$ETH failed to hold $3,000 overnight

​​$BTC 24 Hour High $43,333 / Low $40,878   |   $BTC +3.7% Past 24 hours; +7.9% Past 7 days

Good morning. $BTC, $ETH and other major digital assets were in green over the past 24 hours, followed by an improvement in equity markets. The risk appetite has also been improved as the Feds resolved to clap down in inflation.

$BTC has been trading between the 0.618 and 0.5 Fibonacci retracement levels, and it’s standing at $42,500. We saw some bullish RSI momentum over the last 10 days as it hit 60 today, despite low trading volumes and volatility. The 50D MA now provides decent support; and it’s all down to the bulls’ determination to push $BTC higher to cross the $44,000 mark or even $46,000. We can confirm a bull breakout once $BTC punches through $46,000. Bitcoin’s dominance continues to push higher into the mid-40%s while Bitcoin’s Mining Difficulty attempts to break into uncharted territory.

$ETH continues to outperform $BTC but failed to hold the $3,000 level overnight. It’s now trading at 2,900. Currently, $ETH is at a three-week high as bullish momentum crept back over the last few days. If the bulls continue to be in charge, $ETH may reclaim the mid-$3,000 zone as soon as May. We noted a significant chunk of ETH transaction volume is going into NFT, which could initiate a further retail flow into $ETH. RSI is trending upwards now at 60.  

Learn more from today’s Trader View video

Digital Assets Market

  • Total crypto market capitalization stands at $1.95T, +0.3% from yesterday
  • $BTC is +0.00% at time of writing; 24H liquidations and funding rates: 63.66M, +0.00042% average
  • $ETH is -0.06% at time of writing; 24H liquidations and funding rates: 32.33M, +0.00643% average
  • Stablecoins market dominance: USDT 43.28%; USDC 28.18%; BUSD 9.47%; UST 8.38%; DAI 5.08%

Alts and DeFi watch:

  • DeFi TVL: $215.36B (+3.04% over last 24h)
  • $SOL +2.48% in the last 24 hours, +8.62% in the past week
  • $SHIB +2.28% in the last 24 hours, +8.46% in the past week
  • $SAND +1.66% in the last 24 hours, +13.54% in the past week
  • $ENJ +2.35% in the last 24 hours, +10.46 in the past week

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