Digital coins experience extended volatility as the total crypto market losses 4.10% of its value, dipping below $1.4 trillion again.
While writing this, Bitcoin trades at $32,857 after a 4.22% drop. With the price changes, the leading coin has its market cap standing at $620 billion. Ethereum suffered a deep correction on the other side, declining by 7.79% to trade below the $2,000 levels. While publishing this content, Ethereum hovers at $1,982 after a 7.7% fall. Its market capitalization stands at $237 billion. In a latest later to investors, Evercore ISI technical strategist Rich Ross declared that BTC’s current movements indicate a threatening price chart full of fury and sound, supported by nothing. On the uptrends, BTC will have its initial resistance at $36K. If bears control the price action, BTC’s first support will lie at $33K followed by $30K. Ross said that Bitcoin has possibilities to deep to $22K and further if it breaks the $30K support.
The technical strategist trusts that Ether can manage trading above $2,400. Keep in mind that ETH faced massive rejection after attempting to climb over $2,400 last week. According to the weekly price chart, the Ethereum value is 15% down.
BTC and ETH Next Directions
For now, market analysts find it challenging to predict Ethereum and Bitcoin’s next moves as the two leading cryptocurrencies indicate massive volatility. Early in 2021, BTC YTD gains exceeded that of the S&P 500 by far. However, that turned negative as stocks extend to rises despite the recent market correction. Bloomberg reports that BTC’s price might enjoy pickups according to the Bollinger bands coiling around Bitcoin’s price. BTC’s six-day correlation with Spot Gold’s price fluctuated to negative. The source noted that this might be a positive move since lower correlations increase asset use cases. For Ethereum, the best thing is that it maintained trading over the 200-d MA. However, according to the 50-day MA price chart, $2,300 might act as massive resistance.
Watch the vital levels above if you are interested in ETH and BTC investments. Meanwhile, act with care when dealing with the massive corrections that the crypto market experiences at the moment.
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