Rising inflation, market volatility and escalating tensions between Russia and Ukraine have led to sharp drops in BTC and ETH values. BTC was 12% lower compared to the same day last week, on February 21st.
Bitcoin prices were logged at $39,394.44 on February 20th and lost close to $2000 in value to end at $37,358 the very next day. This leads analysts to a conclusion that BTC is close to its long-term support price of $37,200 against the dollar price of $37,200. This is the lowest level it has been since February 4th. Every indication is that BTC is oversold, and its relative strength index of 14 days is at 39. It is highly likely that BTC will lose more value and prices will decline further.
Now for Ethereum – just like everything else in the market, ETH prices were also lower for the week. ETH, which is second to BTC in the market is trading 9% lower from a week ago. On February 20th, ETH prices were at their lowest at $2,585.95, its weakest. According to chart indicators, ETH is headed lower and could settle at $2560 soon.
ETH rallied after falling to $2,585.95 on Monday as the bulls rallied to take the markets higher. This slight jump in price has managed to stretch ETH’s performance for a short while. It won’t be too long for before prices slide downwards below indicators for the 10 day and 25-day MA (moving average). This volatility will continue for a while, and no one can predict when everything will stabilize.
