The overall cryptocurrency analysis indicates market turmoil today, with most top coins experiencing a price drop. Ethereum (ETH) is leading the market decline with a 12.38% change in 24 hours, trading at $1,304.18 at the time of writing. The market is in a bloodshed, with few of the cryptocurrencies recording a double-digit percentage loss.
Bearish trendline cuts across the entire crypto market, FTX token down by 70%
Looking at the wider market, the entire market has lost $20 billion in 24 hours as a bearish trendline cuts across. FTX token, which is down 70%, is among the worst performers while the best performer of the day is Trust Wallet Token which is up by over 7%.
Bitcoin closed yesterday’s trading session in a consolidation above the $19,700 level that saw the digital asset hit an intra-day high of $20,578.However, BTC fell sharply to new weekly lows of around $17603.54 and since then the Digital asset has been struggling to break back above the $19,000 level.BTC is currently trading at $18,317.47, down by 7.25.
The retracement levels for BTC are seen at $18,600, $17,800, and $17,000 levels respectively. The Fibonacci retracement tool shows that BTC is currently trading at the 23.6% level and a break below this could potentially push BTC toward the $17,800 support level.
Ethereum has also seen some downside during today’s trading session, with ETH falling from daily highs of $1436.81 to current levels of $1304.18, down by 9.75%. The retracement levels for ETH are seen at $1350, $1280, and $1200 respectively.ETH is currently trading at the 23.6% level and a break below this could potentially push ETH toward the $1280 support level. The technical indicators are currently showing bearish signals and the overall market sentiment is also bearish.
Ethereum price action:Coinmarketcap
Altcoins performance
The altcoins are following suit in their downward trajectory, with Solana leading the pack at a 26.35% loss, currently trading at $20.47. Aptos is down 23.16%, trading at $4.81, and Chainlink is down 15.03%, trading at $7.47.
The top 10 cryptocurrencies by market cap are all in the red, with USDC,USDT coin and BUSD recording small gains. Cardano, DOGE, and XRP have also had some buying pressure and the bulls are trying to push these coins back into the green.
In fundamental news, the recent crisis with the FTX crypto exchange has raised concerns among investors whereby the whales are moving their funds to other exchanges. This has caused a massive sell-off in the market and triggered panic selling amongst investors. It remains to be seen how the market will recover from this turbulence.
