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Bitcoin and Ethereum on the Rise: Will They Break 7 Consecutive Weeks of Declines?

Cryptocurrency May 23, 2022 13:38
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By Laura Sanchez

Investing.com - The new week in the cryptocurrency sector starts off bullish for Bitcoin and Ethereum against a backdrop of mixed movements for the rest of the sector.

"Bitcoin oscillated between $28,000 and $31,000 over the past week, but has now returned to the $30,150 mark at which it ended the previous week," explains Simon Peters, cryptoasset analyst at eToro.

The world's largest cryptocurrency starts this week with gains and experts are wondering if this week can end on the upside, breaking with 7 consecutive weeks of losses.

Javier Molina, spokesman for eToro in Spain, points out that, "from a technical point of view, we remain in a key area for BTC bounded by 29,000-30,000 dollars."

"Pessimism remains high despite some consolidation and a slight turnaround in sentiment on the derivatives side of the market. For the moment, losing 29,000 means going for the minimum zone of 25,000 dollars. This area now marks the first of the relevant low levels for BTC. Below, straight down to 20,000. However, if we manage to regain 34,000, things could change and we could look for areas of 38,000," says Molina.

Meanwhile, Ethereum has been relatively flat, currently trading around $2,000, about $100 less than last week.

Like BTC, ETH has also recorded 7 consecutive weeks of declines, and the green numbers at the start of the week give investors some hope, although caution remains.

"The most important headlines remain the consequences of terraUSD's decoupling from its fiat currency equivalent and the subsequent loss of Luna's value," notes Simon Peters.

Follow Ethereum's performance here: https://ng.investing.com/crypto/ethereum

See the ranking of the main cryptocurrencies: https://ng.investing.com/crypto/currencies

Bitcoin and Ethereum on the Rise: Will They Break 7 Consecutive Weeks of Declines?
 

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