“The crisis between Russia and Ukraine is affecting all risk markets right now, not just bitcoin,” comments Nicholas Cawley, strategist at DailyFX. “The constant oscillations of good and bad news make it difficult to value and trade the market at the current time,” says the expert, who believes that until this changes “it is difficult to see any reason to operate with bitcoin from the long side or the short”.
“If the war situation worsens, we could see the price of the digital currency even below $30,000,” says Swissquote analyst Ipek Ozkardeskaya. “The other cryptocurrencies will also feel the brunt of the Ukrainian war. Remember that when bitcoin sneezes, the entire crypto industry catches a cold. There is also the fact that higher energy prices make cryptocurrency mining more expensive. So that is also a fundamental reason that prevents Bitcoin from being a safe asset in the current environment,” he adds.
Ethereum gives up support at $2,500 to face the next control zone, $2,200. But experts believe that it remains exposed to further falls before it stabilizes, as it has accumulated losses of 25% in the last seven days.
According to the charts, the weekly support is around $2,000, but there is a strong possibility that it could give way below this price level, according to the technical analysts, to $1,850. However, experts do not believe it will drop below $1,800 any time soon. In general, they indicate that any drop below these levels is a buying opportunity.
Source: Ambito
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