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Cryptocurrencies benefit from renewed risk appetite

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Written by:
Myrsini Giannouli

16 February 2022
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Cryptocurrency prices surged on Tuesday, amidst reports of Russia – Ukraine tensions easing. As Russia announced that it would pull back some of its troops from its borders with Ukraine, risk appetite grew, benefitting cryptos.

Bitcoin climbed to the $44,300 level on Tuesday, and is currently testing this resistance level. If its price declines, it may find support at $40,000 and further down at $36,000 and $33,000. 

Ethereum rose above the $3,100 level, and might finally break its downtrend. If its price goes down, it may find support at $2,640 and further support around $2,150. In case its price goes up, it may find resistance at $3,400. 

Cryptos have been under pressure since the beginning of the year, with Bitcoin losing over 20% of its value, hit by a bout of risk-aversion. The bulls have attempted several times to reverse the downtrend, with little success so far. The recent volatility in stock markets, and especially the fall of tech-stocks has been affecting crypto markets, which seem to have developed a strong dependency on stock market trends. 

BTC/USD 1h Chart

BTCUSD 1hr chart

 

ETH/USD 1h Chart

ETHUSD 1hr chart

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Written by:
Myrsini Giannouli

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