BTC, ETH prices see minimal change, market sentiment continues to be neutral

By March 2, 20232 minute read

Bitcoin and Ethereum prices are not expected to undergo any major changes in the coming days. 

France continues its efforts to lead Crypto regulation efforts of the EU with tighter legislation for new Crypto firms who will enter the market. 

Hong Kong’s evolving stance on Crypto and consequent steps to introduce digital assets in the country is being actively supported by China. It is believed that Beijing is treating Hong Kong as a sandbox for Crypto adoption amidst its own conflicted take on the asset.

The Exponential Moving Average for 10-day EMA suggests a “Sell” at 23548.22 and the 200-day EMA indicates a “Buy” at 21764.82. The Simple Moving Average for 10-day SMA is 23623.00 suggesting a “Sell”, whereas the 200-day SMA indicates a “Buy” at 19733.81.

The Ichimoku Base Line, valued at 23323.00, continues to be neutral. The Hull Moving Average indicates a “Buy” at 23395.19. Whereas, the Volume Weighted Moving Average at 23611.37 signals “Sell”. 

Major market indicators point to a neutral sentiment. The Relative Strength Index (14) sits at 52.25, with a neutral outlook. The Stochastic %K (14, 3, 3) and the Average Directional Index (14) are at 32.18 and 29.60 respectively, further indicating a neutral market.

The MACD Level (12, 26), at 277.20, indicates a “Sell”. The Stochastic RSI Fast (3, 3, 14, 14) is at 14.46 with a Neutral indicator, while the Williams Percent Range (14) at −71.81 also signals “Neutral”. 

As of 10:00 AM, 2nd March 2023, on WazirX, the price of Bitcoin is ₹20,49,486, with a 0.59% increase in the last hour. There was a 0.91% decrease in its price in the last 24 hours. The 7 day BTC was up 0.32%

Ethereum (ETH) is currently trading at ₹1,41,501, with a 0.08% decrease in the last hour. There was a 1.39% decrease in its price in 24 hours. The 7 day ETH was down 1.28%

Some tokens performed well on WazirX including pNetwork (PNT), Ox Protocol (ZRX) and Maker (MKR) with price increases of 17.48%, 13.38%, and 11.85% respectively. 

However, some tokens such as Elrond Gold (EGLD), Cocos -BCX (COCOS), and Nervos Network (CKB) underperformed with price decreases of 8.29%, 7.25%, and 5.18% respectively.

Shiba Inu (SHIB) saw a price decrease of 0.92% and is now priced at ₹0.001068. Dogecoin saw an increase of 0.25% and is now priced at ₹7.17

Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
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