It seems that the bullish sentiment in cryptocurrencies continues today, Bitcoin is up to 4.34%, Ethereum is up to 5.54%, Solana is up to 3.42%, BNB is 3.02%, XRP is up to 2.1%, and Cardano is up to 6.11%.
Coinmarketcap's Fear and Greed Index shows a value of 71, which means market greed for cryptocurrencies is high. If the Fear and Greed Index value reaches 100, it means the market is extremely greedy and possible correction.
Bitcoin has now broken the psychological level of $50K and has reached $51K, Ethereum reached $2774, Solana $116 BNB $334, XRP 0.5398 Cardano $0.5769
Coindesk Market Index shows a value of 2132 with Constituent Weights Bitcoin 61%, Ethereum 20%, Solana 3%, XRP 3%, Cardano 1% and Others 13%
ETHUSD analysis
ETHUSD price is now at 2769.307 on Ticktrader FXOpen, the price successfully broke the upper band line and is outside the band line. This indicates that market volatility is very strong.
In the D1 timeframe, it is clear that the Bollinger band is expanding, which means market volatility is very high.
MA 50, which measures the average price for the past 50 days, forms an upward channel far below the price near the middle band line, which means market momentum is strong with bullish sentiment.
The RSI indicator which measures overbought and oversold prices shows level 76 which means the price is in the overbought zone which may be looking for a correction. RSI is a leading indicator that gives signals before a trend is formed.
In the H1 ETHUSD timeframe the price is now moving between the upper and middle band lines. The price is correcting in this area with dynamic support middle band line near 2722.
MA 50, which measures the average price for the past 50 hours, forms an upward channel below the middle band line, meaning that market momentum is quite strong with bullish sentiment.