$ETH outperforms, flirting with $3K

​​$BTC 24 Hour High $41,800 / Low $40,494   |   $BTC -0.7% Past 24 hours; +3.2% Past 7 days

Good morning. The digital assets market went softer on muted trading volumes after U.S. Fed Chair Jerome Powell’s hawkish comment that the interest rates could go up by 50 bps in May. Market participants remain cautious about an unsettled macroeconomic environment and shift their interest to DeFi.

$BTC struggled to break the upside hurdle at 0.618 Fibonacci retracement level overnight and is now trading at $41,800 while holding $40,000 as support. The No. 1 digital asset has been trading within the $37,000-42,000 range since last week, so it’s hard to pinpoint the exact direction of the price move now. $37,000 and $30,000 levels remain to be strong support levels and buying opportunities for those that want to catch the dip. We expect the market to chop sideways as market participants are looking to accumulate more BTC. RSI remains to be in the neutral zone at 55.

Though $ETH has outperformed $BTC over the past week, it failed to breach the $3,000 hurdle. Once $ETH crosses the $3,200 level, we can safely confirm that $ETH is in an upward trend, at least, in the short term. So let’s look for some further range trading over the next few days to ensure that the bulls are in control. Besides, ETH rotation is starting to occur, and the uptrend should persist in our opinion. As markets recover slowly, $ETH should play up favorably in the upcoming months. 

Digital asset investment products have continued to witness outflows for the past two weeks – BTC and ETH seeing an outflow of $33M and $17M last week, respectively, coming predominantly from North American providers. This negative sentiment from the Americas is due to continued jitters over regulation and geopolitical issues caused by the Ukrainian conflict. In terms of altcoins flow, we saw inflows in XRP, DOT and SOL, totaling $1.1M, $0.8M and $0.7M, respectively. 

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 +0.04% at time of writing; 24H liquidations and funding rates: 47.87M, -0.00153% average
  • $ETH is +0.07% at time of writing; 24H liquidations and funding rates: 17.14M, +0.00884% average
  • Stablecoins market dominance: USDT 43.13%; USDC 28.34%; BUSD 9.48%; UST 8.31%; DAI 5.09%

Alts and DeFi watch:

  • DeFi TVL: $212.02B (+1.58% over last 24h)
  • $SOL -0.1% in the last 24 hours, +8.7% in the past week
  • $SHIB +0.2% in the last 24 hours, +4.1% in the past week
  • $SAND -0.3% in the last 24 hours, +11.5% in the past week
  • $ENJ -0.3% in the last 24 hours, +7.7% in the past week

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OSL Trader View is contributed by Terrance Leung, Andrea Au & Ethan Fu.

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