Crypto Market Soars High, Despite European Central Bank, Raises Interest to Record Highs

Key Takeaways:

• The top cryptos witnessed a significant upswing in the early trading hours that raised the global market cap beyond $1.12 trillion
• Despite the hike in the interest rate by the European Central Bank, the markets remain unimpacted as Bitcoin price surges above $26,000

Read More: Ethereum Shanghai Upgrade will be Live on April 12, 2023

Crypto Market Today at a Glance

Top Cryptos Today by Market Cap

Source: Datawrapper

The crypto space witnessed dreadful days earlier as a notable price crash compelled the prices of the popular cryptos to drop below their interim support levels. However, the market quickly recovered and reached the upper resistance. Presently, the Bitcoin price has reclaimed its levels above $26,000, while Ethereum is above $1700. Hence, raising the global crypto market cap above $1.12 trillion. 

The spike was witnessed while the banking system in the US has been facing dreadful days as some of the major banks collapsed, compelling the regulators to intervene and stop the operations of the bank. SVB, Silicon Valley, and the most recent to join the list is Credit Suisse. The crypto space also had to face some exposure as Circle had held some funds in SVB. 

The fear of being illiquid forced the traders to get out of their USDC positions, which de-pegged the stablecoin below $0.9. However, the crypto space withstood the bearish situation and quickly recovered, which was fueled by the release of fresh inflation rates. In a recent update, the bank crisis compelled the European Union to plan for a 50 basis point hike amid the financial chaos. 

Despite this, the crypto space continues to stand strong. 

Additional Read: USDC Stablecoin Depeg

Bitcoin Price Today

Source: Tradingview

The beginning of the year marked a significant upswing in the Bitcoin price, as it rose by more than 40% during the first fortnight. However, the recent price jump elevated the price beyond $26,000, marking new highs for the year. Presently, continuing to maintain a healthy upswing, experts are of the belief that BTC price will leap much higher in the coming days. 

Besides, the price is trading within a rising wedge pattern that appears to head toward the upper resistance of the channel. The rising wedge pattern is largely considered bearish as the price is believed to lose momentum and drop. But the technicals suggest a notable upswing could prevail for the next few days. 

The strength indicator, Average Directional Index (ADX), is undergoing a parabolic recovery, hence, the rally may keep moving towards the north in the coming days. Once the price reaches the edge of the consolidation, a significant price retracement could drag the price slightly lower. 

Ethereum Price Today

Source: Tradingview

Ethereum’s price has been trading with acute strength since the start of the year. The price rise was certainly less than its capacity, but the bulls held the rally above the support levels. The ETH price is trading within a rising parallel channel, maintaining a fine upswing. Despite the attempt to rise above the channel, which resulted in a pullback of nearly 7% to 8%, the token managed to halt the bearish trend and begin to surge along the average bands. 

The ETH price, with the fresh upswing, has raised above the average bands. However, the ADX has displayed a bullish deflection, hence the price is believed to break the consolidation and rise high. Besides, a drop in the volume could be a little matter of concern, which may compel the price to remain within a narrow consolidation. 

However, the Ethereum Shanghai upgrade date is launched, and the crypto space appears to be bullish on Ethereum, Although the unlocking of the millions of staked ETH poses a threat currently, raising the possibility of mounting enormous selling pressure, which might negatively impact the price ahead. 

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