Analysis of the current state of Bitcoin (BTC), Ethereum (ETH), and Uniswap (UNI).
Bitcoin
On the H4 timeframe, the BTC price has bounced off the $28,100 resistance level, leading to a delay in testing the seller zone within the range of $29,500-$31,000. The nearest support levels are identified as $25,800-$26,700 and $24,100-$25,100. Further down, there is a level at $23,100 on lower timeframes.
Trading volumes remain low, indicating a lack of willingness or readiness from both buyers and sellers to exert substantial pressure for breaching these robust zones.
BTC chart on the H4 timeframe
Ethereum
On the H4 timeframe, the ETH price tested the resistance zone between $1,905 and $1,940. The nearest support zone, where sellers may drive the price, is situated within the range of $1,813 to $1,842. Lower levels of buyer interest can be found within the zone of $1,740 to $1,778 and at the psychological level of $1,700.
Ethereum's broader price action is heavily influenced by Bitcoin’s performance.
ETH chart on the H4 timeframe
Uniswap
UNI is currently experiencing a persistent downtrend, with continual lower lows since February 2023. Following the recent H4 timeframe low, buyers established a support zone in the range of $4.8-$4.93. If this range fails to hold, the market may extend downwards towards the $4.7 level, which is an area of significant buying interest.
The nearest resistance zone is located between $5.16 and $5.31. Beyond that, sellers are likely to be active around the $5.41 level, followed by a wider range of $5.5-$5.68.
UNI chart on the H4 timeframe
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Disclaimer
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.
Abbreviations
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.
Initial materials
This analysis was informed by the following educational materials and articles from GNCrypto:
