As per the reports from CCN, 9 Billion Dollars have been deleted off the crypto market in the last few hours, with Bitcoin Cash and Ethereum dropping to 15 percent against U.S. Dollar. The price of Bitcoin has dropped to 3,750 dollars. In the last few hours, the ETH price has gone down to 14.9 percent from $154 to $131. It has become the ‘biggest single-day drops in the last year, as per the reports from CCN. Today the two digital currencies have become the worst performers of the day. In the last fourteen days, the price of Ethereum has nearly become the twice its rate from $85 to $160.
With the rise of the trading of Ethereum in the global market on the major digital asset exchange, its volume has also increased. It has also invited more risk, meaning- large short term gains make the assets more vulnerable to large short term corrections. Due to the increasing sell pressure on the cryptocurrency market and the sell-off of the digital assets by the bear market tendency; the digital currencies that showed stable profits throughout last month and this month showed biggest losses. Traders pointed at the technical indicators of ETH that suggest short term downturn pattern. Among the other traders, on Monday one of the traders- ‘The Crypto Dog’ said –
“Maybe I just see what I want to see, but this chart is screaming to me ‘last chance to short ETH.” After the downturn of the prices, the trader said- “It makes sense to see some bounce here, given this level on the ratio, so I hesitate to say this is a great entry. […] and of course, I am just thinking out loud, not trying to urge anyone to FOMO into a trade. I shorted ETH at 156 dollars and sitting relatively comfy here.”
In the last two months, the major crypto assets, as well as the small market cap tokens, have shown improvement signs in short term recovery. Some crypto market analysts think that it will be difficult to establish any proper base point in the cryptocurrency market, without a clean break- out that surpasses the resistance rim levels.
As per the reports from CCN, Mark Dow, (a trader who shorted Bitcoin BTC from its peak point when it was sailing at 19,500 dollars down to 3,500 dollars), said last month that if Bitcoin does not surpass the 6000 dollars barrier in the short term, then the market will face difficulties. He said-
“Still a beautiful chart. If Bitcoin can’t bounce to at least 5000 dollars to 6000 dollars soon, it is a bad sign for the cyber bulls. And if it breaks down thru the yellow line at any point, even the HODLers need to GTFO.”
Despite the high promises, the crypto market’s overall trend has not changed much. In case the high turbulence continues and stick to the low price brackets then the crypto world’s expected pattern reversal is not as likely shortly.