cryptocurrency

Ethereum is down almost 6%! It's Putin time.

Author: Trade Pro Skills

Friday, 04 March 2022 Number of words: 325 Study time: 2 Minutes Views: 88

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Up and Down in the market with war news! 

Market analyst – IFC Markets

Last week and after a report that told people in Russia are more interested in Crypto-assets as the country is going into financial sanctions, the market risk increased the demand and now again it is the market risk with a report from Ukrain that pushing the market lower. Both were risks, but different types of risks. 

The first risk was a financial risk, which could encourage the crypto fans to tell others, look, it is a free market and not dominated by governments, you can rely on that and increase the demand to show how you can deal with the extravagance of some governments. But today's risk was the risk of life. Earlier today the world was in shock for a few hours after the reports about the bombing of the largest nuclear power plant in Europe. After fighting around this nuclear power station, which ignited fire as they blitzed a Ukrainian critical energy source everyone was worried about the future of war and even Europe, as it could create a bigger tragedy in the world than we had in the Chernobyl disaster. 

Even after a few hours’ updates indicate that the fighting around the city has been extinguished and there is no risk of nuclear radiation, however, severely affected the crypto market again. Increasing fear, uncertainty, and doubt pushed the prices lower. According to data from CoinMarketCap, the total crypto market capitalization has lost 4.25% over the last day. And overall crypto market volume over the past 24 hours plummeted by approximately 8%.

From the technical point of view, in both the H1 and H4 charts, the asset returned under main MA lines, while Market volume also, is under 20 DMA. From the psychological point of view also, it is under pressure, as long as it is trading under 3,000 US dollars. The next target looks under 2,300, which is the multi-month low seen in February.

Ethereum is down

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