BTC and ETH Technical Analysis For May 28
Saturday saw the return of Bitcoin bears, as the price of the virtual currency fell to a new all-time low. BTC has again fallen below $29K, while ETH has continued to fall, hovering around $1.75K.
Bitcoin
BTC/USD Chart. Source: TradingView.
After a brief rally on 27th May, BTC prices have fallen below $29K to begin the weekend. BTC/USD touched an intraday high of $29,335.03 on 27th May. But, bears re-entered the market today, sending prices to $28,326.61. After falling below $28,800 for the first time in 16 days, BTC’s price is heading towards a 16-day low of $27,700.
BTC has lost more than 1% of its value in the last week while markets have stabilized. Many predict that crypto could experience a minor bounce in June after the gloomy April and May. There is presently a floor of 35 on the 14-day RSI. We may see more downward movement if this breaks until bulls opt to reclaim market sentiment.
Ethereum
ETH/USD Chart. Source: TradingView.
For the 4th session in a row, ETH fell as bears resisted attempts. They entered the bulls to maintain price stability. At the time of writing, ETH is trading at $1,721.26, its lowest price since May 12th. It marks yet another floor for the cryptocurrency.
This morning, ETH/USD was trading below the $1,750 mark, which appeared to be working as a level of support. Despite failing the original test, it made a comeback, with prices trading at around $1,776.19. After falling by about 10% in the past 7 days, the price of ETH is now expected to reach $1.6K within the next several weeks.
BTC Dominates After Terra’s Collapse
Today, BTC has a 43.8% market share among the 13,445 cryptocurrency market capitalization. The most it has reached in around 209 days, since 30th October last year. Following the latest Terra blockchain catastrophe, market domination has risen.
According to historical statistics, BTC held 39.4% of the market on 10th May. ETH held 18.4%. BTC traded for $30,118 that day, while ETH traded for $2,225. The increase on 30th October last year was temporary in Bitcoin dominance to 44%. After dominance fell to 40% a month earlier, in early September last year. When it comes to market cap, mining reward revenue, and daily trade volume over 24 hours, BTC is above ETH.
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