During the Asian trading session, the cryptocurrency market has remained stable, with BTC staying above $23,000 and ETH recovering to above $1,550. Due to the lack of volatility, major cryptocurrencies such as Bitcoin and Ethereum are currently trading within narrow price ranges as traders anticipate a busy week ahead.
Before we dive into the technical outlook, let’s quickly look at the fundamental aspects of the market. In the last 24 hours, three Ethereum whales made significant transfers to Binance and Coinbase. The first transfer sent 92,170 ETH worth $150.9 million to Binance from an undisclosed wallet, leaving only 1,000 ETH worth $1.6 million in the wallet. The second transfer sent 25,361 ETH worth $40.5 million from an unknown wallet to Coinbase, and the third transfer sent 15,110 ETH worth $24.3 million from an undisclosed wallet to Coinbase, both practically emptying their respective Ethereum wallets. Additionally, a big Bitcoin whale transferred 9,475 BTC worth $219.5 million between two unknown wallets.
Impact of Large Transfers by Whales on Crypto Prices
These large transfers by whales can create ripples in the market and be interpreted as a sign of potential price movements. Some investors may view these transfers as a signal of positive sentiment, which could potentially drive up the prices of Bitcoin and Ethereum. On the other hand, some investors may interpret these transfers as a sign of potential selling pressure, which could cause the prices of these cryptocurrencies to decline.
In the coming week, several key indicators that can affect cryptocurrency prices will be closely monitored by financial markets. These include CB Consumer Confidence, ISM Manufacturing PMI, Unemployment Claims, and ISM Services PMI.
Bitcoin Price Analysis
Bitcoin is presently trading at around $23,000, with a 0.50% increase in the past day, and its immediate support level is at $22,800. In the 4-hour timeframe, Bitcoin has completed 61.8% Fibonacci retracement at the $22,800 mark, and a close above this level has the potential to drive an uptrend in BTC. The immediate resistance level for Bitcoin remains at around $23,500.
The current live price of Ethereum is just below $1,600, and the ETH/USD pair is currently facing a significant resistance level at $1,620, which is reinforced by the 50-day EMA. If the pair closes below this level, it may trigger a selling trend in ETH. Ethereum’s price is currently trading below its immediate support level of $1,570, and if this level is broken, the next support for Ethereum is at $1,515. On the other hand, if the Ethereum price breaks through the $1,625 resistance level, it may rise to the $1,674 level.
Investors in the cryptocurrency market have many options beyond Bitcoin (BTC) and Ethereum (ETH). The Cryptonews Industry Talk team has compiled a list of the top 15 altcoins to watch in 2023, which is regularly updated with new ICO projects and altcoins.