- BTC and ETH joined the broad market slump on Friday.
- United States economic indicators underperformed predictions, sending risk assets further down.
- Cryptocurrency market conditions flashed bearishness early today.
2022’s last day opens with a bearish stance. Bitcoin and other cryptos, such as ETH, saw continued struggles as market headwinds deteriorated investor mood. Bulls should heighten their performance to avoid more downward movements.
ETH lost around 0.08% yesterday (Friday). That saw it briefly reversing Thursday’s 0.93% gain to finalize the session near $1,199. The bearish day left Ethereum at the $1.2K vicinity for the 2nd time in 11 sessions.
Mixed moves early yesterday saw Ether climbing toward early morning peaks of $1,202. Meanwhile, the tough first robust hurdle at $1,209 catalyzed reversals, and Ethereum plunged to $1,180 mid-afternoon lows.
Finally, the altcoin dropped below the initial reliable support barrier at $1,189 before slight revivals to $1,201. Nonetheless, bearishness toward the session end left Ether in the $1.2K vicinity. Ethereum mirrored Bitcoin’s actions.
The leading crypto lost 0.24% on Friday, canceling the Thursday uptrend that saw it surging 0.60%. BTC closed Friday near the $16,618 mark. Meanwhile, it could not hit $17K for the 10th uninterrupted session. Bearish morning sent Bitcoin towards the $16,358 early afternoon lows.
That saw the digital asset losing the first reliable foothold of $16.550 and the other at $16,443. Nonetheless, the NASDAQ support triggered upsides, pushing BTC to the $16,667 late peak before retracing. However, the late rally could not propel Bitcoin past the first enormous obstacle at $16.720.
NASDAQ and U.S Economic Signals Directed Crypto Markets
After early bearishness, the NASDAQ Index and the United States economic indicators sent Bitcoin and Ethereum lower. In addition, the Chicago PMI climbed to 44.9 from 37.2 in December, raising uncertainties about the Federal’s aggressive interest rate approach to control inflation.
Meanwhile, the cryptocurrency industry followed the NASDAQ during the afternoon, dipping to session lows before recovering. NASDAQ Index dropped about 0.11% on Friday. Though the loss was slight, the asset experienced the worst twelve months since 2008, losing around 33.5% in 2022.
Saturday (today) has no United States economic signals to offer direction. The absence of data will leave the marketplace under the crypto news force. Nonetheless, cryptocurrency news may witness less traffic amid the new year holidays, leaving market participants to ponder upcoming possibilities from the Federal and worldwide economies.
ETH Price Action
Ethereum lost 0.38% over the previous day to $1,195. Morning actions pushed Ethereum to $1.2K before crashing to $1,194. The alt should avoid a $1,194 breach to target the immediate massive resistance of $1,207. An upswing beyond the $1,202 Friday peak would authorize bullishness during the afternoon.
Meanwhile, friendly-cryptocurrency news remains crucial for breakouts. Extended surges may see bulls propelling Ethereum toward the second resistance near $1,216. After that, bulls will hit another hurdle at around $1,238.
A dip beneath $1,194 would attract bearish actions, dragging ETH toward the initial reliable foothold at $1,185. Nonetheless, excluding even-triggered crashes, the altcoin should escape sub-$1,170. The second crucial support barrier at around $1,172 should halt the downtrend. Finally, another Ethereum support locates at $1,150.
The Exponential Moving Averages displayed bearishness for ETH. The leading altcoin swayed beneath the 50day Exponential Moving Average ($1,205). Meanwhile, the 50day Exponential Moving Average dipped from the 100day Exponential Moving Average, as the 100day Simple Moving Average eased from the 200day Exponential Moving Average, printing bearish signals.