{"id":525919,"date":"2023-04-06T20:00:48","date_gmt":"2023-04-06T20:00:48","guid":{"rendered":"https:\/\/wncen.com\/?p=525919"},"modified":"2023-04-06T18:52:13","modified_gmt":"2023-04-06T18:52:13","slug":"woes-for-bitcoin-and-ethereum-as-price-weakens-which-direction-will-prevail","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/woes-for-bitcoin-and-ethereum-as-price-weakens-which-direction-will-prevail\/","title":{"rendered":"Woes For Bitcoin And Ethereum As Price Weakens, Which Direction Will Prevail?"},"content":{"rendered":"

The two largest cryptocurrencies by market capitalization, Bitcoin and Ethereum, are slowing down after weeks of trending to the upside. The market seems on the verge of a major move as prices consolidate and move sideways, but what can operate as a catalyzed?<\/strong><\/p>\n

Related Reading: BNB Remains Under Pressure As Regulators Crack Down On Binance<\/a><\/div>\n

As of this writing, Bitcoin trades at $28,000 with a minor loss over the past seven days. In this timeframe, Ethereum continues to lead the market with a 4% gain. Only Dogecoin (DOGE), the king of meme coins, retains bullish momentum with an 18% profit.<\/p>\n

\"Ethereum
ETH’s price is moving sideways on the daily chart. Source: ETHUSDT Tradingview<\/strong><\/a><\/figcaption><\/figure>\n

Ethereum Upgrades, Bitcoin Stall, And Macro Factors Gain Relevance<\/h2>\n

Per data from crypto analysis firm Blofin<\/a>, Ethereum has been and will continue outperforming Bitcoin in the short term. The second crypto by market cap is on the verge of implementing a major upgrade, Shapella, on April 12.<\/p>\n

This update represents the most important for ETH since \u201cThe Merge\u201d and marks Ethereum\u2019s full migration into a proof-of-stake protocol. The upgrade will allow ETH users to un-stake their assets from the \u201cBeacon Chain.\u201d<\/p>\n

This event has triggered a lot of speculation in the market about the potential impact on ETH\u2019s price. However, Blofin noted that investors\u2019 expectations, as measured by a flat Implied Volatility (IV) in the options market, \u201cremain relatively stable\u201d ahead of Shapella. The firm pointed out:<\/p>\n

Despite the lackluster performance of the crypto market, investor expectations remain relatively stable. IVs remain flat and slightly declining, while skewness indicates investors\u2019 relative bullishness towards the mid-to-long-term performance of mainstream cryptos.<\/p><\/blockquote>\n

In the options sector, the firm recorded a minor uptick in the number of traders purchasing call (buy\/long) contracts ahead of the event, but the sentiment is decisively neutral. Blofin believes traders are on the expectation of \u201cmore new data to make decisions.\u201d<\/p>\n

The Shapella upgrade and macroeconomic factors have triggered uncertainty in the market. These variables could usher changes in the crypto sector.<\/p>\n

In 2023, Bitcoin and Ethereum broke out of their correlation with the traditional market. Following a year of trading in tandem, the cryptocurrencies climbed from massive losses and regained previously lost territory.<\/p>\n

The correlation with equities, namely the S&P 500 and Nasdaq 100, could return as the macroeconomic landscape takes a turn for a recession. Data published by the U.S. today, according to Blofin, hints that this scenario is becoming more likely.<\/p>\n

Related Reading: Ethereum Shapella Upgrade Expected To Boost Liquid Staking Protocols<\/a><\/div>\n

While the short term is uncertain and could see BTC and ETH display more weakness, the mid and long-term are skew towards the long side, Blofin said:<\/p>\n

Recession trading appears to be one of the reasons for the recent weakness in BTC prices. The latest employment and trade data showed that the possibility of a recession has increased, leading investors to favor gold and T-notes.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

