As the Asian trading session starts, concerns about FTX’s financial stability have made the prices of all the most important cryptocurrencies go down. This has caused the market capitalization of all cryptocurrencies to drop below $1 trillion for the first time ever. Bitcoin’s price went down a lot and was last seen trading at around $19,600, breaking through an upward trendline in the process. After a 7.5% drop, Ethereum’s price went down to $1,470.
How much will Ethereum cost?
The price of Ethereum on Tuesday was $1,446. There is a 9% drop from yesterday. It is ranked second on CoinMarketCap with a market value of $178 billion, down from $193 billion.
On Ethereum’s 4-hour chart, a bearish engulfing pattern and a three black crows pattern show that investors are likely to sell. Also, this trend points to the price going down. The price of Ethereum at $1,460 is below a line that goes up. If the upward trendline is broken, Ethereum could fall to $1,380.
Both signs show that sellers might soon stop selling, which would let bulls buy. Both are oversold because of this. The RSI and the MACD both show that prices are going down.
How much will bitcoin cost?
Bitcoin costs $19,600 at the moment, and there are $60 billion worth of transactions every day. During the Asian session, Bitcoins lost about 6% of their value. It has a market value of $378 billion, which is down from $438 billion yesterday and makes it the number one cryptocurrency on CoinMarketCap.
Bitcoin has broken both the upward channel at $20,400 and the triple bottom support at $20,000. This means that the technical outlook has changed from bullish to bearish. On a 4-hour time scale, Bitcoin has formed a “three black crows” candlestick pattern, which shows that investors are very likely to think the price will go down.
If this level is broken, the price of Bitcoin could go down to $18,650 or less. On the other hand, bitcoin has support right away at $19,230. Leading and lagging indicators, like the RSI, MACD, and 50-day moving averages, show that the trend is going down. If the price goes below $18,650, sellers will be able to sell all the way down to $18,000 and $17,650 if BTC can’t stop the drop at $18,650.
Bitcoin’s next upside barrier is still not too far from $20,000; if it is broken, BTC could go up to $20,635. Even so, the bias is still sad.
Cardano Price Prediction
The ninth-largest cryptocurrency has a bullish short-term outlook, which could set the stage for a good long-term trend. On the daily chart below, the Super Trend indicator has given a “buy” signal. This tells small investors and investors who haven’t been investing to get into the market because they expect a strong move up.
The Super Trend indicator goes over the chart and uses average true range (ATR) data, which is like a moving average, to look at how volatile the market is. The chart below shows that a daily close below the Cardano price is a sign to buy. ADA will likely stay in the hands of the bulls until the Super Trend indicator moves above it and gives a sell signal.
