January 20, 2022

​​$BTC 24 Hour High $42,579 / Low $41,148    |   $BTC -1.2% Past 24 hours; -5.0% Past 7 days

$ETH sees downfall risks towards $3,000

Good morning! Investors remained cautious ahead of today’s U.S. Congress hearing on BTC mining’s energy usage, and the initial jobless claims report. Besides, derivatives data shows enthusiasm towards $BTC and $ETH fading slightly as more investors are sitting on the sidelines. Extreme fear is still dominating the markets as the Crypto Fear & Greed index remains at 24 today.

$BTC faces resistance at the $43K-45K zone while holding above $40K. The bearish trendline is forming resistance near the $43.4K on the daily chart (green trendline on the chart). A death cross has been formed at the $48K level, but keep an eye on it as the golden cross and death cross might go the opposite way, given it’s a laggard indicator after all. If $BTC loses the $40K support, our eyes are on the next major support at $30K. Funding rates are now at negative to flat, while the Open Interest in BTC Futures is declining, from over $25 billion in November 2021 to $17 billion now.

$ETH slid below the $3,209 support, which now turned resistance. Stay alert as the No. 2 digital asset may be at risk of a sharp decline below $3,000. On the daily chart, a bearish trendline is forming, with resistance near $3,500, which is also where the 200D MA acts as short-term resistance now. Should $ETH fail to hold the short-term support at $3,000 (50D MA), it may send prices down towards $2,900. Funding rates remain reasonably flat across exchanges, and we continue to see Open Interest in ETH futures on the decline from the November-high of $14 billion to $8.5 billion now.

Learn more from today’s Trader View video

Digital assets market:

  • Total crypto market capitalization stands at $2.08T, -1.4% from yesterday
  • $BTC is +0.38% at time of writing; 24H liquidations and funding rates: $49.23M, +0.00767% average
  • $ETH is +0.84% at time of writing; 24H liquidations and funding rates: $28.14M, +0.00775% average
  • Stablecoins market dominance: USDT 45.83%; USDC 26.94%; BUSD 8.38%; TerraUSD 6.33%; DAI 5.50%

Alts and DeFi watch:

  • DeFi TVL: $92.36B
  • $SOL -3.3% in the last 24 hours, -10.2% in the past week 
  • $SHIB -2.6% in the last 24 hours, -14.0% in the past week
  • $SAND -6.0% in the last 24 hours, -18.5% in the past week
  • $ENJ -2.2% in the last 24 hours, -11.8% in the past week

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OSL Trader View is contributed by Stefan von Haenisch & Ethan Fu.

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