Wednesday Market Watch: Crypto Prices Stabilizing

On Wednesday, prices across the cryptocurrency market remained relatively stable, as no crypto coins rose or declined by more than 3% on the day. Since it is a relatively quiet day at the office, we will take a look at BTC and ETH, the two largest cryptocurrencies, and observe the price trends that could impact how these two coins will behave for the rest of the week.

BTC: $43,562.38 (-0.31% over the past 24 hours)

BTC appears to be quite safe above the $40,000 price floor this week, rising to around $44,300 on Wednesday before dropping to around $43,500. The rising tension between Russia and Ukraine did not seem to impact BTC’s prices too much, as the coin hovered around the $42 – 44K price range throughout the past week. According to the technical analysis from the CoinDesk team covering this week’s price movements, there is continued resistance at $46,000, and if buyers fail to maintain the current initial support price floor of $40,000, a dip towards $35,000 seems likely. However, if BTC maintains its tight range of prices around $42 – 44,000, it would be likely for it to continue to flatten out the rest of the week within that price range, given no breaking news on BTC occur in the next few days.

BTC price chart over the past 24 hours (15-minute intervals)

ETH: $3,072.6 (-1.58% over the past 24 hours)

ETH is down slightly more today compared to BTC, with a percentage decline of near 1.6%. However, just like BTC, ETH is stabilizing around an initial support price level of $3,000, and has largely been able to maintain above $3,000, apart from Monday, where the coin hovered between $2,850 and $3,000. Traders are now claiming that $4,000 is on the cards for Ethereum, as the market shifted towards a more positive mood despite global tensions rising. Though there is heavy resistance for ETH ahead, once it breaks through the resistance zone, the next price it is aiming for will be the $4,000 mark, according to a report from CoinTelegraph, which ETH has not been able to return to ever since its peak in late November to early December last year. As of today, investors should continue to monitor Ethereum’s price movements to see if it will be able to break through its resistance zone.

ETH price chart over the past 24 hours (15-minute intervals)

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