The two largest cryptocurrencies by market capitalization, Bitcoin and Ethereum, are slowing down after weeks of trending to the upside. The market seems on the verge of a major move as prices consolidate and move sideways, but what can operate as a catalyzed? Related Reading: BNB Remains Under Pressure As Regulators Crack Down On Binance As of this writing, Bitcoin trades at $28,000 with a minor loss over the past seven days. In this timeframe, Ethereum continues to lead the market with a 4% gain. Only Dogecoin (DOGE), the king of meme coins, retains bullish momentum with an 18% profit. Ethereum Upgrades, Bitcoin Stall, And Macro Factors Gain Relevance Per data from crypto analysis firm Blofin, Ethereum has been and will continue outperforming Bitcoin in the short term. The second crypto by market cap is on the verge of implementing a major upgrade, Shapella, on April 12. This update represents the most important for ETH since \u201cThe Merge\u201d and marks Ethereum\u2019s full migration into a proof-of-stake protocol. The upgrade will allow ETH users to un-stake their assets from the \u201cBeacon Chain.\u201d This event has triggered a lot of speculation in the market about the potential impact on ETH\u2019s price. However, Blofin noted that investors\u2019 expectations, as measured by a flat Implied Volatility (IV) in the options market, \u201cremain relatively stable\u201d ahead of Shapella. The firm pointed out: Despite the lackluster performance of the crypto market, investor expectations remain relatively stable. IVs remain flat and slightly declining, while skewness indicates investors\u2019 relative bullishness towards the mid-to-long-term performance of mainstream cryptos. In the options sector, the firm recorded a minor uptick in the number of traders purchasing call (buy\/long) contracts ahead of the event, but the sentiment is decisively neutral. Blofin believes traders are on the expectation of \u201cmore new data to make decisions.\u201d The Shapella upgrade and macroeconomic factors have triggered uncertainty in the market. These variables could usher changes in the crypto sector. In 2023, Bitcoin and Ethereum broke out of their correlation with the traditional market. Following a year of trading in tandem, the cryptocurrencies climbed from massive losses and regained previously lost territory. The correlation with equities, namely the S&P 500 and Nasdaq 100, could return as the macroeconomic landscape takes a turn for a recession. Data published by the U.S. today, according to Blofin, hints that this scenario is becoming more likely. Related Reading: Ethereum Shapella Upgrade Expected To Boost Liquid Staking Protocols While the short term is uncertain and could see BTC and ETH display more weakness, the mid and long-term are skew towards the long side, Blofin said: Recession trading appears to be one of the reasons for the recent weakness in BTC prices. The latest employment and trade data showed that the possibility of a recession has increased, leading investors to favor gold and T-notes.<\/p>\n","protected":false},"author":535,"featured_media":518350,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[428,1119,78790,8323,1946,78803],"class_list":["post-525919","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-bitcoin","tag-btc","tag-btcusdt","tag-eth","tag-ethereum","tag-ethusdt"],"acf":[],"yoast_head":"\nWoes For Bitcoin And Ethereum As Price Weakens, Which Direction Will Prevail?<\/title>\n<meta name=\"description\" content=\"The two largest cryptocurrencies by market capitalization, Bitcoin and Ethereum, are slowing down after weeks of trending to the upside.\" \/>\n<meta name=\"robots\" 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. 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Marquez","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/wncen.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/036a3927a22f63e491c08a08c3641ece?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/036a3927a22f63e491c08a08c3641ece?s=96&d=mm&r=g","caption":"Reynaldo Marquez"},"description":"A literature major, Reynaldo M\u00e1rquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/wncen.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Woes For Bitcoin And Ethereum As Price Weakens, Which Direction Will Prevail?","url":"http:\/\/wncen.com\/news\/ethereum\/woes-for-bitcoin-and-ethereum-as-price-weakens-which-direction-will-prevail\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/ethereum\/woes-for-bitcoin-and-ethereum-as-price-weakens-which-direction-will-prevail\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/Bitcoin-1-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/Bitcoin-1-scaled.jpg?fit=2560%2C1854"},"articleSection":"Ethereum","author":[{"@type":"Person","name":"Reynaldo Marquez"}],"creator":["Reynaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusdt","eth","ethereum","ethusdt"],"dateCreated":"2023-04-06T20:00:48Z","datePublished":"2023-04-06T20:00:48Z","dateModified":"2023-04-06T20:00:48Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Woes For Bitcoin And Ethereum As Price Weakens, Which Direction Will Prevail?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum\\\/woes-for-bitcoin-and-ethereum-as-price-weakens-which-direction-will-prevail\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum\\\/woes-for-bitcoin-and-ethereum-as-price-weakens-which-direction-will-prevail\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/02\\\/Bitcoin-1-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/02\\\/Bitcoin-1-scaled.jpg?fit=2560%2C1854\"},\"articleSection\":\"Ethereum\",\"author\":[{\"@type\":\"Person\",\"name\":\"Reynaldo Marquez\"}],\"creator\":[\"Reynaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusdt\",\"eth\",\"ethereum\",\"ethusdt\"],\"dateCreated\":\"2023-04-06T20:00:48Z\",\"datePublished\":\"2023-04-06T20:00:48Z\",\"dateModified\":\"2023-04-06T20:00:48Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/Bitcoin-1-scaled.jpg?fit=2560%2C1854","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/525919"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/535"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=525919"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/525919\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/518350"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=525919"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=525919"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=525919"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}