Bitcoin Enters Death Cross And Ethereum Isnt Far Behind: Analysis

Ethereum needs to hold the $2,700-$2,800 zone (shown in the Fibonacci levels) to keep the 200-day EMA intact. If that breaks, the next meaningful support is indeed around $2,300-$2,500—exactly where most Myriad users are looking. However, that oversold RSI suggests any drop to $85K would likely be a quick wick rather than a sustained breakdown. Capitulation moves tend to reverse violently once they flush out the last of the leveraged long positions—those futures contracts betting on the price of Bitcoin to go up using borrowed capital. Crypto traders and investors who bought near highs in recent months are getting absolutely rekt right now, as hype fades and the market bleeds. The Ethereum-centric firm also holds 192 Bitcoin (about $18 million worth) and $607 million in cash.

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Market Overview

Unlike Bitcoin, Ethereum’s 50-day EMA is still trading above its 200-day EMA—a “golden cross” that’s supposed to be bullish. For Bitcoin, the 50-day EMA just crossed below the 200-day EMA, forming the dreaded “death cross” pattern that signals longer-term bearish momentum. Bitcoin is now trading well below both moving averages, which creates nasty overhead resistance that bulls need to reclaim before any meaningful recovery can begin. Exponential Moving Averages, or EMAs, help traders identify trend direction by tracking the average price of an asset over the short, medium, and long term. When the short-term 50-day EMA falls below the long-term 200-day EMA, it typically means sellers are dominating the market structure. The high price of the ETHPlus is $3,205.89 and low price is $3,047.46 in the last 24 hours.

As for Ethereum, Myriad users place the odds at 62% that ETH, currently trading for around $2,800, slides to $2.5K over a rally to $4K. According to Lee, the market is still recovering from the record-breaking crypto liquidation event in October, which saw more than $19 billion positions wiped away in a single day. The lingering weakness, he added, lends some credence to the speculation that a market maker may have been severely impacted during the crash. Despite the recent losses, BitMine Chairman Tom Lee is still calling for an Ethereum “supercycle,” predicting that prices have not peaked for this cycle. Like Strategy, BitMine keeps accumulating ETH regardless of its price action. The second-largest crypto asset by market capitalization has dropped more than 11% in the last week, and is now 35% off its August all-time high.

That may mean prices soon testing the support (now resistance) level that has been in place since June, visible in the chart above in the dotted white line. “When a market maker has a ‘hole’ on their balance sheet, they are seeking to raise capital and are reducing their liquidity functions in the market,” he said. “This is the equivalent of QT (quantitative tightening) for crypto, and has the effect of dampening prices. Pi coin price could be positioning for a breakout as the total supply of tokens held on centralized exchanges dropped sharply today. According to data from crypto.news, Pi Network (PI) token rallied 18% to an intraday high of $0.26 on…… ETHPlus current market price is $3,143.21 with a 24 hour trading volume of $248.30K.

Bitcoin opened today at $92,911 and promptly fell off a cliff, sliding more than 4% to its current price of $88,605. That’s a $4K slip in a single day that once again pushed BTC below the psychologically critical $90K level and marked a fresh seven-month low. Meanwhile, on Myriad—the prediction market built by Decrypt’s parent company Dastan—traders are positioning for more carnage. A whopping 73.3% of the money on Myriad is betting Bitcoin dumps to $85K, as opposed to pumping to $115K.

• RSI measures whether an asset is overbought or oversold based on recent price movements, and at 27, Bitcoin is stretched like a rubber band.
• Despite the recent losses, BitMine Chairman Tom Lee is still calling for an Ethereum “supercycle,” predicting that prices have not peaked for this cycle.
• Check our coin stats data and see when there is an opportunity to buy or sell at best price in the market.
• When the short-term 50-day EMA falls below the long-term 200-day EMA, it typically means sellers are dominating the market structure.
• App.reserve.orgethereum/token/0xe72b141df173b999ae7c1adcbf60cc9833ce56a8/overview

The golden cross tells you the longer-term trend structure is intact, but it doesn’t protect you from brutal corrections within that trend. Ethereum is trading below both moving averages despite the golden cross, which means the bullish structure is being tested hard. And if Bitcoin is in bad shape, then Ethereum has it even worse. ETH today dumped 6.73% from an opening price of $3,121.7 to close at $2,911.8, with an intraday low of $2,895.8. The chart shows a Fibonacci support around $84,451, with stronger support near $71,486. If Bitcoin loses the $88K-$89K zone it’s currently testing, there’s not much stopping a move toward $85K and below.

The total available supply of ETHPlus is 50,095 ETH+. It has secured Rank 326 in the cryptocurrency market with a marketcap of $157.44M. No part of the content we provide constitutes financial advice on coin prices, legal advice, or any other form of advice meant for you to rely on for any purpose. Any use or reliance on our content is solely at your own risk and discretion. ETHPlus price is $3,142.69, down -3.71% in the last 24 hours, and the live market cap is $157,436,615. It has circulating supply of 50,095 ETH+ coins and a max supply of 50,095 ETH+ alongside $254.59K 24h trading volume.

• Ethereum needs to hold the $2,700-$2,800 zone (shown in the Fibonacci levels) to keep the 200-day EMA intact.
• However, that oversold RSI suggests any drop to $85K would likely be a quick wick rather than a sustained breakdown.
• Ethereum is trading below both moving averages despite the golden cross, which means the bullish structure is being tested hard.
• CoinCodex tracks 44,000+ cryptocurrencies on 400+ exchanges, offering live prices, price predictions, and financial tools for crypto, stocks, and forex traders.

For some exchanges there is depth percent it shows how much liquidity is available, live bids 2% up or down from the current price. The list is sorted by 24-hour volume and CL trust rating. Different pairs are listed separately with the corresponding volume. The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

Get the latest crypto news and market analysis straight to your inbox. ETHPlus is developed to provide an extra level of security based on a three-private-key security structure. ETHPlus platform includes a cryptocurrency (ETHP), a wallet (ETHPWallet), and a payment system (ETHPay).

Bitcoin (BTC) price: Death cross confirmed

CryptoSlate does not endorse or rate any crypto projects. Please read our coin database disclaimer for more information. Affiliate marketing has become a major revenue engine in crypto, with top platforms offering structured partner programs that help businesses earn while growing their user base…. Launched in April, 2020, the ETHPlus platform is built by a cryptocurrency (ETHP), a wallet (ETHPWallet), and a payment system (ETHPay). Hardware wallet is the safest way to manage & trade your cryptocurrencies.

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We also provide rich advertisement campaings to advertise your business on this website. Complete cryptocurrency market coverage with live coin prices, charts and crypto market cap featuring coins on 964 exchanges. CoinCodex tracks 44,000+ cryptocurrencies on 400+ exchanges, offering live prices, price predictions, and financial tools for crypto, stocks, and forex traders. Bitcoin’s Relative Strength Index, or RSI, has cratered to 27.12, firmly in oversold territory below 30. RSI measures whether an asset is overbought or oversold based on recent price movements, and at 27, Bitcoin is stretched like a rubber band. This doesn’t mean the selling stops immediately, but it does suggest we’re approaching exhaustion levels where a violent bounce becomes more likely.

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