardano.
The platform continues to evolve. In particular, this concerns the solution for scaling the second level of Hydra. In his
recent report Cardano creator IOG has announced plans to roll out a demo of the update to the mainnet.
Approved the work of the platform and Charles Hoskinson, announcing that the ecosystem
continues to grow and all the developers are doing a good job.
From the IOG report, it follows that the number of projects on Cardano has reached 1,221. At the same time, 119 of them have already been launched. 63.9 million transactions were made on the platform.
Source: essentialcardano.io
From the point of view of technical analysis, we can expect a local decrease in the AVAX token to the support level in the region of $0.372. Further bullish rally is possible if the $0.4 resistance level is overcome.
Source: tradingview.com
It can be said that cryptocurrencies moved in different directions last week: bitcoin and Cardano decreased, ether rose. However, in both cases, the range of price changes turned out to be relatively small – less than 10%.
This material and the information in it does not constitute individual or other investment advice. The opinion of the editors may not coincide with the opinions of the author, analytical portals and experts.
