Potential $ETH fake-outs amid trading sideways

​​$BTC 24 Hour High $30,468 / Low $29,224 |   $BTC +2.5% Past 24 hours; +3.4% Past 7 day

Good morning. $BTC has finished in the red for the 8th consecutive week despite a relatively uneventful weekend. The Wall Street Journal’s recent story on alleged insider trading issues also put various global crypto exchanges under fire. On the bright side, ETH’s long-awaited proof-of-stake upgrade is likely to occur this August – a giant step forward for the No. 2 digital asset.

$BTC was under relentless selling pressure again and continued to trade sideways within the new trading corridor between $28,600 and $31,400 we identified last week. Historically, capitulation was followed by at least a week of strength. However, this time was not the case, which makes the ongoing capitulation unique. The markets are likely to continue grinding lower. If $28,600 fails to hold, the 50M EMA provides support for $BTC at $25,700 (the 50M EMA). On the off chance that if $BTC could gather some bullish momentum and breach this resistance level this week, our upside target is $33,000. The on-balance volume (OBV) is trading sideways, too, implying that markets are as active on red days as they are on green days.

Over the past 24 hours, $ETH flashed a buy signal on the MACD while its daily RSI tentatively moved above the weekly RSI. The OBV also held at a key support level, which aligns with its January 24 low. In the short term, investors should keep an eye on the upside hurdle at $2,160 and support at $1,900. Given the levels of fear in the crypto markets, we should stay cautious about potential fake-outs to the downside before we rally towards $2,200.

Lavu announced an alliance with Verifone to offer a seamless integration of Lavu’s restaurant software suite, which allows companies in over 65 countries to provide a wider range of payment methods to their customers, including digital assets using crypto wallets such as Paypal, Venmo, WeChat Pay, Klarna, Swish, and Vipps.

Learn more from today’s Trader View video.


Digital Assets Market

  • Total crypto market capitalization stands at $1.36T, +2.6% from yesterday
  • $BTC is -0.19% at time of writing; 24H liquidations and funding rates: 33.06M, +0.00426% average
  • $ETH is -0.45% at time of writing; 24H liquidations and funding rates: 33.42M, +0.02083% average 
  • Stablecoins market dominance: USDT 45.90%; USDC 33.30%; BUSD 11.61%; DAI 3.85%


Alts and DeFi watch:

  • DeFi TVL: $112.93B (+1.10% over last 24 hours)
  • $SOL +3.8% in the last 24 hours, -10.5% in the past week
  • $SHIB +0.7% in the last 24 hours, -8.0% in the past week
  • $SAND +4.9% in the last 24 hours, -0.8% in the past week
  • $ENJ +4.0% in the last 24 hours, -4.3% in the past week


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OSL Trader View is contributed by Hans-Stefan Vonhaenisch, Tiffany Wee & Ethan Fu.


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