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Markets wrap: Ethereum breaks $1,700

  • Leader
    Mar 16
    Bitcoin and Ethereum, the worlds biggest cryptocurrencies by market
    cap, saw a mixed day on Monday as price chopped between a narrow
    range.To get more news about WikiFX, you can visit wikifx.com official website.



    Bitcoin fails to break $51k

      Trading data shows BTC traded in the $49,000-$51,000 range this
    morning, seeing a daily low of $49,316 in the afternoon and a daily high
    of $51,300 in the evening. The asset plunged in the US hours in line
    with tech stocks in the country—a correlation that many have pointed out
    in the past few months.



      Bitcoins price charts show resistance in the $51,000-$51,200 level,
    one the asset broke earlier this year while setting its all-time high
    of over $53,000.As the above image shows, Bitcoin trades above its
    34-period moving average, a tool used by traders to determine the market
    trend, indicating higher prices in the short term. However, on-chain
    sentiment data from IntoTheBlock flash a “bearish,” suggesting a decline
    in prices. The two indicators combined suggest the market remains
    choppy.



      Fundamentally, however, Bitcoin remains in a strong position.
    Earlier todaysaw Kjell Inge Rokke, a Norwegian billionaire and founder
    of oil company Aker ASA, invest over $59 million into BTC.



      He said Bitcoin could one day “become the core of a new monetary
    ­architecture” and predicted its price to reach “millions of dollars,”
    but cautioned the bet could “still go to zero.”



    Ethereum upgrade drives it to $1,700…but not beyond

      Ethereum, driven by the EIP-1559 catalyst, saw a $150 range and traded
    between the $1,600-$1,750 price levels. It saw a low of $1,666 in the
    early afternoon and a high of $1,752 in the evening, tumbling down to
    its current $1,727 in the US morning hours.



      As the below image shows, ETH remains in a strong uptrend (since
    $1,500) and trades above its 34-period moving average. It saw selling at
    the $1,750 level, however, but was picked up by traders at the $1,720
    level in the US hours.  Apart from the strong fundamental narrative of
    the EIP-1559, Ethereum saw an institutional push over the weekend.
    Meitu, a Hong Kong-listed Chinese company, said it had picked up over
    $22 million worth of ETH (and $17 million worth of Bitcoin) on Friday
    via a portion of its treasury funds.