THE DAILY ENCRYPT

October 3, 2022

Hump Day ends Bitcoin and Ethereum 2 Day Pump – Analysis

Bitcoin fell on the hump day after strong gains to begin the week. ETH prices also fell today, moving back towards the $1,000 mark....
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Bitcoin fell on the hump day after strong gains to begin the week. ETH prices also fell today, moving back towards the $1,000 mark.

Bitcoin
After two consecutive days of gains, Bitcoin fell on the hump day as bears reportedly re-entered market.

USD/BTC is down nearly 3% at the time of writing after hitting an intraday low in today’s session of $20,045.63.

This is after prices failed yesterday to break the $21,000 resistance mark.

This is usually a signal for bears to retake momentum after a false breakout. However, there appears to be some uncertainty.

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BTC traded almost $500 higher today than it did yesterday, which indicates that bullish sentiment from the last two days is still present.

Bears will likely test this sentiment and push bitcoin over the $20,000 cliff in the coming days.

Ethereum
Ethereum also had a cliff, as bears again drove prices to the $1,000 mark in today’s session.

After a Tuesday peak of $1185.43, ETH/USD dropped to $1,073.88 the following hump day.

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This action ended ETH’s two-day winning streak that began June 5. The token is now trading around 4% lower as of this writing.

ETH is down just 2.95% after gains over the last few days. It was down nearly 40% on Sunday.

Overall, the momentum is still bearish for the second-largest token in the world, with some anticipating moves back towards $800.

If we see resistance at 30 on the 14-day RSI, then this will likely signal a continuation in bullish pressure.

Felipe Rodriguez

Felipe Rodriguez

Felipe states he has super powers, some argue that case but he does come up with some very clear predictions. Felipe is based in the US and frequently travels to Brazil where he was born. He is a journalist of the future and has a portfolio of crypto projects he has worked with. Felipe always says "The future doesn't scare me as much as the past, crypto is here to stay but only time will tell where it will take us".
Felipe Rodriguez

Felipe Rodriguez

Felipe states he has super powers, some argue that case but he does come up with some very clear predictions. Felipe is based in the US and frequently travels to Brazil where he was born. He is a journalist of the future and has a portfolio of crypto projects he has worked with. Felipe always says "The future doesn't scare me as much as the past, crypto is here to stay but only time will tell where it will take us".

© 2022 The Daily Encrypt. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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