Bitcoin and Ethereum, On the Rise: Will They Break 7 Straight Weeks of Fall? by Investing.com


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Investing.com – The new week in the sector is starting with a rise in both Ethereum and Ethereum in an environment of mixed movements for the rest of the sector.

“Bitcoin was between $28,000 and $31,000 over the past week, but is now back to the $30,150 level it ended the previous week,” explains Simon Peters, senior digital asset analyst at eToro.

Thus, the world’s largest cryptocurrency begins trading this week in increases and experts are wondering if this week can end up, surpassing 7 consecutive weeks of losses.

“From a technical point of view, we are still in key Bitcoin territory at $29,000-30,000,” notes Jevier Molina, a spokesperson for eToro in Spain.

“The high pessimism continues despite the fact that, on the derivatives side, a certain consolidation and a slight shift in sentiment have been observed. At the moment, a loss of 29,000 means a search for the $25,000 low. This area now represents the first relevant bottoms for BTC,” explains Molina. And below it, right down to 20,000. However, if they manage to get 34,000 back, things could change and look for areas of 38,000,” explains Molina.

Meanwhile, it has been relatively flat, currently trading around $2,000, down about $100 from last week.

Like BTC, ETH has also fallen for 7 consecutive weeks, and the green numbers at the start of the week are giving investors some hope, although caution remains.

Simon Peters notes: “The headlines remain the fallout from the terraUSD’s breakup from its fiat equivalent and Luna’s subsequent loss in value.”

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