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Market News ETH Remains at Risk of Sub-$1,500 on Shanghai Upgrade Delay

ETH Remains at Risk of Sub-$1,500 on Shanghai Upgrade Delay

For Bitcoin and ETH, a negative week came to a muddled conclusion. Crypto mining and Fed Chief Powell will likely be the main topics of another turbulent week.

Cory Russell

2023-03-07

7232

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On Sunday, Ethereum (ETH) fell by 0.13%. ETH dropped by 4.67% to $1,565 at the close of the week after losing 0.19% on Saturday. The $1,600 handle was missed by ETH for the second time since February 14th.

ETH rose to a morning peak of $1,588 during the day's turbulent start before going backward. ETH hit a nadir of $1,554 after hitting the First Significant Resistance Line (R1) at $1,580. ETH finished the day at $1,565, finding support at the First Significant Support Line (S1) at $1,552.

Bitcoin (BTC) increased by 0.38% on Saturday. Bitcoin lost 0.08% on Saturday but gained 4.8 percent on the week to $22,431. Despite the positive session, Bitcoin dropped shy of the $23,000 mark while avoiding levels below $22,000.

Bitcoin rose to an early peak of $22,600 during the day's turbulent opening before falling back. At $22,442 and $22,539, respectively, Bitcoin breached the First Major Resistance Level (R1) and Second Major Resistance Level (R2). Bitcoin, however, fell to a low of $22,200 after the turnaround. Bitcoin finished the day at $22,431, finding support at the First Significant Support Level (S1) at $22,212.

Historic FUD Levels and Weakening Confidence, Fall Traders Return

There were no cryptocurrency activities to pique trader attention on Sunday. Investors exercised caution in the wake of the most recent Silvergate Bank developments and the congressional attention given to Binance.

Gains were small due to persistent challenges in the cryptocurrency market, which prevented further gains despite the calm session allowing decline purchasers to return. Investor mood was still impacted by Disinformation reports.

Santiment, a company that provides market information, stated on Sunday that "some eerily elevated amounts of unfavorable crypto opinion have surfaced this weekend, especially here on Twitter. One of the greatest amounts of Disinformation that Santimentfeed has ever detected is difficult to pin down.

Santiment expanded on its results, observing that even though the Bitcoin decline happened on Friday, the term "cryptocrash" has been rising on Twitter.

The Shanghai upgrade postponement to April resulted in a more negative trend for Bitcoin. US legislators may criticize Gary Gensler's categorization of all cryptocurrencies—aside from Bitcoin—as unregulated stocks, which could impede the April upgrade.