For the queens Bitcoin and Ethereum, weakness over the weekend cooled the positive performance accumulated in previous days.
Volumes between Saturday and Sunday record the lowest balance traded on weekends in four months.
A figure that together with the volatility index, these days dropped to the lowest levels since June, increases the chances of witnessing an explosive movement soon.
Among the Blue Chips only the BNB token of the Binance network, the largest exchange by daily traded volumes worldwide, registers a negative weekly performance marking a 3% drop. Impacted by the hacker attack that hit Binance’s cross-chain bridge last Friday. The immediate blocking of all validator nodes helped limit the damage of the attack and a collapse in the price of the token, which capitalizes about $45 billion occupying the 5th position in the ranking.
Among the best performances of the past week, Ethereum Name Service (ENS) stands out, putting up +27%, recovering the $18 USD per single token, a price abandoned in early May. This is the service’s governance token that allows Ethereum wallet addresses to be converted into names or codes that are easier to read and use to be shared as an address or a website URL, associating a unique digital identity with the proprietary wallet. With the increased use of Web3, ENS’s open-source project is experiencing its best period since its inception in 2017 in terms of new account registrations.
Bitcoin (BTC): technical analysis
Bitcoin‘s technical picture remains unchanged. After the last update on Friday, the price fails to engage the psychological threshold of $20k.
Micro fluctuations in prices over the weekend do not provide useful indications to revise previous analyses.
It is necessary to continue to monitor the situation by remaining vigilant in anticipation of the price breaking to the upside, or to the downside, which could cause an explosion of volatility.
Ethereum (ETH): technical analysis
Similar situation for ETH with a 30% drop in volatility from the late August peaks.
The daily closes of the last 5 days record a maximum difference of 50 points. To find a similar period one has to go back two years, between November and December 2020, when several times the price of ETH fluctuated for several days in a narrow range. At that time, Ethereum’s prices fluctuated below $500. The break of the upper channel triggered a strong rally by multiplying ETH’s value 9x after 6 months.
Even for Ethereum, it is necessary to maintain a cautious attitude while waiting for the prices to break out of the sideways channel with resistance at the top above US$1,380 and support at the bottom below US$1,250.
Source: https://en.cryptonomist.ch/2022/10/10/technical-price-analysis-bitcoin-ethereum/