Ethereum

2024

Bitcoin

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<a href="https://u.today/ethereum-foundation-watch-out-top-influencer-warns-of-north-korean-threat" rel="noopener noreferrer nofollow">Ethereum</a> 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, with its market capitalization having dropped by billions.
At $2,314 right now, ETH's price represents a significant drop from its peak values wiping out over $32 billion in market value in a comparatively short amount of time. It appears that the constant selling activity, especially from larger holders, is the main cause of Ethereum's difficulties. The asset is now in a risky situation as a result of the chain reaction that was set off by this selling pressure. <img alt="ETHUSD" data-entity-type="file" data-entity-uuid="68d0de52-8341-4606-9798-d4ee98ad4084" src="https://u.today/sites/default/files/inline-images/image_1268.png"><a href="https://www.tradingview.com/" rel="noopener noreferrer nofollow">ETH/USDT Chart by TradingView</a>
Regrettably, the downward trend seems to be intensifying, and <a href="https://u.today/ethereum-eth-price-prediction-for-october-2" rel="noopener noreferrer nofollow">Ethereum's</a> short-term market outlook is not encouraging. The breakdown of key technical levels is fueling bearish sentiment among investors. The $2,300 mark is one of the most important price levels to monitor.&nbsp;
This barrier which, if breached, might allow for even greater losses, is where Ethereum is perilously near. The next major support is located below this at about $2,150, which is also the location of previous consolidation zones from earlier in the year. If Ethereum breaches these levels, we could see a further collapse in price, potentially moving ETH toward $2,000 or lower.
<h2 dir="ltr" id="bitcoin-s-strange-position">Bitcoin's strange position</h2>
After 200 days of low volatility and diminishing liquidity, Bitcoin has found itself in what many are now referring to as a limbo. Traders' frustration with Bitcoin's performance in 2024 stems from the fact that despite sporadic spikes in price, it has not been able to break out of its declining trend.&nbsp;
Because <a href="https://u.today/7240-bitcoin-gains-made-by-dormant-btc-whale-as-uptober-kicks-off" rel="noopener noreferrer nofollow">BTC</a> is unable to move decisively past significant resistance levels, the chart clearly demonstrates a lack of upward momentum. It is still necessary for Bitcoin to break through the $63,000 price barrier in order to see any meaningful rebound. On the negative side, 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 evident in both the price movement and decreased liquidity on exchanges.&nbsp;
There has been a decline in volume and a lack of decisive movement on the market as a result of numerous traders pulling out. Consequently, the capacity of Bitcoin to appreciate has been severely hindered, resulting in a difficult trading environment. At present, it seems that <a href="https://u.today/worrying-bearish-pattern-threatens-bitcoin-fall-to-52000" rel="noopener noreferrer nofollow">Bitcoin</a> is fluctuating between pivotal levels of support and resistance.&nbsp;
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.
<h2 dir="ltr" id="xrp-seeing-erratic-movement">XRP seeing erratic movement</h2>
Both bulls and bears are in disbelief after <a href="https://u.today/xrp-liquidations-not-as-bad-as-expected" rel="noopener noreferrer nofollow">XRP</a> 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.&nbsp;
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.&nbsp;
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.&nbsp;
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 <a href="https://u.today/ripple-v-sec-critical-appeal-dates-xrp-community-cant-miss" rel="noopener noreferrer nofollow">XRP</a>.
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.

Ethereum (ETH) $32 Billion Catastrophe Continues, Bitcoin (BTC) in Limbo for 200 Days, XRP Showed Weirdest Performance in Last 7 Days

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