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BTC and ETH Price Analysis for November 3

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Thu, 3/11/2022 - 12:43
BTC and ETH Price Analysis for November 3
Cover image via www.tradingview.com

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The cryptocurrency market is trading sideways after yesterday's FED decision to increase the interest rate by 0.75%.

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Top coins by CoinMarketCap

BTC/USD

The rate of Bitcoin (BTC) has dropped by 1.33% over the last 24 hours.

BTC/USD chart by TradingView

On the daily chart, Bitcoin (BTC) keeps falling after a false attempt to fix above the $21,000 mark. At the moment, one should pay attention to the zone around $20,000.

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If bulls lose it, there are chances to see a return to the midterm bearish trend. Such a scenario is relevant until the end of the week.

Bitcoin is trading at $20,123 at press time.

ETH/USD

Ethereum (ETH) could not withstand the fall of Bitcoin (BTC), going down by 1.49%.

ETH/USD chart by TradingView

Ethereum (ETH) has lost the $1,550 mark, which means that bears have locally seized the initiative. If the daily candle closes near yesterday's low at $1,503, the fall may may lead to the $1,450 area within the next few days. In addition, the volume is declining, confirming bulls' weakness.

Ethereum is trading at $1,527 at press time.

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