U.Today – is experiencing a prolonged period of aggressive selling pressure, leading to a market-wide sell-off. The latest data shows that ETH has significantly lost popularity and its market capitalization has dropped by billions.
At its current level of $2,314, the ETH price represents a significant drop from its peak, wiping out over $32 billion in market value in a relatively brief period of time. The main reason for Ethereum’s difficulties appears to be constant selling activity, especially from larger holders. The asset is now in a risky situation due to a chain reaction caused by selling pressure.
Unfortunately, the downward trend seems to be intensifying, and the short-term market prospects for Ethereum are not hopeful. The breakdown of key technical levels is fueling bearish sentiment among investors. The $2,300 level is one of the most significant price levels to monitor.
This barrier, which could allow for even greater losses if breached, is where Ethereum comes dangerously close. The next major support lies below this at around $2,150, which is also the location of previous consolidation zones from earlier in the year. If Ethereum breaks above these levels, we could see the price drop further, potentially pushing ETH towards $2,000 or lower.
strange position
After 200 days of low volatility and decreasing liquidity, Bitcoin finds itself in what many are now calling limbo. Traders’ frustration with Bitcoin’s performance in 2024 stems from the fact that despite occasional price jumps, it has failed to break the downward trend.
Since BTC is unable to decisively overcome significant resistance levels, the chart clearly shows a lack of upward momentum. Bitcoin still needs to break the $63,000 price barrier for a significant rebound to occur. On the other hand, a break below the $59,000 support level could trigger a more severe correction as it is frequently tested. This extended period of low volatility is noticeable in both price movement and reduced liquidity on stock exchanges.
There was a decline in volume and no decisive movement in the market as many traders withdrew. As a result, Bitcoin’s ability to appreciate has been severely circumscribed, resulting in a hard trading environment. Currently, Bitcoin appears to be oscillating between key support and resistance levels.
The downward trend means that Bitcoin could suffer larger losses unless there is a noticeable improvement in volume and market sentiment. Traders should keep a close eye on the resistance at $63,000 and support at $59,000, as a break in either direction could indicate the direction of Bitcoin’s next significant move. However, without a clear trigger, Bitcoin may continue to go through a cycle of stagnation and offer little hope for the foreseeable future.
seeing irregular movement
Both bulls and bears are in disbelief as XRP has seen one of the most erratic and cluttered performances in the last seven days. Initially, a symmetrical triangle pattern – a common consolidation structure – provided a clear directional breakout. But what happened next likely led to gigantic losses for both sides and surprised many traders.
When the price initially emerged higher from the triangle, many believed that an uptrend had begun. Bullish investors hoping for an extended rally were harmed by the false breakout scenario that resulted from the breakout’s rapid reversal. However, the strange price change did not end there.
XRP continued to decline and is now trading well below its initial breakout level rather than leveling off or reconsolidating. There were likely to be a lot of liquidations as a result of this erratic price movement by both bears who were caught off guard by the first false break and over-leveraged the bulls eager to move higher.
As a result, XRP has now fallen below significant moving averages, indicating that unless significant buying pressure emerges, the asset may continue to decline. Right now, the $0.55 support level and the $0.50 psychological barrier are two significant price levels to keep an eye on for XRP.
We may witness additional downward pressure if XRP falls below the $0.50 threshold as this would indicate a significant support level will not be maintained. However, after wild swings this week, XRP’s ability to regain $0.55 could signal a reversal or at least some stabilization. Given its erratic price movements, XRP continues to be a risky asset to trade at the moment, and investors should remain cautious during this turbulent phase.
