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Ethereum shows steady momentum, Bitcoin indicates bearish trend

By January 16, 20242 minute read

Despite the approval of ETFs having minimal impact on Bitcoin’s valuation, the market is currently indicating a bearish trend for the cryptocurrency. Analysts foresee a support level at $38,000 for BTC, which may serve as a turning point to attract back investors who recently liquidated their profits.

The overall positive sentiment around Ethereum’s ETF approval, and a prediction from a Bloomberg analyst supporting these speculations, has been beneficial for Ethereum’s price surge.

The Exponential Moving Average for a 10-day EMA indicates “Sell” at 43499, and a 200-day EMA indicates “Buy” at 34997. The Simple Moving Average for a 10-day SMA indicates “Buy” at 44262, and a 200-day SMA indicates “Buy” at 33154.

The Ichimoku Base Line, valued at 45177, continues to be neutral. The Hull Moving Average indicates “Sell” at 41313. The Volume Weighted Average indicates “Sell” at 44352. 

The Relative Strength Index (14) sits at 47, indicating “Neutral”. The Stochastic %K (14, 3, 3) at 11 and the Average Directional Index (14) at 16 indicate a Neutral outlook. 

The MACD Level (12, 26), at 147, indicates “Sell”. The Stochastic RSI Fast (3, 3, 14, 14) at 10  indicates ‘Neutral’, and William’s Percentage at -84 indicates ‘Buy’.

As of 10:00 AM, 16th January 2024, on WazirX, Bitcoin’s price is ₹37,73,020, with a 0.94% increase in the last 24 hours. There was a 6.8% decrease in its price over the last 7 days.

Ethereum (ETH) is trading at ₹2,20,986. There was a decrease of 0.91% in the last 24 hours. There was a 3.94% increase in its price over the last 7 days.

The top gainers on WazirX include Blur(BLUR), Auction(AUCTION) and Orchid(OXT) with a price increase of 9.97%, 7.6%, and 6.65%, respectively.

However, the tokens that underperformed comprised Threshold Network Token(T), Ethereum Naming Service(ENS), Vulcan Forged PYR(PYR) with price decreases of 16.98%, 13.79%, and 8.52%, respectively.

Shiba Inu (SHIB) saw a price decrease of 0.58% and is now priced at ₹0.000855. Dogecoin (DOGE) saw a increase of 0.98% and is now priced at ₹7.19.

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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