Monday in the Crypto Market: BTC and ETH Analysis for 25/09/23

As anticipated in our previous BTC review, the asset exhibited low volatility over the weekend. Sellers came into play only late Sunday, causing a price retreat to the support zone at $26,000-$26,200, where it currently resides.

If buyers manage to sustain this range, BTC could potentially retest the $26,500 resistance, with prospects of reaching further to the next bear clusters at $27,200-$27,500 and $27,800-$28,200. However, as long as the BTC price lingers below the $28,200 mark, a downward trend remains the most likely scenario.

The next support zone beneath the current one stands at $25,400-$25,750. Following this is the $25,140 mark, which could be tested in the event of increased seller activity or substantial negative market developments. As of now, a plunge below $24,800 seems improbable.

Although Ethereum typically exhibits higher volatility compared to BTC, this time, it has remained relatively stable in response to BTC's decline. So far, sellers have been unable to breach the support zone of $1,557-$1,582, where the asset has been trading for the last few hours. If this range is maintained, we can anticipate a test of the resistance zone of $1,609-$1,625, and eventually, progress towards the $1,661-$1,680 and $1,726-$1,745 zones.

The correlation between ETH and BTC is still pronounced, hence a further decline in Ethereum is plausible. In this scenario, the price could reach the $1,531 mark and set a new local low beneath this level. In the event of intensified selling pressure, the next support may be the psychological level of $1,500.

This week, several crucial macroeconomic indicators are scheduled for release, including the number of U.S. building permits, Consumer Confidence Index, and new home sales (Tuesday, September 26), base orders for long-term goods and crude oil reserves (Wednesday, September 27), the number of initial jobless claims and the U.S. GDP for the previous quarter (Thursday, September 28), as well as the Personal Consumption Expenditures Price Index (Friday, September 29).

These updates might lead to heightened volatility in the BTC chart due to its correlation with the USD. However, they are unlikely to define its movement trajectory, as the market pricing is primarily influenced by factors such as the inflation rate (CPI) and interest rates, both of which have already been released.

Check out Gagarin News 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 Gagarin News 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 Gagarin News: