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Bitcoin, Ethereum and Dogecoin at the Beginning of the Week

Following the Bitcoin chart on the daily time frame, we see that we have a big GAP down in the value of minus $ 1000. Currently, we have a price pull-up, and we may close the GAP made at the day’s opening. The zone around $ 40,000 is very important for further determining the price movement of Bitcoin. While we now have resistance at $ 42,000, just above it is the 200-day moving average at $ 44,000, another big resistance to continue the bullish trend. For the bearish scenario, we need a break below $ 40,000 and the first our support at $ 38,000. Looking at the lower moving averages of the MA20 and MA50, they are around $ 36,000. Moreover, a cross is made on the chart as more support for the bullish side.

Ethereum chart analysis

Looking at Ethereum on a daily time frame, we see that the price encounters current resistance at $ 2625, after reaching a new high yesterday at $ 2700 in the last month and a half. Ethereum has so far found good support in the $ 2300-2400 zone. If the price is to lose strength and customer support. Then we will probably see a retreat to previous support again.

The only difference will be that at that level, we will get the support of daily moving averages MA20, MA50, and MA200, and they are currently in the zone of 2100-2200 $. If the price wants to continue up, we need a stronger jump above $ 2700 so that we can be more optimistic that we will soon test the zone above $ 2800 and approach the figure of $ 3000, last seen at that place on May 19 during a big pullback from the historic high at $ 4380.

Dogecoin Chart analysis

The price of Dogecoin on the daily time frame is in a very narrow range, following the movement of the 200-day moving average MA200, with support and MA20. At the same time, MA50 is the next resistance that we must overcome to make the bullish scenario stronger. On the daily chart, the price moves slowly even if there is no important news, tweets, state regulations. Above, we can see that the price is moving between two very important zones. These include the upper 0.25000-0.26000, the place of the previous longer consolidation, which ended in a price drop. As well as the lower zone 0.15000-0.16000, our support zone in the last four months. We can expect further lateral movement between these two zones.

Overview of the cryptocurrency market

The proposal for the bill, which is being debated in the Senate, aims to increase tax revenues to fund more than $1 trillion in infrastructure changes across the country. From that total $ 28 billion would come through crypto transactions.

Criticism of the definitions of the law relating to the crypto community has been loud. Some have suggested that the bill is too broad. It could be applied to most economic activities in the U.S. crypto industry.

A modernized version of the Senate’s bipartisan infrastructure law, released Sunday night, seeks to narrow the definition of “intermediary” to people who provide digital property transfers.

The revised language of the law does not explicitly include decentralized exchanges. Nor does it explicitly exclude miners, node operators, software developers, or similar parties.

Perhaps the most promising development in the Ethereum ecosystem is the transition from Proof-of-Work (PoV) to Proof-of-Stake (PoS). ETH’s special investment has attracted the attention of investors, who are investing approximately 50% of their ownership, said BitStamp Exchange CEO Julian Savior.

The ETH 2.0 contract collection shows users’ interest in the upcoming London Hardfork. This upgrade is significant because it proposes two critical improvements to the existing blockchain network.

Switching from PoV to PoS to improve blockchain scalability while maintaining security and decentralization.

A paradigm shift in the way fees is collected and burned, making ETH a deflationary asset.

According to Ethereum core developer Tim Beik, the hard fork will be released on August 4 between 13:00 UTC and 17:00 UTC. In other words, it will reach a block height of 12,965,000.

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