|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cryptocurrency News Articles
Bitcoin, Ethereum, and XRP See Erratic Price Action as Market Sentiment Remains Subdued
Oct 04, 2024 at 08:01 am
Ethereum is experiencing a prolonged period of aggressive selling pressure, leading to a marketwide sell-off. The latest data shows that ETH has significantly lost ground
Ethereum (ETH) has taken a beating recently, experiencing aggressive selling pressure that has led to a market-wide sell-off. According to the latest data, ETH has lost substantial ground, wiping out billions in market capitalization.
At the time of writing, ETH is trading at $2,314, marking a significant drop from its peak values and erasing over $32 billion in market value within a relatively short period. It appears that persistent selling activity, particularly among larger holders, is the primary factor contributing to Ethereum's struggles. This selling pressure has triggered a chain reaction that is putting the asset in a precarious position.
Unfortunately, the bearish trend seems to be intensifying, painting a gloomy picture for Ethereum's short-term market outlook. The breakdown of key technical levels is fueling bearish sentiment among investors. One of the critical price points to watch is the $2,300 mark.
Ethereum is dangerously close to breaching this support level, which could open the door for even greater losses. The next major support is situated below this level at around $2,150, which also coincides with previous consolidation zones observed earlier in the year. If Ethereum breaches these levels, we could see a further collapse in price, potentially moving ETH toward the $2,000 mark or lower.
Bitcoin finds itself in limbo after 200 days of low volatility and diminishing liquidity. Many traders are expressing frustration with Bitcoin's performance in 2024, as it has failed to break out of its bearish trend despite experiencing sporadic spikes in price.
The chart clearly demonstrates a lack of upward momentum, as BTC is unable to move decisively past significant resistance levels. For any meaningful recovery to take place, Bitcoin still needs to cross the $63,000 price barrier. On the downside, a breakdown below the $59,000 support level could trigger a more severe correction, as it is tested often.
This extended period of low volatility is also evident in both the price movement and decreased liquidity on exchanges. As a result of numerous traders pulling out, there has been a decline in volume and a lack of decisive movement on the market.
Consequently, Bitcoin's capacity to appreciate has been severely hindered, creating a difficult trading environment. At present, it seems that Bitcoin is fluctuating between pivotal levels of support and resistance.
The downward trend implies that Bitcoin may experience more losses unless there is a notable improvement in volume and market sentiment. The $63,000 resistance and the $59,000 support should be closely watched by traders, as a breakout in either direction may indicate the direction of Bitcoin's next significant move. Without a clear trigger, though, Bitcoin might keep going through this cycle of stagnation and present little hope for the foreseeable future.
Both bulls and bears are left scratching their heads after XRP put on one of its most erratic and chaotic performances in the last seven days. At first, the symmetrical triangle pattern — a common consolidation structure — offered a directionally distinct breakout.
But what happened next probably led to big losses for both parties and caught a lot of traders off guard.
When the price initially emerged from the triangle higher, many thought a bullish trend had begun. Bullish traders hoping for a prolonged rally were harmed by the false breakout scenario that resulted from this breakout's rapid retracement.
However, the strange price shift did not stop there. XRP kept falling and is currently trading much below its initial breakout level rather than leveling out or consolidating once more.
There were probably a lot of liquidations as a result of this erratic price movement from both bears, who were taken aback by the first false breakout and overly leveraged bulls eager for a rally.
Consequently, XRP has now fallen below important moving averages, indicating that unless notable buying pressure materializes, the asset may continue to decline.
At the moment, the $0.55 support level and the $0.50 psychological barrier are two important price levels to keep an eye on for XRP.
We might witness additional downward pressure if XRP breaks below the $0.50 threshold, as this would indicate a failure to hold a significant support level.
However, after this week's wild swings, XRP's ability to regain $0.55 could signal a reversal or, at the very least, some stabilization.
Given its erratic price movement, XRP is still a risky asset to trade at the moment, and investors should exercise caution while it moves through this turbulent phase.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
-
- Visa Unveils Tokenized Asset Platform (VTAP) to Help Banks Issue and Manage Fiat-Backed Tokens on Blockchain Networks
- Oct 04, 2024 at 01:15 pm
- On Thursday, Visa Inc. V introduced its new Visa Tokenized Asset Platform (VTAP). It's designed to assist monetary establishments difficulty and handle fiat-backed tokens on blockchain networks, bridging existing fiat currencies with blockchain technology.
-
- Peter Brandt's 'Three Blind Mice' Pattern Raises Concerns for Bitcoin Investors as the Cryptocurrency Navigates a Turbulent Market Landscape
- Oct 04, 2024 at 01:15 pm
- Veteran trader Peter Brandt has highlighted a concerning trading pattern that could spell trouble for Bitcoin. Known for his keen insights and historical perspective, Brandt's analysis suggests that Bitcoin may be on the verge of a deeper downtrend.