CryptoFinance Metrics | 07.28.2021

Published in

BCISTCenter

4 min readJul 28, 2021

Social Media: LinkTree

Ether’s trading volume reached $1.4 trillion in the January-June period, with an increase of 1.461% from $92 billion in H1 2020.

Further Reading: What to Expect after ETH 2.0 Altair Upgrade

Latest Headlines

The number of crypto ATMs installed globally has increased by more than 70% to 24,030 this year.
Bank of America, the second-largest bank in America, is allowing some of its clients to trade BTC Futures.
Binance limits daily withdrawals to $2,000 for basic accounts amid regulatory woes.
JP Morgan becomes first major US bank to offer all wealth-management clients access to cryptocurrency funds.
India and Nigeria, two of the world’s largest emerging economies, are ramping up their plans to launch central bank digital currencies.

Technical Analysis

BITCOIN [BTC] — 39,624.76 USD

The price of Bitcoin, which increased by about 1 percent in the morning hours, is $ 39,790. Today, we see that the situation of the global markets is complicated due to the FOMC to be hold by the Fed. Although no change is expected in the interest rates on the Fed side, the statements to be made will be important both in the global markets and in the crypto money markets today. On the other hand, when we check the chain data for Bitcoin and check the 7-day averages of the active and new address numbers, we see that these metrics have increased with the recovery in price. It is positive that the number of investors who have started to be active in the market and at the same time the number of new investors is increasing.

When we consider the BTC/USDT parity technically, it is seen that the price movement continues within the horizontal channel that existed as of May 23. The long-existing horizontal market in BTC, which has gained an upward momentum in the past 1 week, has not yet ended. In BTC, which moves close to the upper band of the channel, the $ 40,900 level and corresponds to the upper band of the channel, is broken upwards and if it is sustained above, the upward movements will dominate. When examined in the 4-hour period, the MACD crossed in the buy direction again and there is a minor uptrend formation that has existed since July 20. If the channel upper band is broken to the upside, the next target is the $42,000 level. If the ascending minor trend is lost in BTC, which currently has a positive outlook, there may be a pullback towards the $ 35,600 level, which coincides with the channel middle band.

Resistance Levels: 41.191 / 42.425 / 44.558
Support Levels: 37.824 / 35.691 / 34.457

ETHEREUM [ETH] — 2,278.91 USD

The price of Ethereum, which is flat in the morning, is $ 2287. When we examine the chain data of Ethereum, there is a 4% increase in the number of new addresses in the last 24 hours and a 10% increase in the number of active addresses in the same period. In addition, the amount of ETH locked for ETH 2.0 reached 6.41 million as of yesterday, while this number corresponds to approximately 5.49% of the total Ethereum supply, in other words, the amount of locked Ethereum is gradually increasing, reducing the ETH supply on the exchanges. We interpret this chain data as positive for Ethereum.

When we look at the ETH/USDT pair technically, we see that it tried to break the $2331 levels, which coincides with the correction level of ETH Fibo’23.60 and which started the day above the weekly DEMA ($2288) levels, but it could not be permanent at these levels. If the pullback continues, we expect $2146 levels, which also coincide with the 50-day average, to act as the closest support level. In order for the upward movement to continue, the break of the resistance at $ 2331 is important, and if it is sustained above these levels, we can see a price movement towards the $ 2645–2650 band. The MACD and Parabolic SAR maintain the “buy” signal for ETH that it gave recently.