. Daily Crypto Analysis - Ethereum's Price Drop, Crypto Crisis Prelude?

Daily Crypto Analysis – Ethereum’s Price Drop, Crypto Crisis Prelude?

Daily Crypto Analysis – Ethereum’s Price Drop, Crypto Crisis Prelude?

10 Oct 2023

Introduction:

In the cryptocurrency market, Ethereum faces a downward trend as it dips below $1580, a two-month low. Although it seems to be following a gradual descent, it may find support soon. Ethereum market cap also takes a hit, declining 2.33% in a day, reaching $1590, and marking a weekly drop of 4.67%. Interestingly, despite the price drop, Ethereum trade volume surges by 125% to $7.2 billion. In the broader crypto landscape, Bitcoin sees daily losses amidst bearish activity, while XRP experiences a decline in whale transactions but sees an increase in holdings, reaching $7.89 billion.

Ethereum:

Ethereum loses ground.

Following a Monday night pullback below $1580, the low point of the previous two months’ range, Ethereum is still weaker than the market. At this point, it appears that the scenario is more like a smooth downturn with a potential pause close to important support.

By market cap, Ethereum, the second-largest cryptocurrency, likewise adopted a bearish trend. The value of the digital asset dropped by 2.33% on a daily basis, reaching $1590. This dip furthered the weekly decline of 4.67%. Ethereum trade volume increased by 125% to reach $7.2 billion despite price declines.

Technical Overview:

Moving Averages:

Exponential:

  • MA 5: 1586.98 | Negative Crossover | Bearish
  • MA 20: 1613.67| Negative Crossover | Bearish
  • MA 50: 1622.03 | Negative Crossover | Bearish

Simple:

  • MA 5: 1587.36 | Negative Crossover | Bearish
  • MA 20: 1616.98| Negative Crossover | Bearish
  • MA 50: 1622.25 | Negative Crossover | Bearish

RSI (Relative Strength Index): 37.16| Sell Zone |Bearish

Stochastic Oscillator: 8.98 | Sell Zone | Negative

Resistance And Support Levels:

  • R1: 1630.14| R2: 1718.34
  • S1: 1565.83 | S2: 1496.00

Overall Sentiment: Bearish | Market Direction: Sell

Trade Suggestion: Stop Sell: 1551.13 | Take Profit: 1496.00 | Stop Loss: 1593.39.

Elsewhere In the Crypto Market

Bitcoin the world’s leading cryptocurrency is suffering daily loss as it is experiencing bear activity. XRP whale transaction decline, but holdings increased to $7.89 billion.

Bitcoin down (1.5%) at 27,515.00, Ethereum down (2.44%) at 1,594.0, Litecoin down (2.94%) at 63.49, Solana down (0.92%) at 22.32, Doge coin down at (3.54%) at 0.58 as of writing time.

Key Economic Events & Data Release Today:

EUR) ECB President Lagarde Speaks at 17:30.

(USD) FOMC Member Bostic Speaks at 19:00.