Cryptocurrency Market Volatility Increases Ahead of Bitcoin Halving Event
This week, the cryptocurrency market experienced a surge in volatility as anticipation for the upcoming Bitcoin Halving event grew. The market saw a quick reversal of the early week recovery, with Bitcoin (BTC) dropping to a low of $65133 on Friday. Ethereum (ETH) also took a hit, plunging to a swing low support of $3100.
Despite the downturn, buyers are eyeing ETH’s 100-day EMA support for a potential recovery. The current price of ETH sits at $3258, with a slight intraday gain indicating that demand pressure is still present. Buyers will need to sustain above the $3100 level to signal a sentiment of ‘buying the dip,’ potentially leading to a 14% surge to break the $3730 resistance.
In the midst of the market dip, $106 million worth of ETH was moved to exchanges by four significant stakeholders. This movement of funds has caused a stir in the crypto community, with the potential for a breakdown below $3100 favoring sellers and leading to a prolonged downfall.
Technical indicators such as the 100-day EMA and the RSI suggest an indecisive sentiment among market participants. As the market continues to navigate the volatility spurred by the Bitcoin Halving event, all eyes will be on ETH’s price action and the potential for a recovery ahead.
