Another unproductive week is drawing to a close, with Bitcoin, Ethereum, and most other cryptocurrencies down a few percent over the last six days. At the start of the current intraweek session, the crypto market was worth $1.8T.
During the week, the market gained a small amount of value, reaching a high of $1.95T. Unfortunately, the momentum that propelled the sector to a seven-day high has dwindled as we have seen a gradual decline in value, and the industry may close at $1.84T.
Nonetheless, market movements revealed that the bulls and bears had a nearly equal share of dominance. The crypto Fear and Greed Index paints a small picture of the reason for the current market situation.
Ethereum, like BTC, experienced an immediate retracement as the week began. As a result of these corrections, the asset flipped the $2,900 support. It quickly recovered, finding support at $2,880 and closing with a nearly 3% gain.
The second intraday period signaled the end of the two-day rise, as it was followed by high volatility, which saw the bears gradually tighten their grip on the market. The downtrend began on Wednesday, when an upward trend was halted by sellers’ congestion.
The red candle representing that session, despite being small, indicates that the largest alt lost some of its value per unit. Thursday saw the most significant loss of the week, with ETH losing more than 3%.
Over the next two days, there were only minor losses, and the $2,900 support is under threat. The candle representing the current intraday session is a doji, but it indicates that the bears are gaining ground in their battle for dominance.
After regaining its pivot on Tuesday, it was lost the following day. Since the dip below the support level, ETH has maintained a price near the level, and the first pivot support appears to be safe at the time of writing. The Relative Strength Index (RSI), which is currently at 41.8, suggests that the most recent retracement may continue.
Most traders have been on edge due to the Moving Average Convergence Divergence (MACD), which indicates that ether is approaching a bullish convergence. Unfortunately, both MAs have been closed since Wednesday and are currently closed.
In comparison to BTC, Binance coin demonstrated significant resistance to bearish dominance. Nonetheless, as with most cryptocurrencies, it was characterized by almost immediate sellers’ congestion as the week began.
After losing the $400 support and rebounding to $396, BNB recovered completely and closed the intraday session with a significant gain. The uptrends continued the next day, with only minor gains recorded.
The fourth largest coin, like most assets, retraced on Wednesday after encountering strong resistance at $430. The digital asset fell more than 3% on Thursday, retesting the $400 support level.
The bulls regained control of the market the next day, with BNB recording minimal gains. However, it gave up its gains on Saturday. The asset under consideration, which is currently up a few percent, may close with a few gains.
The level was lost on the fourth day of the week after regaining its pivot on Monday. Since falling below the mark, the fourth largest cryptocurrency has kept its prices close to the mark, and the first pivot support appears to be safe at the time of writing. The Relative Strength Index (RSI) indicates that the most recent retracement may be extended, as it is currently at 43.7.