Ether Trading Near $1.7K, Bitcoin Baffled at $56K

March 17, 2021

First ETF Backed by Bitcoin

The biggest-crypto is changing hands near $55,737, sliding 1.73% in the last 24 hours as of 20:00 UTC. BTC’s 24-hour price range is $53,350 to $56,989. Bitcoin exchanging between its 10-hour and 50-hour midpoints on the hourly chart volumes, indicating a sideways signal in the market. 

 

The most seasoned crypto exchanged in a narrowed range as Monday’s sell-off seemed to subside and values settled in the mid-$50,000 range for the most part of Tuesday. However, at the same time, the all-time high price of $61,000 reached on Saturday seems to have ascended some chart-following analysts’ concerns the market may be forming a double top.

 

Ethereum, the second-biggest crypto was exchanging near $1,784, down on Tuesday by 0.28% as of 20:00 UTC. ETH’s spot exchanging volume has also been flat, as per the data from eight leading spot cryptocurrency trades. The trading volume was almost $3B on February 20, when Ethereum hit above $2,000 for the first time, followed by some volatile days with daily exchanging volume going as high as near $5.4B.

 

Monday’s decline brought about some $1.6 billion in derivatives bets being exchanged, second just to the record level that occurred on Feb. 22, as per Arcane Research, a Norwegian blockchain analytics company. However, on Feb. 22, the overall value decrease in bitcoin was bigger than on this Monday. 

 

Glassnode’s UTXO Realized Price Distribution (URPD), which diagrams bitcoins dependent on the cost at which they were last moved, demonstrates that 865,000 BTC were moved around the $54,000 to $58,000 territory as of March 15, as indicated by Arcane. 

 

Double tops are a very bearish value outline pattern. After bitcoin pushed out new unequaled highs in January and February, merchants worried over the chance of a double top at that point, as well, as per Annabelle Huang, the accomplice at Hong Kong-based market creator Amber Group.

 

Image Courtesy : Pixabay

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