Bitcoin and Ethereum analysis – BTC and ETH price on Monday April 18, 2022

The heart of spring is approaching, and the least we can say is that cryptocurrencies seem increasingly allergic to rising bond rates. Because even if they had remarkably accommodated themselves to it in 2021it is clear that this is no longer the case this year. So much so that the divergence is glaring compared to the 10-year T-Bond.

This analysis is offered to you in collaboration with Le Trading du Coin and its algorithmic trading solution.

Considering what happened lately, Bitcoin and Ethereum continue to drink the cup. And, insofar as they have failed under their respective resistances, the sellers keep their hand against a good number of buyers. With the presence of new technical signals in their favor, and increased uncertainty which could raise the specter of their annual lows.

Bitcoin – Fourth consecutive week down?

Bitcoin starts the week as it ended it. That is, slightly below the shoulder-head-shoulder (ETE) neckline, around $41,000. Now, it is back in the lower part of its horizontal channel (orange rectangle), engaged since the week of January 17th. This suggests a melting, like snow in the sun, of the gains recorded since its rebound in mid-March. With, at the same time, a fourth consecutive week on the decline.

Weekly Bitcoin Price Analysis - April 18, 2022

This bad series, initiated following the so-called crossing of the resistance of $46,000, led to the end of the bullish momentum of the technical indicators in weekly units. On the one hand, the MACD does not seem very far from crossing the signal again on the downside, while we have long thought that it was going to break the zero line. And on the other hand, the RSI falters below the neutral zone at 50.

By putting these unfavorable technical signals end to end, the price trend of BTC since its last ATH in November 2021 remains highly undecided. And this to the point of sounding the orange alert. Indeed, they threaten the next supports from the lower part of the horizontal channel. which corresponds respectively at the $37,000-38,000 and $34,000-35,000 levels. What underline once again the psychological influence of the ETE.

Ethereum – Support for $2800 in sight

In a general way, Ethereum tends to follow Bitcoin in big downside moves, although it still lags behind. That’s why it should come as no surprise that the second digital currency has yet to endanger the $2800 support. A price level that corresponds to the intermediate zone separating the upper and lower part of its horizontal channel (orange rectangle).

Weekly Ethereum Price Analysis - April 18, 2022

But a third consecutive week of decline could well lead us there. And if those fears turn out to be true, we should expect a deterioration coming from the technical indicators. And more particularly, to a flattening of the MACD triggered since the beginning of April. This could result in a rapprochement of the signal at first, and a bearish crossover in a second time.

By aligning these unfavorable technical signals, we face the same observation as Satoshi Nakomoto’s digital currency. In effect, ETH’s price trend since its last November 2021 ATH remains undecided. And it would become even more so if the $2800 breaksheading towards the $2300-2400 support. With, at the same time, a strengthening of the hypothesis of a bear market. All confirmed by the presence of lower and lower highs like the resistance of $3400, the upper limit of the horizontal channel.

Back to square one towards the lows of the year?

By dint of seeing the divergence between cryptocurrencies and the rise in bond rates getting bogged down, Bitcoin and Ethereum may well have tough days/weeks. Because in addition to being at the mercy of the correlation with equity indices, which themselves are struggling to regain their shape, their respective trends would remain uncertain. With probably, a more worrying mention for the BTC. Especially if he decides to get closer to the support of $34,000-35,000 which corresponds to his lowest point of the year.

Far from clarifying the major uncertainties on the financial markets, there is a good chance that investors will not take major initiatives three weeks before the next Fed meeting. And given the rampant evolution of inflation in developed countries, commodities may well continue to steal the limelight from cryptocurrencies. With the prospect of making 2021 a distant memory.


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