Crypto Market Decline Intensifies: What Caused the Drop in Bitcoin, Ethereum, and Other Altcoins?
Market Overview: The crypto market is experiencing a significant correction, with major coins like Bitcoin and Ethereum seeing substantial losses. Bitcoin has fallen below $114K, causing concern among investors.
Current Prices: As of now, Bitcoin is priced at $113,587 (down 1.72% daily), Ethereum at $4,212 (down 1.98% daily), and other altcoins like XRP and Cardano are also facing declines.
Causes of the Crash: The downturn is attributed to macroeconomic factors such as steady inflation in the EU, technical selling after recent highs, and a liquidity crunch affecting over-leveraged traders.
Future Predictions: The market remains unstable, with critical support levels for Bitcoin ($110K), Ethereum ($4,000), and Cardano ($0.80) being monitored. Short-term volatility is expected to continue as macroeconomic conditions evolve.
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Technical Analysis for ETH
Technical Sentiment Analysis for Ethereum (ETH) As of , Ethereum (ETH) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 3 technical signals, shows that 0 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for ETH stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, ETH is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Ethereum (ETH) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 624.895 | 1186.348 | 1705.745 | 2267.198 | 2786.595 | 3348.048 | 3867.445 |
| Fibonacci | 1186.348 | 1599.232 | 1854.313 | 2267.198 | 2680.082 | 2935.163 | 3348.048 |
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