Monday in the Crypto Market: BTC and ETH Analysis for 28/08/23

Consistent with our previous observations, the weekend was marked by subdued volatility. Currently, BTC is trading sideways between the support level of $25,800 and the resistance at $26,200. Sellers' orders are stacked in the ranges of $26,200-$26,400 and $26,700-$27,000. Securing a price above the $27,000 threshold would pave the way for a potential uptrend. 

However, if buyers can't maintain the present support, the BTC price might tumble into the $25,000-$25,350 region and refresh lows beneath $25,000 (although some trading platforms recorded lows just below $24,300).

Ethereum's price movement is currently echoing Bitcoin's pattern. At present, ETH is trading sideways, trapped between a buyer's benchmark at $1,635 and a seller's stance at $1,665. If the current trend persists, we might see ETH approach the support levels around $1,620 or even dip into the $1,583-$1,605 bracket. The $1,550 mark might signal a resurgence of buyer interest and potentially halt further decline.

For Ethereum to embark on an upward journey, it needs to break through the resistance of $1,685-$1,705 and consistently trade above $1,750. Considering the significant drop we saw on August 18, any upward movement should be backed by a surge in trading volume.

With summer wrapping up, the markets are bracing for a potential influx of liquidity and a spike in volatility. Major economic events loom this week: the unveiling of the quarterly GDP on August 30, unemployment claims on August 31, and the broad U.S. unemployment data on September 1.

September also heralds updates on inflation and the Fed's interest rate decisions. These are influential metrics that sway financial markets, crypto included. So, it's wise to keep an eye on these economic indicators when contemplating trades. 

Check out GNCrypto for the latest cryptocurrency rates and chart analysis.

Please note that the analysis provided above should not be considered a trading recommendation. These are solely the opinions of the GNCrypto editorial board regarding the market situation. Before opening any deals, we strongly advise conducting your own research and analysis.

TF (Timeframe) — a chronological period equal to the time it takes to form one Japanese candle on the chart.

Horizontal channel (flat, sideways, range) — the movement of price between support and resistance levels, without going beyond the given range.

К — simplified designation of one thousand dollars of the asset price (for example, 23.4K - $23,400).

Gray range on the chart — a support zone.

Red range on the chart — a resistance zone.

Correlation — the tendency of prices of different cryptocurrencies to move in sync, often influenced by the dominance of one of the assets.

This analysis was informed by the following educational materials and articles from GNCrypto: