ETH plunged deeper a few hours ago as the crypto market took an unexpected turn. It saw significant losses following the massive gains it experienced on Thursday.
ETH was among the top losers in the top 10, as it retested another important level. Ethereum reflects the general state of the crypto market. The fear and greed index remains neutral amid the shift in sentiment.
As trading volume soared, the global cryptocurrency market lost 3% in the last 24 hours. This latest surge in buys and sells and the losses indicate a spike in selling volume.
It is worth noting that some cryptocurrencies were on the verge of testing some key resistance before the sudden change. A shift in fundamentals was responsible.
Investors were shocked to learn that some threat actors skillfully hacked the Bybit Multisig wallet and carted over $1 billion in assets. Traders who own assets in this trading platform eagerly anticipate the breakdown of the carted funds.
The crypto market is still grappling with the event of this announcement. Several cryptocurrencies are yet to find support. LDO is down by over 9% after slipping below the $1.60 barrier.
Crypto’s top 10 showed huge volatility in the last five days. Let’s examine their performances.
BTC/USD
Bitcoin saw notable buybacks on Wednesday and Thursday. Prices recovered during this period, with the apex coin slowly advancing towards $100k.
The previous day’s price action was one of the most bullish this week. BTC opened trading at $96,639 and broke above the $98k resistance. It faced significant rejections as it peaked at $98,758.
The uptick continued, with the apex coin edging closer to the $100k mark a few hours ago. It peaked at $99,508 before its massive decline. It declined to $94,800 before rebounding. It is currently down by almost 3%, erasing its previous two-day gain.
Bitcoin’s sudden change in trajectory caught many unaware. The relative strength index plummeted from 51 to 43. The moving average convergence divergence shows an ongoing bearish convergence. MACD’s interception is almost complete, and divergence will follow if the current trend persists.
The latest slip saw the apex coin remain within its rangebound movement below $100k and maintain its low of $94k.
ETH/USD
Ethereum surged close to its highest value in the last fourteen days. The asset broke above $2,800 for the second time this week, peaking at $2,846.
The uptick hit a brick wall, resulting in its decline. It broke below $2,700, hitting a low of $2,614 before rebounding. ETH trades close to its lowest figure this week. The largest altcoin is down by almost 4%, with significant selling pressure at $2,630.
Data from CryptoQuant shows traders’ panic-selling due to the latest event in the crypto space. Exchange reserves are increasing, and the bulls are losing significant funds due to liquidations.
Indicators are negatively responding to the latest trend. The relative strength index slipped from 43 to 39. The accumulation/distribution chart prints a similar reading, dipping due to excess supply.
MACD shows its 12-day EMA slightly edging downward. Despite the notable declines, the metric maintained its uptrend over the last five days. However, its spell may end if the bulls fail to stage a recovery.
XRP/USD
XRP is one of the worst-hit coins in the top 10. It continued its previous day’s decline, which saw it register small losses. The selling pressure worsened on Friday as the asset halted its attempts at recovery.
Like ETH, it retraced close to its lowest valuation of the week, slipping from $2.68 to a low of $2.50. The asset saw a slight recovery a few hours ago.
The moving average convergence divergence prints sell signals in response to the coin’s 4% decline. Its 12-day EMA arched downward as a bearish convergence is underway.
RSI sees a similar trend, dipping from 53 to 46 at the time of writing. Nonetheless, the cryptocurrency maintains trading above the $2.40 support amid growing bearish sentiment.
BNB/USD
BNB’s latest dip erases its two-day increase. Binance coin saw a slight price improvement during this period, peaking at $664.
The cryptocurrency saw significant volatility on Friday as its attempts at continuing the uptrend failed. It attempted breaking above $670 but failed due to significant resistance at $668. The asset retraced, dipping to a low of $634.
The latest price action sees indicators maintain their previous bearish trajectory. MACD shows the 12-day EMA, closing the gap between it and the 26-day EMA. An interception is imminent as the histogram associated with the metric points to the downward trend spanning the last seven days.
RSI hit its seven-day low at 48. Nonetheless, the Fibonacci retracement level shows the asset holding on to the 50% Fib level as it sees a slight recovery.
SOl/USD
Solana’s previous surge came to an abrupt end a few hours ago. It saw notable price increases on Thursday, with prices surging to a high of $176 from $168.
SOL continued the uptick on Friday and surged to a high of $180. However, its uptrend ended as market sentiment flipped bearish, resulting in a significant retracement. The altcoin hit a low of $166 but saw slight rebounds.
Solana may become oversold again as the relative strength index continues to decline. The latest increase in selling pressure sees the metric dip to 33, edging closer to 30.
MACD shows no signs of recovery, as the latest trend shows that the indicator dips lower.
DOGE/USD
DOGE is on the verge of another bearish divergence. The moving average convergence divergence prints sell signals as the 12-day EMA is in contact with the 26-day EMA. The interception is almost complete. A divergence may signal further declines for the asset.
The relative strength index could slip below 30 in the event of further declines. Currently at 32, its latest valuation is in response to the coin’s corrections.
Like ETH, it was edging closer to a critical resistance but faced massive rejections following its peak at $0.26. It dipped to a low of $0.23 before rebounding and is down by almost 6%.
